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Canadian auto results picking up steam: A.M. Best

September 16, 2004 by Canadian Underwriter

Although it remains an unprofitable business, auto insurance results did improve in 2003, according to a soon-to-be-released report from A.M. Best.In its statistical review of auto insurance, the rating agency finds premiums rose and losses declined in 2003, particularly for…

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What’ new: In brief

September 16, 2004 by Canadian Underwriter

The vote to extend the U.S. Terrorism Risk Insurance Act (TRIA) beyond its December 2005 sunset could come sooner rather than later. The House Financial Services Committee is slated to hold hearings on the act beginning September 29. Insurers this…

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Ivan damage less than expected, but losses still mounting

September 16, 2004 by Canadian Underwriter

Risk modeling agencies are generally lowering their estimates for insured damage as a result of Hurricane Ivan’s assault on the southern U.S., although expectations still vary widely between US$2-$10 billion.EQECAT estimates insured damages of US$4-$10 billion while Risk Management Solutions…

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Bermuda, London and U.S. markets showing interest in Canada: Seminar

September 16, 2004 by Canadian Underwriter

Commercial insurance buyers stand to benefit from increased interest from various countries in the Canadian market, speakers noted at the Ontario Risk & Insurance Management Society (ORIMS) “State of the Market” panel discussion Thursday.Even in the difficult executive risk line,…

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What’s new: In brief (September 15, 2004)

September 15, 2004 by Canadian Underwriter

WICC Ontario is donating $25,000 to fund prostate cancer research projects in recognition of “Prostate Cancer Awareness Week”, September 20 to 26. The funding is part of WICC’s new goal to reach beyond breast cancer to the fight against all…

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Hurricanes put property catastrophe reinsurance in the spotlight

September 15, 2004 by Canadian Underwriter

Two new reports look at emerging trends in property catastrophe reinsurance, just as the U.S. awaits the arrival of Ivan, the third major hurricane of the year.Rating agency Standard & Poor’s notes that the onslaught of new property catastrophe reinsurance…

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Securitizations complement rather than compete with reinsurance: S&P

September 15, 2004 by Canadian Underwriter

Insurance securitizations, once perceived as a competitive threat to reinsurers, have become a complementary product to traditional reinsurance coverage, notes a new report by Standard & Poor’s.“Insurance securitizations have long been viewed as an alternative for of risk transfer to…

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Ivan targets Alabama; damage could reach US$10 billion

September 15, 2004 by Canadian Underwriter

Hurricane Ivan was making its unwelcome arrival on the coast of Alabama late Wednesday, and risk modeler Risk Management Solutions (RMS) says the storm could produce US$4-$10 billion in insured damage based on current forecasts.RMS says the high end of…

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Louisiana braces for Ivan’s arrival

September 14, 2004 by Canadian Underwriter

Insured loss estimates for the landfall of Hurricane Ivan on U.S. soil have been upped, with the storm now tracking for Louisiana, as well as Mississippi, Alabama and the north-west tip of Florida. The coast of these states is currently…

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What’s new: In brief (September 14, 2004)

September 14, 2004 by Canadian Underwriter

A new study by Analysis Group, commissioned by U.S. insurers and reinsurers, finds if the Terrorism Risk Insurance Act is not extended beyond 2005, and a catastrophic terrorist attack occurs, tens of thousands of jobs would be lost and thousands…

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Moody’s revises global reinsurance outlook to stable

September 14, 2004 by Canadian Underwriter

Rating agency Moody’s says it has revised the outlook on the global reinsurance market to stable from negative on the back of favorable underwriting and more stable investment results.While rating agencies have been liberally handing out ratings downgrades over the…

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London market expected to retain capacity despite market turn

September 14, 2004 by Canadian Underwriter

Despite a downturn in the insurance pricing environment, the London market is expected to maintain its record-setting profits and capacity through 2004 and 2005, according to the annual London Insurance Market survey by PricewaterhouseCoopers.However, insurers will be tested to maintain…