News

At the midpoint of an active 2008 hurricane season, AIR Worldwide Corporation (AIR) has issued a white paper updating its research on climatological influences on hurricane landfall risk. In particular, the white paper suggests that, “during years in which [Sea…

The Reinsurance Association of America (RAA) reported a policyholder surplus of US$72.8 billion for a group of 20 U.S. property and casualty reinsurers for the first six months of 2008.This compares to a US$77.3 billion surplus for the same period…

Glenn Penny has been appointed vice president of claims at Kingsway Financial Services, Inc. In the newly created role, Penny will be responsible for the oversight of claims functions, including building claims capabilities and common practices throughout the Kingsway Group.…

An increase in small hurricanes making landfall this season, in addition to the high level of catastrophe losses insurers have already absorbed during the first half of 2008, will likely bring a dose of reality to the competitive property cat…

Pricing risks, particularly the rising cost of energy, is currently the most pressing supply chain risk, a Marsh survey of 110 risk managers has found. With oil topping US$139 a barrel in mid-June, energy prices are creating significant margin pressures…

Standard & Poor’s [S&P’s] is maintaining its stable ratings outlook for the global reinsurance sector, albeit with considerable caution.“Given the macroeconomic headwind now confronting reinsurers, a continuation of the downward trend in pricing seen thus far in 2008 would likely…

Fitch Ratings’ has given the global reinsurance sector a “stable” rating outlook.The agency says it “believes individual companies’ operating performance, capitalization and anticipated market conditions, despite their deterioration over the past year, will continue to support current ratings over the…

Insured losses caused by Hurricane Gustav could range from US$2 billion to US$10 billion according to initial estimates. Gustav came ashore near Cocodrie, Louisiana, about 70 miles southwest of New Orleans, on Sept. 1 as a relatively fast-moving Category 2…

FirstOnSite Restoration LP and Disaster Kleenup Canada Ltd. (DKC) have parted ways effective Aug. 31, 2008. A limited partnership FirstOnSite Restoration LP was created in 2007, comprised primarily of a number of DKC members. As FirstOnSite’s business model developed, it…

The cost of auto injury claims in the United States involving lighter-weight vehicles tends to be higher than the cost of claims involving heavy vehicles, according to a new report from the Insurance Research Council (IRC).To investigate the potential impact…

Although an ongoing shipping boom continues unabated, insurers remain concerned the skyrocketing cost of steel may cause shipyards in some countries to cut back on the quality of steel used in shipbuilding.“This, coupled with the growth of new, but relatively…

Two insurers, Royal & SunAlliance (now RSA) and Aviva Insurance Company of Canada, have lost their appeals from an arbitration under the loss transfer provisions of s. 275 of the Ontario Insurance Act. The arbitration arose from an incident occurring…