A one-on-one interview with Franklin W. Nutter, President of the Reinsurance Association of America (RAA).
Last year was one of the worst years in the 1990s for natural catastrophes worldwide. There were two major earthquakes in Turkey and one in Taiwan, Columbia, Mexico and Greece, making 1999 the year most severely affected by earthquakes since 1976. The earthquakes in Turkey and Taiwan claimed the lives of over 20,000 people and resulted in economic losses of approximately US$ 26 billion.
Although the optimistic whisper of higher premium pricing echoes along the company corridors of both the Canadian and U.S. property and casualty insurance industries, the first half-year underwriting results from both countries hint at caution. While the Canadian industry benefited…
The dramatic incident that took place in Walkerton, Ontario during the final two weeks of May, 2000 will go down in history as a tragic example of the suffering and disruption that can occur when municipal and provincial agencies fail to act on system safeguards. The events that led up to the contamination of Walkerton’s water supply present valuable lessons in risk management as well as serious considerations for insurers underwriting municipal risks.
After several years of growth decline, the Canadian and U.S. property and casualty insurance markets appear to have turned a corner for the better based on results for the first quarter of this year. Industry economists and market analysts are…
When a tornado ripped through Pine Lake, Alberta in July of this year, confusion was the order of the day. Local emergency authorities and the media swarmed around the devastated area trying to assist the victims. Insurers and adjusters were also there, providing swift service in getting the residents back on their feet
The global reinsurance market suffered its worst underwriting year in 1999, largely as a result of natural disaster catastrophe losses estimated to having cost the industry about US$24 billion. European reinsurers finished 1999 with an alarming 131% combined ratio, the…
For most Canadians, a natural disaster is something that takes place half a world away, generally in poor, under-developed countries, across the hurricane swept Caribbean, or along the southeast coast of the U.S. But more natural disasters are happening in our own backyard, adding to the burden of risk management, and raising concern that resources for immediate disaster relief will be spread too thin.
Included in the federal government budget for the current fiscal year was a long-range allocation of several billion dollars to be earmarked for provincial infrastructural development projects. The property and casualty insurance industry’s recently formed Institute for Catastrophic Loss Reduction…
For the 1999 financial year the U.S. property and casualty insurance industry produced a disappointing 6.6% rate of return compared with 9.2% for 1998 and 11.9% for the year prior. The industry’s drop in shareholder returns for the year was…
Natural disasters worldwide last year, and the likelihood of a continued increase in catastrophe frequency, are likely to lead to insurance and reinsurance rate increases, industry rater A.M. Best Co. says. According to initial estimates, 52,000 people died worldwide as…
The 1999 third quarter returns for both Canadian and U.S. property and casualty insurers show little improvement in net earnings, with the return on investment of both sectors now hovering at around the 7% mark. The real problem child surfacing…