Topic
Climate Change
What’s new: In brief (December 09, 2004)
December 9, 2004 by Canadian UnderwriterING Canada has completed its purchase of Allianz’s Canadian p&c operations, including Allianz Insurance Co. of Canada, Trafalgar Insurance Co. and Canada Brokerlink. Allianz maintains its Allianz Global Risks operation in Canada. ING Canada has planned an offering of its…
Prof. Gray predicts another bad hurricane season for 2005
December 7, 2004 by Canadian UnderwriterAs insurers continue to deal with the record hurricane season of 2004, they will also be gearing up for another potentially bad season in 2005.Prof. William Gray and his team of researchers from Colorado State University are predicting another above-average…
Second WTC trial declares 9/11 attacks two events
December 7, 2004 by Canadian UnderwriterDespite an earlier jury trial which declared the felling of the World Trade Center towers by terrorist on September 11, 2001 as one occurrence in insurance terms, a second trial has declared the attacks as two events.The second verdict, which…
What’s new: In brief (November 30, 2004)
November 30, 2004 by Canadian UnderwriterJardine Lloyd Thompson CEO Steve McGill has announced his resignation, concurrent with the brokerage reporting earnings significantly below forecast. Financial results indicate the company’s earnings will almost 19% short of analysts’ targets. The reason, the company notes in a statement,…
Japanese non-life insurers’ balance sheets strong despite typhoons: S&P
November 30, 2004 by Canadian UnderwriterDespite one of the worst typhoon seasons in memory in 2004, Japanese non-life insurers maintain strong balance sheets and hold an overall stable outlook, according to a new report by Standard & Poor’s.In addition to the spate of typhoons weathered…
Hurricanes take small bite out of Bermuda players’ earnings: Benfield
November 28, 2004 by Canadian UnderwriterIn its quarterly analysis of the top 16 Bermuda-based reinsurers, broker Benfield Group reports the third-quarter U.S. and Japanese hurricanes took their toll on earnings which have been persistently strong in the past few years.Net income dropped to US$3.3 billion,…
Loss history inadequate for rating mega weather events
November 25, 2004 by Canadian UnderwriterSwiss Re’s latest annual hurricane report says that changing social, economic and weather patterns makes the use of loss history an inadequate rating tool when determining the risk and cost of large weather related events such as hurricanes. The report…
What’s new: In brief (November 04, 2004)
November 4, 2004 by Canadian UnderwriterBermuda-based ACE Ltd. announces it has fired two employees and suspended three more as a result of internal investigations sparked by the U.S. probe of broker compensation practices. ACE Casualty Risk president Geoffrey Gregory and his staffer Patricia Abrams have…
U.S. insurers post record third-quarter catastrophe losses
November 4, 2004 by Canadian UnderwriterIn the wake of one of the worst Atlantic hurricane seasons in recent memory, U.S. insurers have posted record third-quarter catastrophe losses, topping even 2001, according to data compiled by the Property Claim Services unit of the Insurance Services Office…
U.S. reinsurers producing “mixed results”: Benfield
November 3, 2004 by Canadian UnderwriterIn its inaugural quarterly analysis of U.S. reinsurers, Benfield Group says first-half 2004 results highlight the wide gulf between the achievers and the under-performers.Based on 13 top reinsurers’ results, Benfield finds underwriting performance and net income. While the average combined…
Odyssey Re income drops on storm losses
November 2, 2004 by Canadian UnderwriterFairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) saw its income decline for the third quarter of 2004 on the back of losses suffered from the U.S. hurricane season.The company suffered heavy claims as a results of Hurricanes Charley, Frances, Ivan…
U.S. hurricane claim total tops US$20 billion: ISO
October 27, 2004 by Canadian UnderwriterThe final tally for the four major Atlantic hurricanes which struck the U.S. coast this year will be in excess of US$20 billion, confirms the Property Claim Services (PCS) unit of the Insurance Services Office (ISO).Hurricane Jeanne, the last of…