Topic Catastrophes
Cats may cost US$150 billion
June 13, 2006 by Canadian UnderwriterHurricanes and earthquakes have the potential to cause insured losses in excess of US$150 billion and total economic losses approaching US$500 billion, AIR Worldwide president and CEO Karen Clark told Members of Congress and their senior staff.The warning was revealed…
What’s New: In Brief (June 13, 2006)
June 13, 2006 by Canadian UnderwriterXN Holdings, Inc., parent company of XN Financial Services, XN Risk Insurance Services and XN Private Client Services, has launched XN Private Client Services on the Web at www.xn.com/pcs.First launched in 2005, XN Private Client Services is a managing general…
Alberto first named storm of the 2006 hurricane season
June 12, 2006 by Canadian UnderwriterThe U.S. National Hurricane Center has issued a hurricane warning for Gulf Coast residents of Florida, as Tropical Storm Alberto moves toward the northeast gulf of the Mexican Coast.Alberto is the first named storm of what is anticipated to be…
IBC public campaign advocates helmet safety
June 9, 2006 by Canadian UnderwriterInsurance Bureau of Canada (IBC)’s ‘Be Smart. Be Safe.’ campaign is urging parents to make sure their children wear an approved helmet anytime they are participating in wheeled activities such as cycling, skateboarding, in-line skating or riding a scooter.“Every year,…
Auto theft part of organized crime/terrorism: IBC
June 8, 2006 by Canadian UnderwriterIf you think stealing a car is a small-time crime motivated by the need for thrill-seeking or a quick buck, it’s time for a reality check, according to the Insurance Bureau of Canada (IBC).“Today, auto theft is big business,” the…
Eight hurricanes forecast for 2006 season
June 8, 2006 by Canadian UnderwriterTropical Storm Risk (TSR) anticipates Atlantic basin and U.S. landfall hurricane activity will be 40% above the long-term (1950-2005) norm in 2006.The TSR prediction includes: A 74% probability of an above-normal Atlantic hurricane season, a 22% probability of a near-normal…
Evaluation of terrorism exposures updated
June 8, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services is enhancing its process for evaluating the terrorism exposure of interactively rated insurers and reinsurers. The updated process, S &P’s says, is partly a response to the increased insurance retentions under the two-year extension of…
Swiss Re launches cat bond program
June 7, 2006 by Canadian UnderwriterIn response to increasing frequency and severity of natural catastrophes, Swiss Reinsurance Co. recently placed a natural catastrophe bond program, which will provide the Company with US$950 million of protection for North Atlantic hurricane, European windstorm, Californian earthquake and Japanese…
RMS updates eastern Canadian/U.S. earthquake model
June 7, 2006 by Canadian UnderwriterRisk Management Solutions (RMS), a provider of products and services for the management of natural hazard risk, has updated its U.S. and Canada earthquake models to reflect phenomena such as demand surge and claims adjustment and inflation. The earthquake model…
What’s New: In brief (June 06, 2006)
June 6, 2006 by Canadian UnderwriterA Letter from the Desk of Dennis Gartner, Assistant Deputy Minister and Superintendent of Pensions, Insurance and Financial Institutions, regarding the Government of Alberta’s auto insurance reforms and the regulations under review: “As with all legislation, it is necessary to…
Lloyd’s warns underwriters about climate change
June 5, 2006 by Canadian UnderwriterThe insurance industry must face up to the growing threat of climate change or risk being swept away, according to Lloyd’s, the world’s leading specialist insurance market.A new report, ‘Climate Change, Adapt or Bust’, published by Lloyd’s, warns that insurers…
RMS predicts smaller 2007 terrorist attacks, but bigger payload
June 2, 2006 by Canadian UnderwriterThe level of terrorism risk for 2007 will be similar that for 2006, with a slight reduction in the risk of nuclear attack and a trend toward smaller attacks that pack a bigger punch, according to an A.M. best report…