Topic
Climate Change
Average typhoon season anticipated for 2004
March 16, 2004 by Canadian UnderwriterWhile the Atlantic seaboard is preparing for an above-average hurricane season in 2004, a “close to average” typhoon season is forecast for the Far East and southeast Asia, says Tropical Storm Risk (TSR).TSR is a consortium of experts led by…
2003 catastrophes cost insurers US$18.5 billion
March 4, 2004 by Canadian Underwriter2003 will go down as a costly year for catastrophes, most significantly in human terms, with 60,000 people losing their lives in 380 catastrophic events, according to Swiss Re’s annual sigma study of catastrophes. Most serious was the earthquake striking…
Uniform data standard needed for risk modelers: EQECAT
March 2, 2004 by Canadian UnderwriterJust as insurers work toward uniformity of data transmissions on the distribution end, they should also be asking risk modeling firms to work toward uniform data standards. So says EQECAT Inc. president Rick Clinton at the risk modeling company’s recent…
IBC wants national disaster fund
March 1, 2004 by Canadian UnderwriterIn response to the “Filmon Report” on last summer’s B.C. forest fires, the Insurance Bureau of Canada is calling for a national natural disaster protection fund to be established.The report, tabled Friday in B.C.’s legislature, makes a variety of recommendations…
Low losses expected from Maritime storms
February 26, 2004 by Canadian UnderwriterThe severe winter storms striking the Atlantic coast of Canada late last week should produce few insured losses, says Don Forgeron, Atlantic region vice president for the Insurance Bureau of Canada (IBC).“The good news is there weren’t many vehicles on…
WTC “occurrence” trial will not affect ratings
February 20, 2004 by Canadian UnderwriterRegardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide…
ICLR study casts light on government role in disaster mitigation
February 19, 2004 by Canadian UnderwriterA new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services…
Cat bond issues up: Moody’s
February 13, 2004 by Canadian UnderwriterCatastrophe-link securities were up nearly 50% in 2003, according to rating agency Moody’s Investors Service.The rater says cat bonds grew from the US$1 billion average over the past few years to US$1.5 billion in 2003. This is based on 13…
Cat securitizations up slightly in 2003
February 5, 2004 by Canadian UnderwriterThere was modest growth in the use of catastrophe securitizations last year, says California-based risk modeling company Risk Management Solutions (RMS). In its global study of seven publicly reported transactions, RMS estimates US$1.8 billion in cat securitizations were placed in…
U.S. cats cost US$12.8 billion in 2003
January 16, 2004 by Canadian UnderwriterU.S. p&c insurers faced a hefty price tag from catastrophes in 2003, with 21 events costing US$12.8 billion, says the Insurance Services Office (ISO) Property Claims Services (PCS). Overall, more than 2.6 million cat claims were filed last year.The is…
Yearend catastrophes highlight rising exposure: Munich Re
January 7, 2004 by Canadian UnderwriterAs 2003 closed out with earthquakes in Iran and California, the events of the year highlight increasing exposures to catastrophe and new large-scale risks for insurers, says the world’s largest reinsurer. In its annual report on global catastrophes, Munich Re…
2003 a “modest” year for cat losses: Swiss Re
December 17, 2003 by Canadian UnderwriterA new Swiss Re sigma study shows 2003 should be a relatively modest year for cat losses, with insurers paying out about US$17 billion (Cdn$22.5 billion) globally.The preliminary estimates put total financial losses from cats at US$65 billion (Cdn$86 billion),…