News

Over the past 30 years loses resulting from catastrophic weather events are growing 10 times faster than premiums meaning that if the trend continues, the insurance industry may have to deal with a decrease in coverage and increased costs, according…

Fitch Ratings placed the ratings of five North American property/casualty insurance and reinsurance organizations on Rating Watch Negative today based on potential large loss exposures to Hurricane Katrina. Affected companies include the Allstate Corporation, Horace Mann Educators Corp., Montpelier Re…

Financial executives at the world’s top companies believe supply chain risks pose the top threat to companies’ revenue, according to a FM Global study. At the same time, close to half of all respondents in the study said risks associated…

Swiss Re now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of US $40 billion. Swiss Re estimates its own claims to be in the range of US $1.2 billion. Originally…

Traffic collisions on Alberta roads have decreased by less than 1% in 2004 and driver error remains the most common contributing factor, according to the newly released Alberta Collision Statistics 2004. Dr. Lyle Oberg, Alberta’s minister of infrastructure and transportation…

Kingsway Financial Services Inc. (TSE:KFS,NYSE:KFS) has announced that it has reached a definitive agreement to acquire HI Holdings, Inc. (HI), including HI’s wholly owned Zephyr Insurance Company Inc.HI and Zephyr were formed in 2000 by its current shareholders, including Everest…

Risk Management Solutions Inc. has increased its estimates for damages stemming from Hurricane Katrina to between $40 and $60 billion in insured losses and more than $125 billion in total economic losses. The Newark, Calif.-based catastrophe modeling firm previously had…

Canada’s insurance career destination, www.i-hire.ca, has introduced new “Power Posting Packages,” providing employers and recruiters the option of high-volume packages of 20, 50, and 100 job postings for duration periods of both four and eight weeks.Power Posting Packages offer new…

ING Canada Inc. (TSX:IIC.LV) says it is compensating 2,400 clients of its insurance subsidiaries in Ontario for damage caused by severe thunderstorms that swept across Southern Ontario August 19.ING Canada estimates it will incur gross claims expenses of between $75…

Berkshire Hathaway Inc. (NYSE:BRK.A and BRK.B) has announced that on Sept. 8, 2005, Joseph Brandon, CEO of General Reinsurance Corporation, a wholly owned subsidiary of Berkshire Hathaway, received a "Wells notice" from the staff of the Securities Exchange Commission, which…

Fairfax Financial Holdings Ltd. (TSX:FFH.SV)(NYSE:FFH) says its initial estimate of the aggregate potential net losses related to Katrina is in the range of $175 million to $220 million before tax and minority interests.The estimated loss after tax and minority interests…

Two reinsurance companies estimate the industry loss as a result of the devastation caused by Hurricane Katrina will be in the range of $30 billion to $35 billion.OdysseyRe Holdings Corp. (NYSE: ORH) estimated the aggregate industry loss will be approximately…