Topic Catastrophes
Exposures emphasized in new CAT risk ratings
March 21, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services says it will be revising its criteria for measuring catastrophe risk for primary insurers early in the second quarter of this year. S&P’s says however, that it has no current plans to further revise criteria…
U.S. insurance industry turns to catastrophe bonds
March 16, 2006 by Canadian UnderwriterIn the wake of the worldwide surge in natural catastrophes over the past few years, the insurance industry is turning more frequently to catastrophe bonds, according to a Standard & Poor’s report.The bonds are designed to mitigate the catastrophe risk…
Thousands of claims follow U.S. Midwest tornadoes
March 16, 2006 by Canadian UnderwriterTornadoes that recently hit a number of Midwest states have already resulted in thousands of insurance claims.Preliminary numbers indicate approximately 100 storms struck Arkansas, Illinois, Kansas, Missouri and Oklahoma, causing less than 12 deaths. The National Weather Service has not…
U.S. regulators strike task force on climate change
March 14, 2006 by Canadian UnderwriterA new task force of the National Association of Insurance Commissioners in the United States is working to increase awareness of climate change in the industry, A.M. Best reports.Nebraska Insurance Commissioner Tim Wagner, co-head of the task force, notes the…
Munich Re posts record profit in 2005
March 14, 2006 by Canadian UnderwriterIn its anniversary year, with a stable premium base, the Munich Re Group achieved a record profit in 2005 of over EUR2.7 billion (CDN$3.75 billion).“We have thus slightly exceeded our target,” Nikolaus von Bomhard, chairman of the board of management,…
Climate change insurance task force planned
March 13, 2006 by Canadian UnderwriterThe U.S. National Association of Insurance Commissioners (NAIC) recently agreed to establish a task force examining the impact of climate change on the insurance industry and consumers. The force will focus in on how the warming climate may affect insurance…
Gallagher Re renews EQECAT agreement
March 9, 2006 by Canadian UnderwriterGallagher Re has signed a licensing agreement with risk modeler EQECAT Inc. to renew the use of part of the WORLDCAT enterprise catastrophe management software suite, to better manage client portfolio exposures to these perils. The programs renewed include EQECAT’s…
Catlin reports $27.7 million in annual profits
March 9, 2006 by Canadian UnderwriterCatlin Group Ltd. has raised approximately $70 million from a share placing indicating strong business performance despite a decrease in profits of 84% due to last year’s catastrophic hurricane season. Pretax profits for 2005 dropped to $27.7 million from $173.9…
SGI takes rollover simulator out for a spin
March 7, 2006 by Canadian UnderwriterSGI is driving home the message of how seatbelts save lives with its newest traffic safety tool, a rollover simulator.“Given our vast network of roads in Saskatchewan, some residents may think seatbelts are not important in areas where there is…
Lloyd’s results forecasts better than expected
March 6, 2006 by Canadian UnderwriterDespite the record 2005 hurricane season, several Lloyd’s syndicates are releasing results forecasts ahead of market expectations, Lloyd’s has announced.The news comes in the wake of last year’s devastating hurricane season, which was widely expected to have a huge impact…
AXA Re writes first humanitarian disaster insurance policy
March 6, 2006 by Canadian UnderwriterThe United Nations World Food Program (WFP) has taken out the first humanitarianism insurance policy with reinsurer AXA Re.AXA Re will provide contingency funding of up to US$7 million of insurance coverage in case of extreme drought that may occur…
Bermuda 2005 start-ups face tough market conditions
March 3, 2006 by Canadian UnderwriterThe 2005 class of Bermuda reinsurance start-ups will face much tougher market conditions, is writing less diverse property risks, and is more reliant on short-term, high return investment money than their predecessor Bermuda start-ups in 2001, according to a special…