Topic Catastrophes
What’s New: In Brief (October 05, 2006)
October 5, 2006 by Canadian UnderwriterWhen Fire Prevention Week officially kicks-off in Oromocto on Oct. 7, the Insurance Bureau of Canada (IBC) will be making two special presentations to show support for New Brunswick’s 4,100 volunteer and 535 career firefighters.As part of the opening ceremonies,…
El Nino conditions moderate 2006 hurricane season: NOAA (October 05, 2006)
October 5, 2006 by Canadian UnderwriterScientists at the NOAA Climate Prediction Center have observed that El Nio conditions which affect the intensity of hurricanes have developed in the tropical Pacific and are likely to continue into early 2007.“The development of weak El Nio conditions helps…
Industry invited to support injured star rugby player Sean Corner
October 3, 2006 by Canadian UnderwriterThe family and friends of a 21-year-old rugby star, Sean Corner, is holding a benefit event to raise funds after the star player was paralyzed from the waist down during a rugby match in September.Corner was studying insurance at Mohawk…
The Co-operators supports tree-planting efforts following tornado
October 3, 2006 by Canadian UnderwriterThe Co-operators has pledged $5,000 to Tree Canada to assist with tree planting efforts following the damage caused by an F2 tornado that touched down near Ottawa on Aug. 2.The amount is in addition to the claims The Co-operators handled…
Isaac downgraded to tropical storm as it hits Newfoundland
October 2, 2006 by Canadian UnderwriterThe Canadian Hurricane Centre has downgraded Hurricane Isaac to a Tropical Storm, just prior to Isaac’s sweeping past Newfoundland on Oct. 2.“Isaac has weakened from a hurricane to a tropical storm this morning,” the Hurricane Centre announced in a storm…
Majority insurers oppose catastrophe backstop
September 29, 2006 by Canadian UnderwriterA proposed federal catastrophe backstop would not be a good idea as it would be “detrimental” to the industry and encourage continued development in risk-prone areas, according to members of the insurance industry who recently responded to a survey conducted…
Catlin securitizes against natural catastrophe
September 28, 2006 by Canadian UnderwriterCatlin Insurance Company Ltd. of Bermuda plans to enter into catastrophe swap agreement that would provide it with coverage of up to US$200.25 million in the event of a series of severe natural catastrophes.The transaction, which is subject to completion…
What’s New: In Brief (September 25, 2006)
September 25, 2006 by Canadian UnderwriterICBC is planning to drop a car from a 50-foot crane at the PNE fairgrounds in Vancouver to illustrate graphically the damage of a head-on crash between a car moving at 60 km-h and a stationary object.The public event will…
A.M. Best to rate the “basis risk” of parametric cat bonds (September 25, 2006)
September 25, 2006 by Canadian UnderwriterA.M. Best Co. has released a new methodology for rating the “basis risk” associated with parametric catastrophe bonds.The new methodology is designed to help the ratings agency determine the amount of reinsurance credit that can be claimed by the sponsors…
Syncro starts side car-style arrangement with Lloyd’s
September 22, 2006 by Canadian UnderwriterSyncro Limited, a Bermuda-based company, is establishing a Bermuda sidecar-like reinsurance arrangement to allow Lloyd’s managing agencies to increase their underwriting access to additional capacity at any point in the underwriting year. Structurally, the arrangement is similar to a side…
Aviva funds emergency relief program
September 20, 2006 by Canadian UnderwriterAviva is one of the corporate donors that is funding international aid agency Oxfam’s initial response operations, which will enable it to deal immediately with disasters whenever and wherever they occur.This includes a global rapid response team of aid workers…
Lloyd’s commemorates 9-11 as “market-changing”
September 20, 2006 by Canadian UnderwriterLloyd’s of London recently commemorated Sept. 11, 2001, noting how the event changed the entire face of the insurance industry.Benfield chief executive Grahame Chilton noted the effects of 9-11 on the insurance industry during Rendez-Vous, an event that marks the…