Topic
Climate Change
Willis says reinsurers maintaining discipline on casualty business
January 6, 2005 by Canadian UnderwriterIn its annual review of the global reinsurance market, broker Willis says discipline is being maintained on casualty business, although price softening is becoming evident in the aerospace and marine markets.Despite the heavy catastrophe toll in 2004 on the back…
What’s new: In brief (January 05, 2005)
January 5, 2005 by Canadian UnderwriterTroubled Loyalist Insurance Group Ltd. (TSX Venture: LOY) has been downgraded to “tier 2” status by the TSX Venture Exchange. Trading in Loyalist shares was halted by the TSX on December 7, on failure to file interim financial results. The…
IUA says tsunami insured losses could reach US$10 billion
January 4, 2005 by Canadian UnderwriterLondon-based International Underwriting Association (IUA) says insured losses stemming from the December 26 Indian Ocean tsunami could be between US$5-$10 billion.The IUA asked member insurers for best estimates of potential losses from the event the IUA includes many London operations…
Tsunami disaster leads to calls for early warning system
January 3, 2005 by Canadian UnderwriterCountries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0…
A.M. Best recounts "the year that could have been" for insurers
January 2, 2005 by Canadian UnderwriterIn its annual review of the U.S. p&c industry, rating agency A.M. Best notes that the industry was able to achieve underwriting profitability despite the effects of devastating catastrophe losses in the third quarter.For the first nine months of 2004,…
Tsunami impact not expected to hurt reinsurer earnings
January 2, 2005 by Canadian UnderwriterDespite the overwhelming human and economic losses associated with the tsunami which devastated multiple South Asian countries on December 26, the world’s largest reinsurers say the insurance impact will not be severe.As of Sunday, the death toll is expected to…
United Nations calls for action after worst cat loss year for insurers
December 19, 2004 by Canadian UnderwriterThe unprecedented natural catastrophe losses suffered by insurers in 2004 have caught the attention of the United Nations. At a conference on climate change last week, the UN said more needs to be done to “avert a veritable biblical list…
Florida votes to reimburse policyholders for multiple deductibles
December 19, 2004 by Canadian UnderwriterThe Florida legislature decided on Friday to support a plan reimbursing policyholders who paid multiple deductibles on claims filed as a result of this year’s four major hurricanes.In the aftermath of Hurricanes Charley, Frances, Jeanne and Ivan, which struck the…
Aon adds voice to call for TRIA extension
December 16, 2004 by Canadian UnderwriterFollowing the release of a survey indicating the increasing desire to purchase terrorism coverage under the Terrorism Risk Insurance Act (TRIA), broker Aon is adding its voice to the call for an extension of the U.S. government program.Aon says the…
Swiss Re estimates 2004 cat losses at US$42 billion
December 16, 2004 by Canadian UnderwriterIn its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses. More significantly, more than 21,000 lives were lost to catastrophes both man-made and natural this year, the report notes.Overall…
What’s new: In brief (December 14, 2004)
December 14, 2004 by Canadian UnderwriterStandard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the…
Underwriting discipline remains: Swiss Re
December 14, 2004 by Canadian UnderwriterDespite dire predictions of a return to soft market pricing, experts at Swiss Re’s annual “Economic Insurance Industry Review and Outlook” in New York say companies are maintaining discipline.“Underwriting remains disciplined,” says Patrick Mailloux, head of Swiss Re’s U.S. direct,…