Canadian Underwriter

Topic Catastrophes

News CatastrophesMergers and Aqcuisitions

What’s new: In brief (January 05, 2005)

January 5, 2005 by Canadian Underwriter

Troubled Loyalist Insurance Group Ltd. (TSX Venture: LOY) has been downgraded to “tier 2” status by the TSX Venture Exchange. Trading in Loyalist shares was halted by the TSX on December 7, on failure to file interim financial results. The

News Catastrophes

IUA says tsunami insured losses could reach US$10 billion

January 4, 2005 by Canadian Underwriter

London-based International Underwriting Association (IUA) says insured losses stemming from the December 26 Indian Ocean tsunami could be between US$5-$10 billion.The IUA asked member insurers for best estimates of potential losses from the event the IUA includes many London operations

News Catastrophes

Tsunami disaster leads to calls for early warning system

January 3, 2005 by Canadian Underwriter

Countries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0

News Catastrophes

A.M. Best recounts "the year that could have been" for insurers

January 2, 2005 by Canadian Underwriter

In its annual review of the U.S. p&c industry, rating agency A.M. Best notes that the industry was able to achieve underwriting profitability despite the effects of devastating catastrophe losses in the third quarter.For the first nine months of 2004,

News Catastrophes

Tsunami impact not expected to hurt reinsurer earnings

January 2, 2005 by Canadian Underwriter

Despite the overwhelming human and economic losses associated with the tsunami which devastated multiple South Asian countries on December 26, the world’s largest reinsurers say the insurance impact will not be severe.As of Sunday, the death toll is expected to

News Catastrophes

United Nations calls for action after worst cat loss year for insurers

December 19, 2004 by Canadian Underwriter

The unprecedented natural catastrophe losses suffered by insurers in 2004 have caught the attention of the United Nations. At a conference on climate change last week, the UN said more needs to be done to “avert a veritable biblical list

News CatastrophesMergers and Aqcuisitions

Florida votes to reimburse policyholders for multiple deductibles

December 19, 2004 by Canadian Underwriter

The Florida legislature decided on Friday to support a plan reimbursing policyholders who paid multiple deductibles on claims filed as a result of this year’s four major hurricanes.In the aftermath of Hurricanes Charley, Frances, Jeanne and Ivan, which struck the

News Catastrophes

Aon adds voice to call for TRIA extension

December 16, 2004 by Canadian Underwriter

Following the release of a survey indicating the increasing desire to purchase terrorism coverage under the Terrorism Risk Insurance Act (TRIA), broker Aon is adding its voice to the call for an extension of the U.S. government program.Aon says the

News Catastrophes

Swiss Re estimates 2004 cat losses at US$42 billion

December 16, 2004 by Canadian Underwriter

In its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses. More significantly, more than 21,000 lives were lost to catastrophes both man-made and natural this year, the report notes.Overall

News Catastrophes

What’s new: In brief (December 14, 2004)

December 14, 2004 by Canadian Underwriter

Standard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the

News Catastrophes

Underwriting discipline remains: Swiss Re

December 14, 2004 by Canadian Underwriter

Despite dire predictions of a return to soft market pricing, experts at Swiss Re’s annual “Economic Insurance Industry Review and Outlook” in New York say companies are maintaining discipline.“Underwriting remains disciplined,” says Patrick Mailloux, head of Swiss Re’s U.S. direct,

News Catastrophes

What’s new: In brief (December 09, 2004)

December 9, 2004 by Canadian Underwriter

ING Canada has completed its purchase of Allianz’s Canadian p&c operations, including Allianz Insurance Co. of Canada, Trafalgar Insurance Co. and Canada Brokerlink. Allianz maintains its Allianz Global Risks operation in Canada. ING Canada has planned an offering of its