Topic Catastrophes
Colorado storms expected to leave US$145 price tag
June 22, 2004 by Canadian UnderwriterHailstorms which swept through the Denver area in early June should cost insurers more than US$145 million, predicts the Rocky Mountain Insurance Information Association (RMIIA).The storms struck June 8-9, bringing hail and severe weather to the state, including a tornado…
TRIA extended one year
June 20, 2004 by Canadian UnderwriterJust as the U.S. Treasury Dept. confirms it will extend the Terrorism Risk Insurance Act (TRIA) to the end of 2005 at least, a new study shows insurance buyers are increasing purchasing the coverage.On Friday, Treasury Secretary John Snow confirmed…
What’s new: In brief (June 16, 2004)
June 16, 2004 by Canadian UnderwriterA.M. Best has affirmed the “A++” (superior) financial strength rating of General Re Group, as well as the “a++” senior debt rating of parent General Re Corp. All ratings have a stable outlook. The rating agency says the rating reflects…
What’s new: In brief (June 15, 2004)
June 15, 2004 by Canadian UnderwriterConverium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide.…
Trucking seminar: U.S. litigation trends coming to Canada soon
June 15, 2004 by Canadian UnderwriterU.S.-style litigation against long-haul trucking companies is “creeping into Canada”, says lawyer Paul Iacono of York Street Dispute Resolution Group. Iacono made the comments as part of a seminar on transportation litigation sponsored by Kingsway General Insurance Co. in Mississauga…
Losses from N.B. forest fires likely covered: IBC
June 15, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is getting the word out to New Brunswickers that losses from forest fires in the province should be covered by their insurance policies.A forest fire Monday scorched 125 acres near Lower Coverdale, just outside…
Silica could be next asbestos: S&P
June 14, 2004 by Canadian UnderwriterA new article by Standard & Poor’s addresses the issue of silica exposure and its potential impact on insurers. “The parallels to asbestos are of concern to us,” says S&P credit analyst John Iten. He expects silica litigation growth could…
ICLR research agenda includes blackouts, water damage and drought
June 13, 2004 by Canadian UnderwriterWhile it may read as the ingredients for Armageddon, the Institute for Catastrophic Loss Reduction’s (ICLR) research agenda for the coming year encompasses a host of natural perils ranging from last year’s blackout to water and disasters to drought and…
Texas storms expected to cost more than US$75 million
June 8, 2004 by Canadian UnderwriterStorms the first week of June in Texas are expected to cost insurers US$75-100 million, according to the Southwestern Insurance Information Service (SIIS).During the first two days of June, winds of 90 miles per hour ripped through the Texas, as…
Do not prepare for end to insurance cycles: Sinnott
June 8, 2004 by Canadian UnderwriterDespite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance…
Gray predicts one hurricane likely to hit U.S. coastline
June 2, 2004 by Canadian UnderwriterIn his most recent Atlantic hurricane prediction for the 2004 season, Prof. William Gray of Colorado State University says there is a 71% probability of a major hurricane making landfall somewhere on the U.S. coastline this year.Gray builds on earlier…
What’s new: In brief (June 01, 2004)
June 1, 2004 by Canadian UnderwriterRating errors could cost U.S. auto insurers as much as US$13 billion annually, says a report from QPC. In fact, in an audit of 12 million policies from 10 insurers over the past two years, QPC estimates the rating error…