Segment
Risk Management
Hurricane Rita heads towards Louisiana, Texas
September 20, 2005 by Canadian UnderwriterAlready flooded and battered by Hurricane Katrina, a Category 4 hurricane, Louisiana now faces the possibility of being hit by Hurricane Rita sometime around Sept. 24.Hurricane Rita is now a Category 1 hurricane in the Bahamas, with maximum sustained wind…
Louisiana to restrict P&C policy cancellations
September 20, 2005 by Canadian UnderwriterLouisiana Gov. Kathleen Blanco is expected to sign an emergency order that would severely restrict the ability of property/casualty and health insurers to cancel a policy within the seven-parish region that was hit hardest by Hurricane Katrina, A.M. Best reports.Bobby…
Fitch reviews adequacy of computer-modeling
September 19, 2005 by Canadian UnderwriterFitch Ratings in Chicago says it is reviewing “the reliability of catastrophe modeling” to support its analysis of the capital adequacy of insurers.Fitch said it presumes probabilistic vendor models used throughout the insurance industry to assess catastrophe exposures represent current,…
Ophelia leaves less than $800 million in damages
September 19, 2005 by Canadian UnderwriterThe remnants of tropical storm Ophelia have tracked eastward, away from Newfoundland, and the Canadian Hurricane Centre of Environment Canada has lifted all warnings for inland areas of Newfoundland.Once a Category 1 storm that swept through Northern Carolina last week,…
IBAC to hold inaugural Best Practices Symposium
September 16, 2005 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) will be holding its first-ever National Best Practices Symposium on October 18-19, 2005, in conjunction with the IBAO Convention at the Royal York Hotel, Toronto.“The Best Practices Management Institute features sessions by knowledgeable…
Reinsurers may be downgraded after Katrina: Moody’s
September 15, 2005 by Canadian UnderwriterMoody’s Investors Service says reinsurers with “outsized exposure” to Hurricane Katrina damage in New Orleans, or to the city’s hard-hit industries such as energy or gaming, “could face rating downgrades, particularly if they do not recapitalize quickly.”The recently released Moody’s…
70% of Maritime vehicles have poorly-inflated tires
September 14, 2005 by Canadian UnderwriterMore than 70% of Maritime passenger vehicles have improperly inflated tires – a potentially serious problem that leads to reduced road safety, according to a study by the Rubber Association of Canada and Natural Resources Canada. The Maritime number is…
Katrina mainly results in commercial lines claims
September 13, 2005 by Canadian UnderwriterCommercial insurance claims account for the majority of all New Orleans insurance claims related to Hurricane Katrina, according to Moody’s Investors Service analysts.The property/casualty industry at large will be greatly impacted by loses incurred as a result of the recent…
Supply chain disruption biggest corprate risk: study
September 13, 2005 by Canadian UnderwriterFinancial 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…
Climate change puts insurers at risk
September 8, 2005 by Canadian UnderwriterU.S. Insurers, government and consumers are at enormous risk of escalating losses from hurricanes and other weather-related events, according to a new report issued by the Ceres investor coalition."Insurance as we know it is threatened by a perfect storm of…
Katrina damage estimate reaches $20-$35 billion
September 7, 2005 by Canadian UnderwriterEstimated insured losses from Hurricane Katrina’s direct impact have increased to $20-$35 billion, according to Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk. On the day of Katrina’s landfall on the Gulf…
RIMS Canada Conference Announces Keynotes
September 1, 2005 by Canadian UnderwriterRIMS Canada Council has announced "Next Steps in the Client-Broker Relationship," a keynote panel moderated by RIMS President Ellen Vinck, featuring Michael G. Cherkasky, President and CEO, Marsh; Joe Plumeri, Chairman and CEO, Willis; and Patrick G. Ryan, Executive Chairman,…