Topic
Climate Change
IBC and ICLR promote emergency preparedness
May 6, 2004 by Canadian UnderwriterConcurrent with national “Emergency Preparedness Week”, the Institute for Catastrophic Loss Reduction (ICLR) and the Insurance Bureau of Canada (IBC) are promoting disaster reduction and mitigation efforts in Canada.The ICLR completed a non-structural retrofit on a Halifax home to underscore…
ISO prepares terrorism exclusion wordings in advance of TRIA extension discussions
May 5, 2004 by Canadian UnderwriterWith the future of the U.S. terrorism risk backstop up in the air, the Insurance Services Office (ISO) has filed conditional wordings for a terrorism insurance policy endorsement.The ISO is asking state regulators to approve the wording if Congress fails…
Swiss Re wins another round against Silverstein
May 4, 2004 by Canadian UnderwriterSwiss Re came out ahead in the latest legal round against World Trade Center leaseholder Larry Silverstein. A New York jury found in favor of the reinsurer that it is bound by the Wilprop policy form for its portion of…
Hurricane Juan toll hits $113 million
May 4, 2004 by Canadian UnderwriterThe insured losses arising from Hurricane Juan’s assault on Nova Scotia last fall have risen to $113 million, signaling the need for better disaster prevention, says the Insurance Bureau of Canada (IBC).In November, the IBC had pegged insured losses from…
WTC ruling favors most insurers
May 2, 2004 by Canadian UnderwriterThe jury is still out for Swiss Re, but many of the insurers on the World Trade Center (WTC) policy have received a positive verdict from a Manhattan jury. The jury said that many of the insurers, including Lloyd’s, are…
Cat bond market grows 42% in 2003
April 27, 2004 by Canadian UnderwriterThe global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions…
U.S. cats cost insurers US$963 million for 1-Q
April 21, 2004 by Canadian UnderwriterU.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The…
Risk reduction only response to terrorism threat: LOMA study
April 14, 2004 by Canadian UnderwriterA new study of emerging risks shows life & health insurers dealing with the threat of man-made catastrophes along with their property & casualty counterparts. The study, by international insurance research organization LOMA, concludes that insurers have a role to…
U.S. regulators want to see stability before TRIA disappears
April 11, 2004 by Canadian UnderwriterThe U.S. National Association of Insurance Commissioners (NAIC) fears that as the end of the Terrorism Risk Insurance Act (TRIA) nears, the market may face severe instability.In a letter to House Financial Services Committee chair Michael Oxley and Senate Banking…
ICLR publishes studies on windstorm, earthquake risk
April 1, 2004 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) this month published research studies on both windstorm and earthquake events.The first study, by Alan Davenport, looks at the relationship between quake magnitude, epicentral distance and shock amplitude. The study assesses the application…
80% of U.S. commercial brokers want TRIA renewed
April 1, 2004 by Canadian UnderwriterWith the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to…
Anthony Clark secures US$5 million debt facility
March 24, 2004 by Canadian UnderwriterCalgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement,…