Segment
Claims
Lloyd’s reports net US$180 million loss after hurricanes
April 6, 2006 by Canadian UnderwriterCiting net claims of 3.309 billion (US$5.79 billion) as a result of the “most severe hurricane season on record,” Lloyd’s of London reported a net loss of 103 million (US$180 million) in 2005, compared to a profit in 2004 of…
ICBC anti-fraud efforts lead to 175 criminal charges in 2005
April 5, 2006 by Canadian UnderwriterICBC says its anti-fraud programs saved B.C. motorists more than CD$73 million in 2005.The figure is based on the estimated value of fraudulent claims that were denied, money recovered, and savings generated through fraud prevention.ICBC’s anti-fraud efforts led to 175…
Lloyd’s in talks to insure “tourist” space flights
April 3, 2006 by Canadian UnderwriterLloyd’s is apparently in discussions to insure the first “tourist” flights into space in 2008.Virgin is proposing to launch the space flights for tourists from a site in New Mexico, and media reports have indicated that Lloyd’s are among the…
Commercial identity theft now covered in Canada
March 31, 2006 by Canadian UnderwriterSt. Paul Travelers (NYSE:STA) announced it’s the first insurance company to offer identity theft coverage for commercial businesses in Canada. The Identity Fraud Expense Coverage Master Policy is available to financial institutions, commercial businesses and business associations and their customers,…
Swiss Re promotes new “economic combined ratio”
March 30, 2006 by Canadian UnderwriterSwiss Re has introduced a new dimension to the conventional combined ratio, called the “economic combined ratio” [ECR].According to Swiss Re, the ECR presents the following advantages when compared to the conventional combined ratio: The ECR isolates the underwriting results…
Should risk-sharing consider geographic exposure?
March 29, 2006 by Canadian UnderwriterIf catastrophe damage losses continue to escalate as expected, the insurance industry may have to re-evaluate its model for risk-sharing, panelists told an audience attending an Ontario Risk and Insurance Management Society meeting in Toronto.A new model may, for example,…
Bermuda reinsurers lose US$11.3 billion after hurricanes
March 28, 2006 by Canadian UnderwriterFollowing losses of US$11.3 billion from hurricanes Katrina, Rita and Wilma, Bermuda’s reinsurers registered a total net loss of US$2.8 billion in 2005 compared with a profit of US$5.5 billion the previous year, according to the latest Benfield Bermuda Quarterly…
Hannover Re takes US$1.2 billion hit from hurricanes
March 23, 2006 by Canadian UnderwriterHannover Re says “an unparalleled burden” of natural catastrophe losses in 2005 produced “historically unprecedented major loss expenditures in excess of EUR1 billion (US$1.2 billion).”Hurricanes Katrina, Rita and Wilma alone inflicted a net loss on the company of almost EUR800…
ICBC aids passengers of sunken BC ferry
March 22, 2006 by Canadian UnderwriterICBC representatives are on site in Prince Rupert, B.C. to aid ferry passengers and expedite the handling of all vehicle-related claims related to the sinking of the Queen of the North.According to the Vancouver Sun, a Canadian Coast Guard vessel…
24/7 Customer opens new contact centre with Aviva
March 10, 2006 by Canadian Underwriter24/7 Customer, a provider of outsourced contact centers to Global 1000 companies, has launched a new 1,800-seat facility in Chennai, India, as a part of its continued partnership with Aviva, the world’s fifth largest insurance company.“The state-of-art facility is spread…
Royal & SunAlliance reports strong 2005 results (March 09, 2006)
March 9, 2006 by Canadian UnderwriterRoyal & SunAlliance in Canada has reported that its 2005 combined operating ratio (COR) is the best in history, at 94.8%Overall, the Royal & SunAlliance Group delivered a strong year-end result with a COR of 93.8% for ongoing businesses, compared…
ICBC’s 2005 net income drops substantially
March 8, 2006 by Canadian UnderwriterICBC reported a net income of CDN$198 million for the year ended December 2005, compared to its restated 2004 net income of CDN$373 million.“Last year was a challenging year for ICBC,” ICBC president and CEO Paul Taylor said. “Net income…