Topic Catastrophes
What’s new: In brief (January 23, 2005)
January 23, 2005 by Canadian UnderwriterBroker network Hub International has named James S. Barton as president and COO of B.C.-based Hub International Barton Ltd. Also George C. Robertson has been named chief sales officer. James Barton replaces Craig Barton, who will remain as chair and…
Tsunami won’t affect insurer, reinsurer ratings: Moody’s
January 23, 2005 by Canadian UnderwriterClaims from the December 26 Asian tsunami are not expected to impact the financial strength ratings of insurers and reinsurers rated by Moody’s Investor Service. In a special report on the tragic event which has taken the lives of more…
Government to invest $850,000 in B.C. tsunami warning system
January 18, 2005 by Canadian UnderwriterThe Canadian government Tuesday said it would earmark $850,000 to help the B.C. provincial government beef up its tsunami warning system.Public Safety and Emergency Preparedness Canada (PSEPC) will set aside $350,000, while Indian and Northern Affairs Canada will kick in…
ICLR to “take the stage” at Kobe conference
January 17, 2005 by Canadian UnderwriterTwo researchers who work with the Institute for Catastrophic Loss Reduction (ICLR) will be heading this week to the World Conference on Disaster Reduction in Kobe, Japan.Dr. Gordon Bean and Dr. Slobodan Simonovic are set to present research to the…
What’s new: In brief (January 16, 2005)
January 16, 2005 by Canadian UnderwriterThe Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA) says 43 new captives were formed in the domicile in 2004. The forms were varied, with 29 pure captives, 8 risk retention groups (RRGs), and also industrial insureds, sponsored, association…
Levene touts need for “early warning system for both natural and corporate disasters
January 13, 2005 by Canadian Underwriter2004 was marked by a series of “disasters” for the insurance industry not just natural catastrophes like the Atlantic hurricanes, but also corporate catastrophe in the form the investigations into broker compensation and non-traditional insurance products. In light of this,…
Insurers to pay US$85 million for “Christmas” storm in Ohio
January 13, 2005 by Canadian UnderwriterAlthough far overshadowed by the December 26th Indian Ocean tsunami, Ohio experienced severe weather just before the Christmas holiday, and the price tag for insurers is likely to top US$85 million.The Ohio Insurance Institute (OII) says the US$85 million is…
More understanding of “megacity” risk needed: Munich Re
January 11, 2005 by Canadian UnderwriterThe world’s megacities face a host of unique risks which have not yet been fully understood, according to a study by Munich Re.In its report to the United Nation’s World Conference on Disaster Reduction, Munich Re presented new research which…
What’s new: In brief (January 09, 2005)
January 9, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has produced two new consumer bulletins. The first, “Shop and Save on Auto Insurance”, outlines the different distribution methods for auto insurance, as well tips on premium savings, such as raising deductibles. The…
What’s new: In brief (January 06, 2005)
January 6, 2005 by Canadian UnderwriterBreckles Insurance is challenging fellow members of the Insurance Brokers of Toronto Region (IBTR) to a “fundraising challenge” to help victims of the Indonesian tsunami. Breckles’ employees will be raising as much money as they can between now and January…
Willis says reinsurers maintaining discipline on casualty business
January 6, 2005 by Canadian UnderwriterIn its annual review of the global reinsurance market, broker Willis says discipline is being maintained on casualty business, although price softening is becoming evident in the aerospace and marine markets.Despite the heavy catastrophe toll in 2004 on the back…
What’s new: In brief (January 05, 2005)
January 5, 2005 by Canadian UnderwriterTroubled 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…