Segment
Risk Management
Fitch re-asseses post-hurricane capital requirements
November 9, 2005 by Canadian UnderwriterIn the wake of a devastating hurricane season, Fitch Ratings is urging the property and casualty industry to better understand its capital requirements and take steps to better mitigate catastrophic risk.In a report to be released, entitled New Thinking on…
Coastline growth magnifies hurricane damages, conference hears
November 8, 2005 by Canadian UnderwriterDamage inflicted by hurricanes will only get worse in the future because of the increasing development and population density along US coastlines, according to speakers at a recent Hurricane Symposium in London, England, held by the Insurance Leadership Institute of…
Alberta committee asked for measures to reduce flood damage
November 7, 2005 by Canadian UnderwriterThe Alberta government is developing a long-term strategy to reduce flood damage.The province’s transportation department has announced the establishment of a Flood Risk Management Committee. The interdepartmental committee will develop a strategy to better manage and mitigate flood damage. George…
Investigations changing insurance buyers-brokers’ relationship: study
November 4, 2005 by Canadian UnderwriterCommercial insurance buyers are changing brokers, and company risk managers are more actively participating in the placement process and verifying broker information in the wake of regulatory investigations facing the insurance industry, an Advisen Ltd. study has found. In a…
Swiss Re report questions insurability of D&O
October 31, 2005 by Canadian UnderwriterA recent Swiss Re report includes an analysis about the long-term viability of D&O insurance in the United States.The report, “Innovating to insure the uninsurable,” gives a general overview of the limits of insurability and uses practical examples to demonstrate…
Report predicts avian flu impact
October 31, 2005 by Canadian UnderwriterIf a worldwide outbreak of the avian flu which so far as been confirmed in only 117 humans were to shut down parts of the global economy, how much of the resultant economic damages would be covered by insurance?The answer…
RMS increases Wilma damage estimate
October 28, 2005 by Canadian UnderwriterRisk Management Solutions (RMS) has increased its estimate for U.S. insured losses from Hurricane Wilma to between $8 billion and $12 billion.Its original estimate was between $6 billion and $10 billion, including onshore damage resulting from wind and coastal storm…
Silvy Wright appointed new Markel president
October 28, 2005 by Canadian UnderwriterMarkel Insurance Company of Canada today announced the appointment of Silvy Wright as president, effective January 1, 2006. Wright will take over from the current president, Mark Ram, who will become president and CEO of Markel’s parent company, Northbridge Financial,…
Wilma losses between $6 billion and $10 billion: RMS
October 25, 2005 by Canadian UnderwriterInsured losses in the U.S. from Hurricane Wilma are likely to range between $6 million and $10 billion, according to Risk Management Solutions (RMS).RMS says its estimate is based on current information about landfall location and wind speeds. It says…
Wilma remnants to douse Atlantic Canada
October 24, 2005 by Canadian UnderwriterEnvironment Canada’s Canadian Hurricane Centre expects the remnants of Hurricane Wilma to hit the maritime provinces as a post-tropical low pressure system on Oct. 25.“Torrential rain and very high winds are likely to reach western parts of Nova Scotia Tuesday…
Allstate predicts $3.68-billion Katrina loss
October 21, 2005 by Canadian UnderwriterAllstate estimates its Hurricane Katrina catastrophe claims and claims expenses will amount to $3.68 billion. “Catastrophe claims and claims expense estimates include losses from approximately 216,000 expected claims, of which over 175,000 claims have been reported as of October 13…
Ratings agency creates ERM rating for insurers
October 17, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has developed a separate enterprise risk management (ERM) category for insurers and other financial institutions, the ratings service has announced. “What the new ERM category delivers to investors is greater transparency, in that users of…