Canadian Underwriter

Topic Catastrophes

News Catastrophes

Insurers say private market not ready to assume terrorism risk

April 17, 2005 by Canadian Underwriter

U.S. insurers had their day before a Senate committee investigating the status of the Terrorism Risk Insurance Act (TRIA), urging lawmakers to extend the program beyond its December 31 sunset. Insurers insist the government backstop for terrorism risks must be

News Catastrophes

What’s new: In brief (April 17, 2005)

April 17, 2005 by Canadian Underwriter

Florida’s state-run windstorm insurer of last resort, Citizen’s Property Insurance Corp., says it will face a US$516 million shortfall in its account following last year’s unprecedented hurricane season. The shortfall could result in every insured homeowner in the state paying

News Catastrophes

What’s new: In brief (April 10, 2005)

April 10, 2005 by Canadian Underwriter

Finite reinsurer Inter-Ocean has gone into voluntary run-off. Inter-Ocean, based in Bermuda and Ireland, is owned by 11 international insurance and reinsurance companies. The company itself retains no net underwriting risk, but received a fee or margin on each contract

News Catastrophes

Lloyd’s profits for 2004 hit GBP1.36 billion

April 6, 2005 by Canadian Underwriter

Lloyd’s of London says pre-tax profits for the 2004 year of account will be GBP1.36 billion, despite net claims of GBP1.2 billion from the U.S. hurricanes. 2004 does represent a decline from 2003, when the London market recorded GBP1.89 billion

News Catastrophes

Odyssey Re says storms could take US$29 million toll on results

April 5, 2005 by Canadian Underwriter

Fairfax’s Odyssey Re Holdings Corp. says last year’s extreme weather, combined with Windstorm Erwin earlier this year, could produce after-tax net losses of US$26-$29 million, which will be factored into first-quarter 2005 results. The total includes a US$14-US$15 million increase

News Catastrophes

Gray team predicts another above-average U.S. hurricane season

April 4, 2005 by Canadian Underwriter

On the heels of last year’s unprecedented Atlantic hurricane season, well-known forecaster Prof. William Gray is anticipating another stormy season for 2005.Gray and his team of researchers at Colorado State University say 2005 will likely see above-average hurricane activity during

News Catastrophes

Cat bond market grows in 2004: Guy Carpenter

April 3, 2005 by Canadian Underwriter

The global catastrophe bond market grew 17% in 2004, according to a joint study released by reinsurance broker Guy Carpenter & Co. and MMC Securities Corp.Measuring total outstanding risk capital, yearend 2004 reached US$4.04 billion, compared to US$3.45 billion at

News CatastrophesMergers and Aqcuisitions

What’s new: In brief (March 28, 2005)

March 28, 2005 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has issued a bulletin highlighting changes to excluded driver endorsements, which applies to policies issued or renewed as of June 1. The endorsement has been revised to include “strengthened wording to deter excluded

News Catastrophes

What’s new: In brief (March 23, 2005)

March 23, 2005 by Canadian Underwriter

Please note: due to the Easter holiday weekend, Canadian Underwriter’s Breaking News will not be published again until Tuesday, March 29. Marsh co-president Peter F. Garvey has resigned “for personal reasons”, the company announced Wednesday. Garvey had been with Marsh

News Catastrophes

Earthquake strikes southern Japan

March 21, 2005 by Canadian Underwriter

An earthquake measuring 7.0 on the Richter-scale emanated off the south coast of Japan on Sunday morning, believing to have resulted in the death of one person and injuries of up to a further 381 people, according to early television

News Catastrophes

Tsunami losses likely to be US$2.5-$4 billion: Guy Carpenter

March 14, 2005 by Canadian Underwriter

In a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event

News Catastrophes

2004 “a year of freakish weather”: Aon

March 13, 2005 by Canadian Underwriter

2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish