Segment
P&C Companies
Charley, Frances and Ivan combined could top Andrew
September 19, 2004 by Canadian UnderwriterWith Hurricane Ivan predicted to be the costliest of the three hurricanes which have hit the U.S. this season, combined with the earlier Charley and Frances, the events could top the insured loss from 1992’s Hurricane Andrew.Andrew, the worst storm…
Converium keeps stake in Global Aerospace
September 19, 2004 by Canadian UnderwriterConverium will keep its stake in Global Aerospace thanks to a “fronting” arrangement now in place. Converium currently has a 27.25% share in the provider of airline coverage. The fronting arrangement is with Berkshire Hathaway’s National Indemnity and Munich Re,…
What’s new: In brief (September 19, 2004)
September 19, 2004 by Canadian UnderwriterA survey of risk managers by the U.K.’s Association of Insurance & Risk Managers (AIRMIC) finds 21% have registered as insurance intermediaries under the new European Union Insurance Mediation Directive. The directive, which will be enforced by the U.K. Financial…
Benfield “hazard review” addresses “Day After Tomorrow” scenario
September 19, 2004 by Canadian UnderwriterWhile the film “The Day After Tomorrow” was certainly fictitious, some of the science behind it is not. The concept of global warming slowing down the Gulf Stream and its North Atlantic Drift, is currently the subject of much research,…
What’ new: In brief
September 16, 2004 by Canadian UnderwriterThe 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…
Ivan damage less than expected, but losses still mounting
September 16, 2004 by Canadian UnderwriterRisk 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…
Bermuda, London and U.S. markets showing interest in Canada: Seminar
September 16, 2004 by Canadian UnderwriterCommercial 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,…
Canadian auto results picking up steam: A.M. Best
September 16, 2004 by Canadian UnderwriterAlthough 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…
What’s new: In brief (September 15, 2004)
September 15, 2004 by Canadian UnderwriterWICC 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…
Hurricanes put property catastrophe reinsurance in the spotlight
September 15, 2004 by Canadian UnderwriterTwo 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…
Securitizations complement rather than compete with reinsurance: S&P
September 15, 2004 by Canadian UnderwriterInsurance 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…
Ivan targets Alabama; damage could reach US$10 billion
September 15, 2004 by Canadian UnderwriterHurricane 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…