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What’s New: In Brief (March 09, 2010)


March 9, 2010   by Canadian Underwriter


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PartnerRe expects the total insured industry losses from the Feb. 27, 2010 earthquake in Chile to be between $6 billion and $10 billion.
The company expects its claims relating to the earthquake to be between $220 million and $320 million.
The initial loss estimate is net of reinstatement premium and retrocession. It is based on a top-down analysis as well as on model output, the assessment of individual treaties and client data, a PartnerRe release says.

The composite U.S. commercial property and casualty rate decreased 5% in February, according to MarketScout.
Large accounts ($250,000 to $1 million in premiums) saw rate decreases growing, from minus five per cent in January to minus seven per cent in February.
“The competitive nature of this market sector is driven by two primary factors: the large number of insurers that target this size of account; and the fact exposures are down considerably,” MarketScout said in its Market Barometer report.
“In order to hit budget projections, some insurers are choosing to get more competitive on new business opportunities with accounts they feel are well managed and in a desired business class.”


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