Topic Catastrophes
More understanding of “megacity” risk needed: Munich Re
January 11, 2005 by Canadian UnderwriterThe world’s megacities face a host of unique risks which have not yet been fully understood, according to a study by Munich Re.In its report to the United Nation’s World Conference on Disaster Reduction, Munich Re presented new research which…
What’s new: In brief (January 09, 2005)
January 9, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has produced two new consumer bulletins. The first, “Shop and Save on Auto Insurance”, outlines the different distribution methods for auto insurance, as well tips on premium savings, such as raising deductibles. The…
Willis says reinsurers maintaining discipline on casualty business
January 6, 2005 by Canadian UnderwriterIn its annual review of the global reinsurance market, broker Willis says discipline is being maintained on casualty business, although price softening is becoming evident in the aerospace and marine markets.Despite the heavy catastrophe toll in 2004 on the back…
What’s new: In brief (January 06, 2005)
January 6, 2005 by Canadian UnderwriterBreckles Insurance is challenging fellow members of the Insurance Brokers of Toronto Region (IBTR) to a “fundraising challenge” to help victims of the Indonesian tsunami. Breckles’ employees will be raising as much money as they can between now and January…
What’s new: In brief (January 05, 2005)
January 5, 2005 by Canadian UnderwriterTroubled Loyalist Insurance Group Ltd. (TSX Venture: LOY) has been downgraded to “tier 2” status by the TSX Venture Exchange. Trading in Loyalist shares was halted by the TSX on December 7, on failure to file interim financial results. The…
IUA says tsunami insured losses could reach US$10 billion
January 4, 2005 by Canadian UnderwriterLondon-based International Underwriting Association (IUA) says insured losses stemming from the December 26 Indian Ocean tsunami could be between US$5-$10 billion.The IUA asked member insurers for best estimates of potential losses from the event the IUA includes many London operations…
Tsunami disaster leads to calls for early warning system
January 3, 2005 by Canadian UnderwriterCountries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0…
A.M. Best recounts "the year that could have been" for insurers
January 2, 2005 by Canadian UnderwriterIn its annual review of the U.S. p&c industry, rating agency A.M. Best notes that the industry was able to achieve underwriting profitability despite the effects of devastating catastrophe losses in the third quarter.For the first nine months of 2004,…
Tsunami impact not expected to hurt reinsurer earnings
January 2, 2005 by Canadian UnderwriterDespite the overwhelming human and economic losses associated with the tsunami which devastated multiple South Asian countries on December 26, the world’s largest reinsurers say the insurance impact will not be severe.As of Sunday, the death toll is expected to…
United Nations calls for action after worst cat loss year for insurers
December 19, 2004 by Canadian UnderwriterThe unprecedented natural catastrophe losses suffered by insurers in 2004 have caught the attention of the United Nations. At a conference on climate change last week, the UN said more needs to be done to “avert a veritable biblical list…
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…