Topic Catastrophes
US personal lines sector softening, but outlook remains stable
June 2, 2005 by Canadian UnderwriterThe hard market that has dominating the US personal lines insurance sector is exhibiting a softening trend, a result of record catastrophe losses (about $27 billion) experienced in 2004. According to the report recently released by Standard & Poor’s Ratings…
Aon study shows insurers and reinsurers earnings least volatile (June 01, 2005)
June 1, 2005 by Canadian UnderwriterAon (NYSE: AOC) recently announced the results of its 2004 Insurance Earnings Volatility Study, which reports that insurers and reinsurers exhibit the least volatile earnings. “Investors place a large amount of emphasis on earnings growth and earnings volatility when evaluating…
Hurricane repair costs above average at onset of 2005 hurricane season
June 1, 2005 by Canadian UnderwriterElevated labor and material costs resulting from last year’s hurricanes are likely to continue through the 2005 season, according to Risk Management Solutions (RMS). By tracking demand surge through analysis of its insurance claims data from the 2004 storms, RMS…
Benfield reports poor Q1 growth in insurance sector
May 31, 2005 by Canadian UnderwriterFirst quarter results for Bermuda’s primary insurance and catastrophe reinsurance rates reflect a drastic softening within the sector, according to Benfield Group Ltd.’s recent Bermuda Quarterly report (BBQ). Trends toward increasing selectivity and targeted marketing defined the quarter.Bermuda’s leading reinsurers…
What’s New: In brief (May 25, 2005)
May 25, 2005 by Canadian UnderwriterAIR Worldwide Corporation (AIR) and Accurate Environmental Forecasting Inc. (AEF) are offering a new risk model that estimates hurricane losses based on climate forecasts. This new model uses AIR’s loss modeling technology and AEF’s ability to forecast climate’s impact on…
Insurance industry recognized through new ICLR project
May 18, 2005 by Canadian UnderwriterToday, at the Institute for Catastrophic Loss Reduction (ICLR) annual general meeting, discussions reflected on a new program that exemplifies the role of the insurance industry and property preservation. The program, Designed… for safer living, was created to improve disaster…
Atlantic to incur high hurricane season
May 17, 2005 by Canadian UnderwriterAn above-normal hurricane season is expected to supervene last year’s record season, according to National Oceanic and Atmospheric Administration (NOAA) hurricane forecasters. Predictions for the 2005 Atlantic hurricane season indicate 12 to 15 tropical storms, seven to nine of which…
U.S. homeowners under-insured against hurricane losses
May 16, 2005 by Canadian UnderwriterWith more than 68 million people living in hurricane-prone areas of the U.S., many homeowners are inadequately insured, warns the Insurance Information Institute (III) as the 2005 hurricane season is set to begin in June. Last year, the eastern seaboard…
European reinsurers’ earnings prove resilient to storm losses
May 10, 2005 by Canadian UnderwriterEurope’s top six reinsurance companies saw profitability rise over 2004 despite the unprecedented insured cost of natural catastrophe losses incurred over the same period, observes reinsurance and risk intermediary Benfield. The reinsurers in question primarily benefited from higher primary company…
Suncor’s oil sands loss could cost reinsurers $1 billion
May 9, 2005 by Canadian UnderwriterIn a notice addressed to property and casualty insurers, federal regulator The Office of the Superintendent of Financial Institutions (OSFI) cautions that the insured loss relating to a fire that broke out in early January of this year at Suncor’s…
Odyssey Re 1-Q earnings plummet (May 02, 2005)
May 2, 2005 by Canadian UnderwriterThe Fairfax group’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This…
Higher loss exposure from Florida’s new hurricane deductible limited
May 2, 2005 by Canadian UnderwriterInsured losses arising from hurricane events in Florida will unlikely have a significantly higher impact on insurers as a result of the state’s new "annual deductible" regulation change which kicks into effect from the beginning of May this year, according…