Topic Catastrophes
Actuaries say industry not ready to assume terrorism risk
July 14, 2004 by Canadian UnderwriterWith the future of the Terrorism Risk Insurance Act (TRIA) currently being debated by U.S. legislators, the American Academy of Actuaries (AAA) says the insurance industry will not be prepared to assume the risk if TRIA is not renewed beyond…
Global warming will lead to more extreme weather events: Benfield
July 13, 2004 by Canadian UnderwriterEven as some countries prepare to comply with the Kyoto Protocol, new research suggests greenhouse gas emissions are on the rise, and the global warming impact of these emissions will surely cause more intense weather events for insurers to deal…
What’s new: In brief (July 12, 2004)
July 12, 2004 by Canadian UnderwriterThe Women in Insurance Cancer Crusade is hitting the track, the horse track that is, with a “Night at the Races” planned for Wednesday, September 1. The evening of fine dining and thoroughbred racing is slated for Toronto’s Woodbine racetrack,…
U.S. cats cost US$1.65 billion for 2-Q
July 8, 2004 by Canadian UnderwriterCatastrophe-related insured losses for the second quarter of this year will tally about US$1.65 billion, according to claims data collected by the Insurance Services Office (ISO). The insured cat loss for the second quarter of this year shows a marked…
IBC urges B.C. homeowners to check coverage as fire threat looms
July 8, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is calling on homeowners in B.C. to confirm their insurance coverage as the risk of forest fires intensifies. Insurers paid out more than $200 million in fire-related claims last year when uncontrollable forest fires…
Ontario residents unprepared for another blackout: report
July 7, 2004 by Canadian UnderwriterA new report published by the Institute for Catastrophic Loss Reduction shows Ontario residents remain unprepared for an emergency on the scale of last summer’s blackout, or worse.The report, written by Dr. Brenda Murphy of Wilfrid Laurier University, and funded…
New Canadian earthquake zones devised: ICLR
July 7, 2004 by Canadian UnderwriterA recently released study published by the Institute for Catastrophic Loss Reduction (ICLR) has devised new earthquake zones on which insurers can base coverage rating. The hazard zones, the result of analysis by ICLR’s executive director Paul Kovacs and research…
Ohio storms generate US$170 million in claims
July 6, 2004 by Canadian UnderwriterWith claims continuing to come in from May storms in Ohio, the state’s Insurance Institute (OII) says thus far insurers have reported losses of US$167 million.About 60% of the 44,000 claims filed so far are for homeowners’ losses from the…
What’s new: In brief (July 05, 2004)
July 5, 2004 by Canadian UnderwriterThe U.K. Financial Services Authority (FSA) has published its rules for the capital requirements on non-life insurers and reinsurers, as well as with-profits funds for life insurers. The rules, first proposed last July, apply risk-based criteria to solvency requirements. Part…
What’s new: In brief (July 04, 2004)
July 4, 2004 by Canadian UnderwriterPresident George W. Bush has signed into law the reauthorization of the U.S. National Flood Insurance Program (NFIP). The program will now run through 2008, with insurers saying they can now ensure flood coverage is available and affordable by spreading…
What’s new: In brief (June 28, 2004)
June 28, 2004 by Canadian UnderwriterFairfax’s Crum & Forster Holdings has named Nikolas Antonopoulos as chair of the board of its insurance operating subsidiaries. He was also recently named CEO of these operations, succeeding Bruce Esselborn, who has retired. Taking over Antonopoulos’ former role as…
What’s new: In brief (June 23, 2004)
June 23, 2004 by Canadian UnderwriterManitoba Public Insurance (MPI) has honored seven grade seven and eight students for projects on auto theft including stories, a video, a poster and a comic strip. “The typical auto thief will steal his or her first car at 13,”…