Topic Catastrophes
What’s new: In brief (May 30, 2004)
May 30, 2004 by Canadian UnderwriterA.M. Best has placed the “B++” (very good) rating of Federated Life under review with developing implications as a result of its sale to Western Financial Group by parent Northbridge Financial. The rater says it will meet with Western management…
What’s new: In brief (May 27, 2004)
May 27, 2004 by Canadian UnderwriterSwiss Re has seen its financial strength and long-term debt ratings cut by Moody’s to “Aa2”, although the reinsurer’s short-term rating was affirmed at “prime-1”. Among the conditions cited in the downgrade are possible further adverse development for the years…
What’s new: In brief (May 26, 2004)
May 26, 2004 by Canadian UnderwriterGE has priced the IPO of its investment/life insurance spin-off, Genworth Financial (NYSE: GNW), which could net US$2.5-2.9 billion. After the offering, GE will own about 70% of the company. More than 500 people have been killed by flooding in…
What’s new: In brief (May 25, 2004)
May 25, 2004 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) has introduced a new deductible payment plan which allows claimants to finance the payment of their deductible after an accident over a period of 10 months. While SGI does not charge interest, it will charge claimants…
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…
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…
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…
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…