Topic
Insurance
After TRIA, what next for terrorism coverage?
February 24, 2006 by Canadian UnderwriterIn anticipation of the conclusion of TRIA’s extension in 2007, Aon Risk Services has been encouraging clients to maintain their relationships with insurers in the stand-alone terrorism insurance market, or with those that build added protection into their all-risks policies…
What’s New: In brief (February 24, 2006)
February 24, 2006 by Canadian UnderwriterCanada’s home, car and business insurers, along with Operation Red Nose and the Ontario Safety League, presented a cheque for $4,213.50 to the Women in Insurance Cancer Crusade (WICC).The money was raised by Operation Red Nose in Halifax, Nova Scotia…
2005 catastrophes break meteorological records
February 24, 2006 by Canadian UnderwriterAbout 400 natural catastrophes and man-made disasters in 2005 accounted for 97,000 deaths and damages totalling more than US$230 billion, according to a Swiss Re report. Insurance covered about one third, or US$83 billion, of the damages. In the previous…
XN Risk offers new law liability policy
February 23, 2006 by Canadian UnderwriterXN Holdings, parent company of XN Risk Insurance Services (Canada) Inc. recently launched a Law Firm Management Liability Policy designed address a wide range of liabilities law firms may confront from customers, suppliers, job applicants and employees, unrelated to the…
PXRE reports net loss of $446.5 million
February 23, 2006 by Canadian UnderwriterPXRE Group Ltd. (NYSE:PXT) recently reported a net loss before convertible preferred share dividends of $446.5 million for the quarter ended Dec. 31, 2005 compared to net income before convertible preferred share dividends of $32.8 million in the fourth quarter…
Insurers must adjust for more extreme weather: report
February 23, 2006 by Canadian UnderwriterThe insurance industry must compensate for extreme changes in the number of tropical cyclones and hurricanes by assuming a different loss distribution for the current warm phase of the natural climate cycle than in the years before, according to a…
Lloyd’s likely to feel impact of UK robbery
February 23, 2006 by Canadian UnderwriterThe multimillion-pound armed robbery of a storage depot in the United Kingdom near London is likely to be felt within Lloyd’s, which has a worldwide reputation for writing insurance for this kind of risk, according to a report by A.M.…
Study aims to prepare insurers for flu pandemic
February 22, 2006 by Canadian UnderwriterThe Society of Actuaries (SOA) is initiating research on the possible implications of an avian flu pandemic on the insurance industry. Jim Toole, fellow of the Society of Actuaries and managing director of MBA Actuaries, will guide the study. Toole…
FM Global reports strong 2005 financial results
February 22, 2006 by Canadian UnderwriterFM Global’s 2005 financial results state that the commercial and industrial property insurer has realized a 14% increase in net income to US$635 million, representing the Copmany’s fourth consecutive year of strong results.In addition, FM Global;s policyholder surplus grew 18.8%…
Manitoba immobilizer program a qualified success
February 22, 2006 by Canadian UnderwriterManitoba vehicle owners are responding well to an initiative promoting the purchase of after-market vehicle immobilizers but the people whose vehicles are most at risk are not the ones buying the immobilizers, according to Manitoba Public Insurance.“In January alone, we…
Benfield announces Web platform for facultative reinsurance
February 22, 2006 by Canadian UnderwriterBenfield, an independent reinsurance and risk intermediary, today announced the launch of eCatFac, a new electronic placing platform designed to help place facultative reinsurance for cedants with large catastrophe exposures.“Facultative reinsurance is a highly customized tool that is increasingly being…
SGI to hand out a one-time, 8% rebate
February 21, 2006 by Canadian UnderwriterSGI is giving its customers a one-time, 8% rebate in 2006.“SGI has not increased rates for vehicle insurance for five years and there will be no rate increase again this year,” the minister responsible for SGI, Glenn Hagel, said in…