Topic Catastrophes
Coastline growth magnifies hurricane damages, conference hears
November 8, 2005 by Canadian UnderwriterDamage inflicted by hurricanes will only get worse in the future because of the increasing development and population density along US coastlines, according to speakers at a recent Hurricane Symposium in London, England, held by the Insurance Leadership Institute of…
What’s New: In brief (November 08, 2005)
November 8, 2005 by Canadian UnderwriterCanada’s home, car and business insurers and Ontario Safety League (OSL) are joining forces with the Insurance Bureau of Canada (IBC) to implement a province-wide community-driven program to help motorists get home safely during the holiday season. The vice-president of…
Alberta committee asked for measures to reduce flood damage
November 7, 2005 by Canadian UnderwriterThe Alberta government is developing a long-term strategy to reduce flood damage.The province’s transportation department has announced the establishment of a Flood Risk Management Committee. The interdepartmental committee will develop a strategy to better manage and mitigate flood damage. George…
Ontario DACs to be eliminated March 1, 2006
November 7, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has amended the Statutory Accident Benefits Schedule (SABS) to eliminate the DAC system effective March 1, 2006, subject to transition provisions.The new regulations will continue to require a claimant to obtain an assessment…
Montpelier Re reports US$875.1 million loss in third quarter
November 4, 2005 by Canadian UnderwriterMontpelier Re Holdings Ltd. (NYSE – MRH) has reported a net third-quarter loss of US$875.1 million, as well as a net loss of US$691.9 million for the first nine months of 2005.The company says the net impact of natural catastrophes…
P&C market strong until 2007, despite cat losses
November 3, 2005 by Canadian UnderwriterDespite the devastating 2005 hurricane season along with an increasingly competitive market the property-casualty insurance industry is expected to enjoy relatively strong results from 2005 through to 2007, according to Conning Research and Consulting Inc.’s recent report “Property-Casualty Forecast &…
Manulife reports 3Q net income of $746 million
November 3, 2005 by Canadian UnderwriterManulife Financial Corporation has reported a shareholders’ net income of $746 million for the third quarter of 2005, a 5% increase over a year earlier. “Excluding a charge related to Hurricane Katrina and a gain on recognition of future tax…
RenaissanceRe reports 3Q loss of $327 million
November 2, 2005 by Canadian UnderwriterRenaissanceRe Holdings Ltd. (NYSE: RNR) today reported a net operating third-quarter loss of $327.3 million as a result of the 2005 hurricane season.In addition, the company projected a $250-million to $300-million net negative impact in the fourth quarter as a…
Swiss Re predicts hurricane losses of $750 million
November 2, 2005 by Canadian UnderwriterSwiss Re today estimates its aggregate claims for hurricanes Rita and Wilma will be approximately US$750 million. Swiss Re CEO John Coomber says “this year’s hurricane season reinforces the benefits of Swiss Re’s highly diversified portfolio across lines of business…
XL Capital takes US$1.05-billion third-quarter hit
November 2, 2005 by Canadian UnderwriterAs the result of an intense hurricane season, XL Capital Ltd has reported a net loss of US$1.05 billion to ordinary shareholders for the third quarter ending September 30, 2005.The disastrous third quarter means a net loss of $470.4 million…
Report predicts avian flu impact
October 31, 2005 by Canadian UnderwriterIf a worldwide outbreak of the avian flu which so far as been confirmed in only 117 humans were to shut down parts of the global economy, how much of the resultant economic damages would be covered by insurance?The answer…
Katrina indicates shortfalls of cat models
October 28, 2005 by Canadian UnderwriterShortfalls in the use of catastrophe models have been exposed as a result of their attempts to rate the losses of Hurricane Katrina, according to A.M. Best Co.These shortfalls have brought the use of some catastrophe models into question.“Everyone’s a…