Topic Catastrophes
Insurance industry recognized through new ICLR project
May 18, 2005 by Canadian UnderwriterToday, at the Institute for Catastrophic Loss Reduction (ICLR) annual general meeting, discussions reflected on a new program that exemplifies the role of the insurance industry and property preservation. The program, Designed… for safer living, was created to improve disaster…
Atlantic to incur high hurricane season
May 17, 2005 by Canadian UnderwriterAn above-normal hurricane season is expected to supervene last year’s record season, according to National Oceanic and Atmospheric Administration (NOAA) hurricane forecasters. Predictions for the 2005 Atlantic hurricane season indicate 12 to 15 tropical storms, seven to nine of which…
U.S. homeowners under-insured against hurricane losses
May 16, 2005 by Canadian UnderwriterWith more than 68 million people living in hurricane-prone areas of the U.S., many homeowners are inadequately insured, warns the Insurance Information Institute (III) as the 2005 hurricane season is set to begin in June. Last year, the eastern seaboard…
European reinsurers’ earnings prove resilient to storm losses
May 10, 2005 by Canadian UnderwriterEurope’s top six reinsurance companies saw profitability rise over 2004 despite the unprecedented insured cost of natural catastrophe losses incurred over the same period, observes reinsurance and risk intermediary Benfield. The reinsurers in question primarily benefited from higher primary company…
Suncor’s oil sands loss could cost reinsurers $1 billion
May 9, 2005 by Canadian UnderwriterIn a notice addressed to property and casualty insurers, federal regulator The Office of the Superintendent of Financial Institutions (OSFI) cautions that the insured loss relating to a fire that broke out in early January of this year at Suncor’s…
Odyssey Re 1-Q earnings plummet (May 02, 2005)
May 2, 2005 by Canadian UnderwriterThe Fairfax group’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This…
Higher loss exposure from Florida’s new hurricane deductible limited
May 2, 2005 by Canadian UnderwriterInsured losses arising from hurricane events in Florida will unlikely have a significantly higher impact on insurers as a result of the state’s new "annual deductible" regulation change which kicks into effect from the beginning of May this year, according…
Significant first-quarter cat losses for U.S. insurers: ISO
May 1, 2005 by Canadian UnderwriterOn the heels of the worst ever year on record for insured catastrophe losses in 2004, U.S. insurers are facing another steep price tag in the first quarter of 2005, says the Insurance Services Office (ISO) Property Claims Services (PCS)…
Terrorism insurance uptake rises substantially in 2004: Marsh
April 28, 2005 by Canadian UnderwriterAlmost half of all large and mid-sized U.S. businesses purchased terrorism insurance in 2004, a significant increase over recent years, according to new research issued by brokerage Marsh.In 2003, just 27% of businesses had opted to buy the coverage, but…
What’s new: In brief (April 28, 2005)
April 28, 2005 by Canadian UnderwriterWith the release of its first-quarter 2005 results, brokerage Willis Group says has laid off 500 staff members and put aside a further US$20 million to deal with litigation relating to contingent commissions. Earlier this month, Willis announced settlements totaling…
Industry’s profit position difficult to maintain: Smith
April 27, 2005 by Canadian UnderwriterDespite record profits reported by the Canadian property & casualty insurance industry last year, the industry’s position of profitability will be difficult to maintain, says Nicholas Smith, attorney in fact in Canada for Lloyd’s underwriters.Smith made the remarks at this…
Terrorism risk on the rise: Aon
April 20, 2005 by Canadian UnderwriterTerrorism risk is on the rise around the world, with increased exposure seen in many countries, according to the “2005 Terrorism Risk Map” released by Aon.In total, 31 countries have received higher terrorism threat rankings than last year, with 48%…