Topic Catastrophes
New research highlights the danger of gas hydrates
May 24, 2004 by Canadian UnderwriterInsurers need to be aware of a potential new geohazard which could increase the likelihood of extreme weather events, according to research by the Benfield Hazard Research Center (BHRC). Gas hydrates, ice-like deposits of water and gas, are being influenced…
Above-average Atlantic hurricane season predicted
May 20, 2004 by Canadian UnderwriterOn the eve of the start of the Atlantic hurricane season, which begins June 1, The National Oceanic and Atmospheric Administration (NOAA) confirms expectations of an above-average Atlantic hurricane season this year.The outlook is for 12-15 tropical storms, with six…
What’s new: In brief (May 20, 2004)
May 20, 2004 by Canadian UnderwriterFrench reinsurer SCOR reported overall net income of EUR31.8 million for the first quarter of 2004, with its non-life sector posting a combined ratio of 98.8%. This compares with 121.3% for the segment a year ago. However, operating income in…
Seven insurers face Hurricane Isabel class action suit
May 13, 2004 by Canadian UnderwriterA class action complaint has been filed in a Baltimore, Maryland court against seven insurers over their handling of homeowners’ claims stemming from last fall’s Hurricane Isabel.The suit, filed by law firm Cohen, Milstein, Hausfeld & Toll, names seven plaintiffs,…
What’s new: In brief (May 11, 2004)
May 11, 2004 by Canadian UnderwriterCitigroup and its Travelers Insurance Co. have had their debt ratings affirmed by Moody’s following settlement of claims relative to the WorldCom class action lawsuit. Citigroup announced a US$4.95 billion special charge for the suit and other litigation reserves. With…
California wildfires spark regulator ire
May 9, 2004 by Canadian UnderwriterCalifornia’s insurance regulator and the state’s insurers are waging a war of words over last year’s firestorm, just as new fires rage in Riverside County.Insurance Commissioner John Garamendi announced his intention to push forward a “homeowners’ bill of rights” in…
IBC and ICLR promote emergency preparedness
May 6, 2004 by Canadian UnderwriterConcurrent with national “Emergency Preparedness Week”, the Institute for Catastrophic Loss Reduction (ICLR) and the Insurance Bureau of Canada (IBC) are promoting disaster reduction and mitigation efforts in Canada.The ICLR completed a non-structural retrofit on a Halifax home to underscore…
ISO prepares terrorism exclusion wordings in advance of TRIA extension discussions
May 5, 2004 by Canadian UnderwriterWith the future of the U.S. terrorism risk backstop up in the air, the Insurance Services Office (ISO) has filed conditional wordings for a terrorism insurance policy endorsement.The ISO is asking state regulators to approve the wording if Congress fails…
Swiss Re wins another round against Silverstein
May 4, 2004 by Canadian UnderwriterSwiss 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…
Hurricane Juan toll hits $113 million
May 4, 2004 by Canadian UnderwriterThe 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…
WTC ruling favors most insurers
May 2, 2004 by Canadian UnderwriterThe 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…
Cat bond market grows 42% in 2003
April 27, 2004 by Canadian UnderwriterThe 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…