Canadian Underwriter

Topic Catastrophes

News Catastrophes

Swiss Re wins another round against Silverstein

May 4, 2004 by Canadian Underwriter

Swiss Re came out ahead in the latest legal round against World Trade Center leaseholder Larry Silverstein. A New York jury found in favor of the reinsurer that it is bound by the Wilprop policy form for its portion of

News Catastrophes

Hurricane Juan toll hits $113 million

May 4, 2004 by Canadian Underwriter

The insured losses arising from Hurricane Juan’s assault on Nova Scotia last fall have risen to $113 million, signaling the need for better disaster prevention, says the Insurance Bureau of Canada (IBC).In November, the IBC had pegged insured losses from

News Catastrophes

WTC ruling favors most insurers

May 2, 2004 by Canadian Underwriter

The jury is still out for Swiss Re, but many of the insurers on the World Trade Center (WTC) policy have received a positive verdict from a Manhattan jury. The jury said that many of the insurers, including Lloyd’s, are

News Catastrophes

Cat bond market grows 42% in 2003

April 27, 2004 by Canadian Underwriter

The global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions

News Catastrophes

U.S. cats cost insurers US$963 million for 1-Q

April 21, 2004 by Canadian Underwriter

U.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The

News CatastrophesMergers and Aqcuisitions

Risk reduction only response to terrorism threat: LOMA study

April 14, 2004 by Canadian Underwriter

A new study of emerging risks shows life & health insurers dealing with the threat of man-made catastrophes along with their property & casualty counterparts. The study, by international insurance research organization LOMA, concludes that insurers have a role to

News Catastrophes

U.S. regulators want to see stability before TRIA disappears

April 11, 2004 by Canadian Underwriter

The U.S. National Association of Insurance Commissioners (NAIC) fears that as the end of the Terrorism Risk Insurance Act (TRIA) nears, the market may face severe instability.In a letter to House Financial Services Committee chair Michael Oxley and Senate Banking

News Catastrophes

ICLR publishes studies on windstorm, earthquake risk

April 1, 2004 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) this month published research studies on both windstorm and earthquake events.The first study, by Alan Davenport, looks at the relationship between quake magnitude, epicentral distance and shock amplitude. The study assesses the application

News Catastrophes

80% of U.S. commercial brokers want TRIA renewed

April 1, 2004 by Canadian Underwriter

With the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to

News CatastrophesMergers and Aqcuisitions

Anthony Clark secures US$5 million debt facility

March 24, 2004 by Canadian Underwriter

Calgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement,

News Catastrophes

Munich Re posts 2003 loss on tax charges

March 19, 2004 by Canadian Underwriter

The world’s largest insurer, Munich Re, is posting a loss of EUR434 million (Cdn$710.9 million), despite a strong underwriting performance.“With the net loss for 2003, we are drawing a line under three difficult years impacted above all by the bear

News Catastrophes

Average typhoon season anticipated for 2004

March 16, 2004 by Canadian Underwriter

While the Atlantic seaboard is preparing for an above-average hurricane season in 2004, a “close to average” typhoon season is forecast for the Far East and southeast Asia, says Tropical Storm Risk (TSR).TSR is a consortium of experts led by