Topic Catastrophes
Florida votes to reimburse policyholders for multiple deductibles
December 19, 2004 by Canadian UnderwriterThe Florida legislature decided on Friday to support a plan reimbursing policyholders who paid multiple deductibles on claims filed as a result of this year’s four major hurricanes.In the aftermath of Hurricanes Charley, Frances, Jeanne and Ivan, which struck the…
Swiss Re estimates 2004 cat losses at US$42 billion
December 16, 2004 by Canadian UnderwriterIn its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses. More significantly, more than 21,000 lives were lost to catastrophes both man-made and natural this year, the report notes.Overall…
Aon adds voice to call for TRIA extension
December 16, 2004 by Canadian UnderwriterFollowing the release of a survey indicating the increasing desire to purchase terrorism coverage under the Terrorism Risk Insurance Act (TRIA), broker Aon is adding its voice to the call for an extension of the U.S. government program.Aon says the…
Underwriting discipline remains: Swiss Re
December 14, 2004 by Canadian UnderwriterDespite dire predictions of a return to soft market pricing, experts at Swiss Re’s annual “Economic Insurance Industry Review and Outlook” in New York say companies are maintaining discipline.“Underwriting remains disciplined,” says Patrick Mailloux, head of Swiss Re’s U.S. direct,…
What’s new: In brief (December 14, 2004)
December 14, 2004 by Canadian UnderwriterStandard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the…
What’s new: In brief (December 09, 2004)
December 9, 2004 by Canadian UnderwriterING Canada has completed its purchase of Allianz’s Canadian p&c operations, including Allianz Insurance Co. of Canada, Trafalgar Insurance Co. and Canada Brokerlink. Allianz maintains its Allianz Global Risks operation in Canada. ING Canada has planned an offering of its…
Prof. Gray predicts another bad hurricane season for 2005
December 7, 2004 by Canadian UnderwriterAs insurers continue to deal with the record hurricane season of 2004, they will also be gearing up for another potentially bad season in 2005.Prof. William Gray and his team of researchers from Colorado State University are predicting another above-average…
Second WTC trial declares 9/11 attacks two events
December 7, 2004 by Canadian UnderwriterDespite an earlier jury trial which declared the felling of the World Trade Center towers by terrorist on September 11, 2001 as one occurrence in insurance terms, a second trial has declared the attacks as two events.The second verdict, which…
What’s new: In brief (November 30, 2004)
November 30, 2004 by Canadian UnderwriterJardine Lloyd Thompson CEO Steve McGill has announced his resignation, concurrent with the brokerage reporting earnings significantly below forecast. Financial results indicate the company’s earnings will almost 19% short of analysts’ targets. The reason, the company notes in a statement,…
Japanese non-life insurers’ balance sheets strong despite typhoons: S&P
November 30, 2004 by Canadian UnderwriterDespite one of the worst typhoon seasons in memory in 2004, Japanese non-life insurers maintain strong balance sheets and hold an overall stable outlook, according to a new report by Standard & Poor’s.In addition to the spate of typhoons weathered…
Hurricanes take small bite out of Bermuda players’ earnings: Benfield
November 28, 2004 by Canadian UnderwriterIn its quarterly analysis of the top 16 Bermuda-based reinsurers, broker Benfield Group reports the third-quarter U.S. and Japanese hurricanes took their toll on earnings which have been persistently strong in the past few years.Net income dropped to US$3.3 billion,…
Loss history inadequate for rating mega weather events
November 25, 2004 by Canadian UnderwriterSwiss Re’s latest annual hurricane report says that changing social, economic and weather patterns makes the use of loss history an inadequate rating tool when determining the risk and cost of large weather related events such as hurricanes. The report…