Cats may cost US$150 billion
June 13, 2006 by Canadian UnderwriterHurricanes and earthquakes have the potential to cause insured losses in excess of US$150 billion and total economic losses approaching US$500 billion, AIR Worldwide president and CEO Karen Clark told Members of Congress and their senior staff.The warning was revealed…
Swiss Re launches cat bond program
June 7, 2006 by Canadian UnderwriterIn response to increasing frequency and severity of natural catastrophes, Swiss Reinsurance Co. recently placed a natural catastrophe bond program, which will provide the Company with US$950 million of protection for North Atlantic hurricane, European windstorm, Californian earthquake and Japanese…
RMS updates eastern Canadian/U.S. earthquake model
June 7, 2006 by Canadian UnderwriterRisk Management Solutions (RMS), a provider of products and services for the management of natural hazard risk, has updated its U.S. and Canada earthquake models to reflect phenomena such as demand surge and claims adjustment and inflation. The earthquake model…
What’s New: In brief (June 06, 2006)
June 6, 2006 by Canadian UnderwriterA Letter from the Desk of Dennis Gartner, Assistant Deputy Minister and Superintendent of Pensions, Insurance and Financial Institutions, regarding the Government of Alberta’s auto insurance reforms and the regulations under review: “As with all legislation, it is necessary to…
Swiss Re’s Mexican earthquake CAT bond rated ‘BB+’
May 19, 2006 by Canadian UnderwriterThe US$160 million class A and B principal-at-risk notes issued by CAT-Mex Ltd. but originally received by Mexico from Swiss Re, have been assigned a ‘BB+’ credit ratings by Standard & Poor’s Ratings Services.The transaction, which was sponsored by the…
Munich Re calls for changes to risk-sharing
May 1, 2006 by Canadian UnderwriterA recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005. The report, entitled ‘The…
Aon Re provides insight into earthquake loss potential
April 18, 2006 by Canadian UnderwriterAon Re recently developed a comprehensive Earthquake Viewing Guide following the success of its Hurricane Viewing Guide, which was utilized during the 2004/2005 hurricane seasons.The viewing guide provides a range of potential loss outcomes based on possible earthquake events throughout…
Risk distribution for catastrophes must change: Munich Re
April 13, 2006 by Canadian UnderwriterA recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005.The report, entitled ‘The 1906…
Weathering the Storm (April 01, 2006)
April 1, 2006 Sean Russell, and Thomas HolzheuKatrina. Rita. Wilma. These names are now associated with some of the worst – and most costly – natural disasters in history. On a global scale, natural catastrophes and man-made disasters set records in 2005. Hurricanes might have captured headlines,…
Renewal season provides satisfactory results
February 7, 2006 by Canadian UnderwriterThis year’s treaty renewals in property and casualty reinsurance are generally satisfactory as the hard market has been sustained, according to Hannover Re. “Although not all our expectations were realised, we were still able to top the already very high…
Chronicle of Perils Foretold
February 1, 2006 David GambrillIncreased scrutiny leads to cat model sophistication
Elevating Underwriting to a Fine Art Form
February 1, 2006 by Canadian UnderwriterProtecting Art’s Unique Value Requires Mastery of the Craft