Topic Catastrophes
PartnerRe reports solid 2006 3Q income
October 23, 2006 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) has reported net income of US$235.8 million for 2006 3Q. In comparison, the reinsurer reported an after-tax net loss of US$288.7 million in 2005 3Q, reflecting the record catastrophe activity in that period. The company reported…
Climate change redefines cat modelling
October 23, 2006 by Canadian UnderwriterCatastrophe modeling has been revamped as a direct result of 2004 and 2005’s catastrophic weather events, speakers told an audience at a symposium sponsored by XL Re Europe Ltd. Insurers and reinsurers are not as confident about cat models and…
New cat models can help prevent underinsuring properties
October 23, 2006 by Canadian UnderwriterNew catastrophe-modeling capabilities can help insurers avoid the painful consequences of underinsuring properties, according to a panelist at A.M. Best’s Insurance & Technology Conference, e-Fusion, in Boston.In its report on the conference, A.M. Best cites George Davis, a vice president…
RMS and Beaufort enter licensing agreement
October 23, 2006 by Canadian UnderwriterBeaufort Underwriting Agency Ltd, on behalf of its managed syndicate MSF Pritchard – Syndicate 318, has licensed Risk Management Solutions (RMS)’ RiskLink catastrophe modeling platform. This license agreement is a response to what Beaufort views as the increasingly critical role…
Edmonton introduces emergency management agency
October 17, 2006 by Canadian UnderwriterThe government of Edmonton has created a new provincial Emergency Management Alberta Agency, which will better prepare Alberta for response to emergency situations. The new agency combines the current organization with the Alberta Fire Commissioner’s Office (FCO), which the government…
IBC applauds new Ontario seat belt rules
October 17, 2006 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has endorsed proposed amendments to Ontario’s Highway Traffic Act that would require one seatbelt for each passenger in a vehicle.“We applaud [Ontario Transportation] Minister Donna Cansfield for taking swift action to address this serious…
Crawford mobilizes after Hawaii earthquake
October 16, 2006 by Canadian UnderwriterCrawford & Company has mobilized its Canadian and U.S. staff to handle “any and all claims needs” following a sizable earthquake with a magnitude of 6.6 that sent more than 20 sharp aftershocks across the Hawaii islands on Oct. 15.“We…
Aon Re: Homeowner business hasn’t covered capital costs
October 11, 2006 by Canadian UnderwriterAlthough they’ve improved steadily in the past four years, returns in the homeowners insurance business still aren’t adequate to cover the cost of capital, according to a new report prepared by Aon Re.Sharp increases in homeowners’ rates after the 2004…
Climate change requires insurer attention
October 11, 2006 by Canadian UnderwriterA report recently released by Allianz Group and the World Wildlife Fund reveals that insurers need to increase their efforts in dealing with damages resulting from climate change.Insurers are called to the table by the report, entitled “Climate Change and…
What’s New: In brief (October 11, 2006)
October 11, 2006 by Canadian UnderwriterDefective door latches are at fault for the recall of approximately 145,000 Ford Motor vehicles, including 13,683 in Canada. The Company plans to repair the defective parts which are found on vehicles including the 2005 Five Hundred, 2005 Mercury Montego…
MPI investment income decreases, claims up in 2006
October 10, 2006 by Canadian UnderwriterA strong first half of the year has put Manitoba Public Insurance (MPI) into a stable financial position as it heads into the traditionally claims-prone winter months, the government insurer noted in a press release.For the six months ended August…
Australian regulator releases guides for pandemic preparedness
October 10, 2006 by Canadian UnderwriterThe Australian Prudential Regulation Authority (APRA) has released an information paper and prudential practice guide (PPG) to assist APRA-regulated institutions including insurers and reinsurers with their planning for a potential pandemic.“The advice is being released following consultation with industry and…