Topic Catastrophes
What’s new: In brief (March 28, 2005)
March 28, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has issued a bulletin highlighting changes to excluded driver endorsements, which applies to policies issued or renewed as of June 1. The endorsement has been revised to include “strengthened wording to deter excluded…
What’s new: In brief (March 23, 2005)
March 23, 2005 by Canadian UnderwriterPlease note: due to the Easter holiday weekend, Canadian Underwriter’s Breaking News will not be published again until Tuesday, March 29.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…
Earthquake strikes southern Japan
March 21, 2005 by Canadian UnderwriterAn 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…
Tsunami losses likely to be US$2.5-$4 billion: Guy Carpenter
March 14, 2005 by Canadian UnderwriterIn 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…
2004 “a year of freakish weather”: Aon
March 13, 2005 by Canadian Underwriter2004 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…
Lloyd’s chairman touts need for contract certainty
March 13, 2005 by Canadian UnderwriterThe 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,…
Chemical and oil/gas industries represent key industrial risk: Munich Re
March 7, 2005 by Canadian UnderwriterIn 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…
Catastrophes took US$49 billion toll on insurers in 2004: Swiss Re
March 1, 2005 by Canadian UnderwriterCatastrophes, 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…
What’s new: In brief (February 27, 2005)
February 27, 2005 by Canadian UnderwriterICBC 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…
2004 hurricane losses continue to dampen fortunes
February 21, 2005 by Canadian UnderwriterThe 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…
Increase in capacity not deterring European reinsurer discipline
February 21, 2005 by Canadian UnderwriterBased 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…
Consortium predicts another active hurricane season for 2005
February 20, 2005 by Canadian UnderwriterFollowing 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…