Canadian Underwriter

Topic Catastrophes

News Catastrophes

What’s new: In brief (March 23, 2005)

March 23, 2005 by Canadian Underwriter

Please note: due to the Easter holiday weekend, Canadian Underwriter’s Breaking News will not be published again until Tuesday, March 29. Marsh co-president Peter F. Garvey has resigned “for personal reasons”, the company announced Wednesday. Garvey had been with Marsh

News Catastrophes

Earthquake strikes southern Japan

March 21, 2005 by Canadian Underwriter

An earthquake measuring 7.0 on the Richter-scale emanated off the south coast of Japan on Sunday morning, believing to have resulted in the death of one person and injuries of up to a further 381 people, according to early television

News Catastrophes

Tsunami losses likely to be US$2.5-$4 billion: Guy Carpenter

March 14, 2005 by Canadian Underwriter

In a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event

News Catastrophes

2004 “a year of freakish weather”: Aon

March 13, 2005 by Canadian Underwriter

2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish

News Catastrophes

Lloyd’s chairman touts need for contract certainty

March 13, 2005 by Canadian Underwriter

The insurance coverage trial which followed the felling of the World Trade Center towers in the September 11, 2001 terrorist attacks highlights the need for greater contract certainty, says Lloyd’s chair Lord Peter Levene.Levene, speaking to a group of insurers,

News Catastrophes

Chemical and oil/gas industries represent key industrial risk: Munich Re

March 7, 2005 by Canadian Underwriter

In its latest Schadenspiegel publication, Munich Re looks at some of the most significant industrial disasters in history and finds significant exposure coming from the chemical and oil/gas sectors.Data from European countries shows the majority of industrial incidents reported come

News Catastrophes

Catastrophes took US$49 billion toll on insurers in 2004: Swiss Re

March 1, 2005 by Canadian Underwriter

Catastrophes, both natural and man-made, cost insurers US$49 billion last year, with the bulk of this coming from the U.S. hurricanes and Japanese typhoons, according to the annual Swiss Re sigma study on catastrophes.Of course, the human toll from catastrophes

News CatastrophesMergers and Aqcuisitions

What’s new: In brief (February 27, 2005)

February 27, 2005 by Canadian Underwriter

ICBC says two Abbotsford residents have pleaded guilty to charges of providing false information to the public auto insurer. Harminder Singh Ghuman was fined $2,000 and Kesar Singh Sidhu was fined $1,500 for filing fraudulent claims following a collision in

News Catastrophes

2004 hurricane losses continue to dampen fortunes

February 21, 2005 by Canadian Underwriter

The rising loss total being attributed to the 2004 U.S. hurricane season is putting increasing pressure on the shareholders’ equity of many insurers and reinsurers, says a report by Standard & Poor’s.S&P notes that two issues are causing the loss

News Catastrophes

Increase in capacity not deterring European reinsurer discipline

February 21, 2005 by Canadian Underwriter

Based on January 2005 reinsurance renewals, European carriers have not given in to competitive pressures despite rising capacity, notes a report by A.M. Best.While overall reinsurance rates declined moderately, with the exception of some U.S. hurricane-exposed risks, the pricing drop

News Catastrophes

Consortium predicts another active hurricane season for 2005

February 20, 2005 by Canadian Underwriter

Following on 2004’s record Atlantic hurricane season, more storms are brewing for 2005, says Tropical Storm Risk (TSR), a consortium of researchers sponsored by Benfield, Royal & SunAlliance and Crawford & Co.TSR’s extended outlook for 2005 suggests 2005 will see

News Catastrophes

What’s new: In brief (February 16, 2005)

February 16, 2005 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) says its “Injury Prevention Month” campaign in North Bay is progressing well. Events already staged include the official kick-off at a North Bay Skyhawks game, as well as a “Cars on Ice” demonstration by