Topic Catastrophes
Lloyd’s in talks to insure “tourist” space flights
April 3, 2006 by Canadian UnderwriterLloyd’s is apparently in discussions to insure the first “tourist” flights into space in 2008.Virgin is proposing to launch the space flights for tourists from a site in New Mexico, and media reports have indicated that Lloyd’s are among the…
Profitability of U.S. P&C industry will decline in 2005: Fitch
March 30, 2006 by Canadian UnderwriterThe U.S. property and casualty insurance industry will report a deterioration in profitability for 2005, Fitch rating agency predicts.“While operating performance was on a record-setting pace in the first half of the year, insurers encountered unfavorable surprises in the form…
Terrorism insurance requires 9 key principles
March 30, 2006 by Canadian UnderwriterThe Risk and Insurance Management Society, Inc. (RIMS) recently gave testimony advocating nine key principles necessary for the development of a long-term solution to terrorism. At the public hearing on terrorism insurance matters, held by the National Association of Insurance…
Should risk-sharing consider geographic exposure?
March 29, 2006 by Canadian UnderwriterIf catastrophe damage losses continue to escalate as expected, the insurance industry may have to re-evaluate its model for risk-sharing, panelists told an audience attending an Ontario Risk and Insurance Management Society meeting in Toronto.A new model may, for example,…
University of Calgary studies youth, cell phones and driving
March 29, 2006 by Canadian UnderwriterThe University of Calgary is conducting a cell phone and driving study with youth between 16 and 25 years old who have obtained their probationary driver’s license within the last year.The goal of the Driver Distraction Study, sponsored by the…
Profits deteriorate in US P&C insurance sector
March 28, 2006 by Canadian UnderwriterProfits for the US property & casualty insurance industry deteriorated in 2005 as a result of record levels of insured catastrophe losses relating to the 2005 Hurricane season, according to Fitch Ratings. The Insurance Services Office’s (ISO) Property Claims Service…
Bermuda reinsurers lose US$11.3 billion after hurricanes
March 28, 2006 by Canadian UnderwriterFollowing losses of US$11.3 billion from hurricanes Katrina, Rita and Wilma, Bermuda’s reinsurers registered a total net loss of US$2.8 billion in 2005 compared with a profit of US$5.5 billion the previous year, according to the latest Benfield Bermuda Quarterly…
ICBC cuts optional rates to balance basic rate increase
March 27, 2006 by Canadian UnderwriterICBC is looking to keep B.C. auto rates stable by clipping its optional rates, creating an average premium reduction of $61 for more than 1 million B.C. drivers.“Although ICBC has recently proposed an increase in rates to basic insurance, in…
Bird flu more likely to affect life insurers, not P&C insurers
March 27, 2006 by Canadian UnderwriterFitch ratings service believes that the life insurance sector will take a much bigger hit than the non-life sector in the event of a global bird flu pandemic.A recent Fitch report, posted online, notes the P&C sector would more likely…
Hannover Re takes US$1.2 billion hit from hurricanes
March 23, 2006 by Canadian UnderwriterHannover Re says “an unparalleled burden” of natural catastrophe losses in 2005 produced “historically unprecedented major loss expenditures in excess of EUR1 billion (US$1.2 billion).”Hurricanes Katrina, Rita and Wilma alone inflicted a net loss on the company of almost EUR800…
SCOR’s 2005 net income increases 75%
March 22, 2006 by Canadian UnderwriterAided by investment income, SCOR reported its net income for 2005 has increased 75% over 2004. “Net income after tax for 2005 amounted to EUR131 million ($US158.2 million), compared to EUR75 million (US$90.6 million) in 2004, representing an increase of…
ICBC aids passengers of sunken BC ferry
March 22, 2006 by Canadian UnderwriterICBC representatives are on site in Prince Rupert, B.C. to aid ferry passengers and expedite the handling of all vehicle-related claims related to the sinking of the Queen of the North.According to the Vancouver Sun, a Canadian Coast Guard vessel…