Odyssey Re 1-Q earnings plummet (June 01, 2005)
June 1, 2005 by Canadian UnderwriterThe Fairfax group’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This…
Odyssey Re 1-Q earnings plummet (May 02, 2005)
May 2, 2005 by Canadian UnderwriterThe Fairfax group’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This…
National Broker Review: Flying High?
April 1, 2005 Sean van Zyl, Editor2005 would seem to be the “year of the broker” with total premiums in Canada having more than doubled over the past four years, prices now declining, and coverage availability rising in both personal and commercial lines. And, perhaps best of all, brokers countrywide report a significant drop in public hostility with much higher customer retention levels. The exuberance emanating from independent brokers suggests the profession is “flying high” after having been tested by what many in the insurance industry regard as the toughest market cycle yet experienced. However, brokers remain aware of the industry’s vagarious business cycle – which like an unpredictable air current can cause those daring to ride it to soar or crash.
Earthquake strikes southern Japan
March 21, 2005 by Canadian UnderwriterAn earthquake measuring 7.0 on the Richter-scale emanated off the south coast of Japan on Sunday morning, believing to have resulted in the death of one person and injuries of up to a further 381 people, according to early television…
2004 “a year of freakish weather”: Aon
March 13, 2005 by Canadian Underwriter2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish…
Last to Receive
March 1, 2005 Philip CookIn an industry focused on risk management techniques for insureds, it is ironic that we spend so little time “managing” the risks confronting our own industry. In the fable of the “shoemaker’s children” it is always the children of the shoemaker who are the last to receive shoes. Similarly, our industry spends considerable time and effort assisting customers with their risk management problems, while the same effective techniques are often missing from our own internal planning process.
Tsunamis Echoes of the Waves
February 1, 2005 Vikki SpencerThe devastation wrought by the Indian Ocean tsunami poses a host of dire questions for government and for insurers here in Canada as they struggle to maintain some footing in what has become a war against Mother Nature.
Insurers have role to play in developing countries: Swiss Re
January 25, 2005 by Canadian UnderwriterIn the wake of the December 26th Asian tsunami disaster, insurers have a role to play in providing financial protection in developing countries, says Swiss Re. In a new report on the tsunami and its consequences, the reinsurer notes that…
Tsunami won’t affect insurer, reinsurer ratings: Moody’s
January 23, 2005 by Canadian UnderwriterClaims from the December 26 Asian tsunami are not expected to impact the financial strength ratings of insurers and reinsurers rated by Moody’s Investor Service. In a special report on the tragic event which has taken the lives of more…
Government to invest $850,000 in B.C. tsunami warning system
January 18, 2005 by Canadian UnderwriterThe Canadian government Tuesday said it would earmark $850,000 to help the B.C. provincial government beef up its tsunami warning system.Public Safety and Emergency Preparedness Canada (PSEPC) will set aside $350,000, while Indian and Northern Affairs Canada will kick in…
More understanding of “megacity” risk needed: Munich Re
January 11, 2005 by Canadian UnderwriterThe world’s megacities face a host of unique risks which have not yet been fully understood, according to a study by Munich Re.In its report to the United Nation’s World Conference on Disaster Reduction, Munich Re presented new research which…
Tsunami disaster leads to calls for early warning system
January 3, 2005 by Canadian UnderwriterCountries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0…