Terrorism backstop stagnant
January 24, 2006 by Canadian UnderwriterThe federal US government was recently called on by three elected representatives and Allstate Insurance, to take action on the federal terrorism insurance backstop this year and thus aid in the provision of reinsurance for catastrophes.The elected officials, Congressman Steve…
Insurers balancing risk portfolios with terrorism insurance
January 4, 2006 by Canadian UnderwriterA leading terrorism underwriter at Lloyd’s says the market is becoming increasingly competitive as more insurers look to balance their risk portfolio in the wake of the US hurricane season.Stephen Ashwell, a war terrorism and political violence underwriter with Hiscox,…
Annus horribilis
January 1, 2006 Glenn McGillivray, Managing director of the Institute for Catastrophic Loss Reduction2005: A Record-Breaking Year for Disasters
Reinsurance Outlook 2006 Post-Katrina
November 1, 2005 by Canadian UnderwriterHurricane Katrina has reinsurers talking about how to handle record-breaking catastrophe losses as the 2006 renewal season begins. Already there is talk of price hikes and signs of public share offerings. How much of this is a long-term reaction to losses arising out of hurricanes, and what other issues face the reinsurance market as we enter the Post-Katrina world? We’ve asked 11 prominent reinsurance contributors to answer these questions and more.
AIG donates millions to South Asian earthquake relief
October 14, 2005 by Canadian UnderwriterAmerican International Group, Inc. (AIG) recently donated $1 million to support the relief efforts in the areas affected by the earthquake in South Asia and says it will match, by 100%, all donations its employees make to the AIG Disaster…
Swiss Re joins red cross group, comments Pakistan earthquake
October 11, 2005 by Canadian UnderwriterSwiss Re and seven other companies, including Zurich Financial Services, recently became founding members of the ICRC Corporate Support Group initiated by the International Committee of the Red Cross (ICRC). The ICRC Corporate Support Group was formed in order to…
Preparing for the worst
October 1, 2005 David Gambrill, EditorAs the old saying goes, those who ignore history are doomed to repeat it. That’s why some form of publicly funded program should be created for Canadian cities that wish to heed more than a decade of advanced research and…
The Reinsurance Glass: HALF FULL or HALF EMPTY?
July 1, 2005 Craig HarrisLast year marked the second year in a row where Canadian reinsurers experienced solid combined ratios and double-digit ROEs, a reality that should put them in a positive frame of mind. However, there are some lingering doubts, especially about casualty business and how long the “culture of underwriting discipline” will last at the primary level. Where the market is headed for renewals in January depends on whom you talk to and which specific line of business they work in.
Fire in the Hole (July 01, 2005)
July 1, 2005 Steve Wilson, Senior PublisherEven though this country faces serious catastrophic exposures, Canadians generally take a laissez-faire view of the threat of natural or man-made disasters. Yes, we had a major ice storm in Quebec and Ontario, but that was a meteorological fluke. Nuclear…
Views (July 01, 2005)
July 1, 2005 by Canadian UnderwriterClose to 240 clients and senior staff of Swiss Re Canada gathered for the company’s 20th Annual Monte Carlo Gala for Charity, enjoying an evening of dinner, entertainment, games of chance and prizes. The recipient of this year’s receipts was…
Tornadoes and tsunami’s threaten Canadian residents
June 15, 2005 by Canadian UnderwriterEnvironment Canada recently issued two tornado warnings for southwestern Ontario due to a report from a Ontario Provincial Police officer referencing a tornado touching down northeast of Fergus, Ontario and further reports that a tornado touched down in Elmvale.A funnel…
FM Global places catastrophe bond on BC fault line
June 8, 2005 by Canadian UnderwriterFactory Mutual Insurance Co. recently issued its first private placement of a US$300 million catastrophe bond as insurance against earthquake loss in the Pacific Northwest region of the United States and Canada. Operating as FM Global, a mutual commercial and…