Topic Catastrophes
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…
Benfield launches online Storm Centre
June 2, 2006 by Canadian UnderwriterBenfield has launched its online Storm Centre, a real-time portal for up-to-the- minute information on current and past tropical cyclone activity.The Storm Centre, which replaces the Hurricane and Typhoon Season CD, is a portal for information on current and past…
Alberta’s 2005 flood season reviewed
June 1, 2006 by Canadian UnderwriterAlberta experienced one of the worst flood seasons on record in the summer of 2005 due to severe weather conditions, according to the Government of Alberta.These unprecedented conditions which saw rainfall ranging from between 50 and 100 mm to more…
2006 “mega-hurricanes” could lead to insurer failures: A.M. Best
June 1, 2006 by Canadian UnderwriterA 2006 “mega-hurricane” causing damages of more than US$100 billion would likely result in a failure rate of between 3% and 7% of insurers with related catastrophe exposure, according to an A.M. Best report.“A.M. Best’s statistical analysis of two hypothetical…
Active hurricane season anticipated, fewer land falls
May 31, 2006 by Canadian UnderwriterThe 2006 hurricane season is expected to see 17 named storms forming in the Atlantic basin but, according to Colorado State University’s (CSU) forecast, fewer major hurricanes will make landfall on coastal regions compared to last year. The U.S. Atlantic…
RMS launches new windstorm model
May 30, 2006 by Canadian UnderwriterRisk Management Solutions (RMS) recently launched a new platform for quantifying wind-related risk. Meteorological modeling has been extended to include a comprehensive suite of wind events enabling loss calculations both from large-scale Extra-Tropical winter-storms, such as windstorms Anatol, Lothar and…
ING Canada promotes car seat safety through compensation
May 26, 2006 by Canadian UnderwriterING Canada and belairdirect are promoting car seat safety by offering to compensate auto policyholders for any child safety restraint system installed in a vehicle that is involved in an accident, even if the car seat was not damaged on…
S&P’s affirms PartnerRe’s ‘A’ rating; outlook negative
May 25, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services affirmed the ‘A’ counterparty credit rating on Bermuda-based reinsurer PartnerRe Ltd. (NYSE: PRE), but changed its outlook on the reinsurer from’stable’ to ‘negative.’According to the ratings agency, “the revised outlook reflects PartnerRe’s operating capital adequacy,…
Business must adapt to seasons of change
May 24, 2006 by Canadian UnderwriterThe energy insurance market has proven its resilience despite the large losses of 2005, according to the Energy Market Review published by Willis Group Holdings (NYSE:WSH). However, the report notes that with numerous changes and challenges affecting the industry, it…
RIMS survey: Commercial insurance “a buyer’s market”
May 24, 2006 by Canadian UnderwriterNorth America’s commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS).The 2005 RIMS Benchmark Survey book…
Above average hurricane season anticipated
May 23, 2006 by Canadian UnderwriterThe upcoming Atlantic hurricane season will likely see approximately six major hurricanes, according to the National Oceanic and Atmospheric Administration (NOAA).The NOAA says there will be an 80% chance of an above-normal hurricane season, a 15% chance of a near-normal…
Swiss Re’s Mexican earthquake CAT bond rated ‘BB+’
May 19, 2006 by Canadian UnderwriterThe US$160 million class A and B principal-at-risk notes issued by CAT-Mex Ltd. but originally received by Mexico from Swiss Re, have been assigned a ‘BB+’ credit ratings by Standard & Poor’s Ratings Services.The transaction, which was sponsored by the…