Topic Catastrophes
Willis reports on reinsurance renewals
January 5, 2006 by Canadian UnderwriterWillis Group Holdings (NYSE:WSH) recently released its reinsurance review of the marketplace for the January 1, 2006 renewals, which indicates key findings including rate movements and territory and class line commentary.The report, published by Willis Re, indicates that specialty lines…
Wawanesa buys mobile inspection technology from ISI
January 5, 2006 by Canadian UnderwriterInsurance Systems Inc. (ISI), a provider of web-based solutions to the global property and casualty insurance industry, today announced the sale of WebWriter Inspection to The Wawanesa Mutual Insurance Company headquartered in Winnipeg, Manitoba.“Wawanesa is one of Canada’s leading insurers,”…
Insurers balancing risk portfolios with terrorism insurance
January 4, 2006 by Canadian UnderwriterA leading terrorism underwriter at Lloyd’s says the market is becoming increasingly competitive as more insurers look to balance their risk portfolio in the wake of the US hurricane season.Stephen Ashwell, a war terrorism and political violence underwriter with Hiscox,…
BC bridge scene for another fatal crash
January 4, 2006 by Canadian UnderwriterThe Patullo Bridge, a bridge with a history of fatal accidents that spans the Fraser River and links with New Westminster and Surrey in British Columbia, was recently the scene of a deadly car accident that killed four.The multi-vehicle collision…
TRIA extension leads to losses
January 3, 2006 by Canadian UnderwriterThe Terrorism Risk Insurance Extension Act of 2005, which extends the Terrorism Risk Insurance Act of 2002 (TRIA) to the end of 2007, was recently signed into law and as a result insurers can expect higher retention levels for 2006…
Catastrophes cause $80 billion in losses
December 20, 2005 by Canadian UnderwriterDevastating catastrophes that struck this year have resulted in an estimated insurance loss of $80 billion making 2005 the costliest year ever for insurers, according to Swiss Reinsurance Co. A preliminary study that was recently sent via e-mail from Swiss…
ACE Ltd. announces 2006 financial guidelines
December 19, 2005 by Canadian UnderwriterACE Limited (NYSE: ACE) has announced some key financial guidelines for its group of companies for the full year 2006.“Property and casualty net earned premium growth is expected to average 6% to 8% for the full year,” ACE announced in…
New Bermuda reinsurers face challenges, report says
December 19, 2005 by Canadian UnderwriterThe more stringent capital requirements of ratings agencies post-Katrina will challenge the ability of new Bermuda reinsurers to generate attractive financial returns, according to a new study by Benfield Group Ltd.“Most business plans [of the new reinsurers in Bermuda] indicate…
TRIA extension passed, Willis comments
December 19, 2005 by Canadian UnderwriterThe Terrorism Risk Insurance Revision Act of 2005 has been approved by a voice vote from house lawmakers and the legislation is now awaiting a sign-off from President Bush.The federal terrorism backstop is in line to be renewed in two…
State Farm issues refunds in New Brunswick
December 15, 2005 by Canadian UnderwriterState Farm Insurance has announced it is issuing refunds to approximately 3,800 automobile insurance policyholders in New Brunswick as a result of an error in the application of a New Business Discount that was introduced in 2000. The average refund…
Few US insurers in financial trouble, despite record cat losses
December 13, 2005 by Canadian UnderwriterDespite record-breaking damage losses absorbed during consecutive hurricane seasons, U.S. property and casualty insurers are on track to record the lowest financial impairment and failure rates in a decade. “Typically, major catastrophes trigger surges in property/casualty impairments, pushing already vulnerable…
What’s New: In brief (December 13, 2005)
December 13, 2005 by Canadian UnderwriterEffective April 1, 2006 Andrew Cook will step down as chief financial officer of AXIS Capital Holdings Limited (NYSE: AXS). The Bermuda-based global insurance and reinsurance Company has commenced an executive search to replace Cook, who left for personal reasons.…