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D&O market growing: Willis

April 22, 2004 by Canadian Underwriter

The troubled directors’ and officers’ (D&O) market is actually growing in capacity, with “competition and creativity” being witnessed among carriers, says a new report by international brokerage Willis. While the past two to three years have seen skyrocketing rates and

News Climate ChangeInsurance

ICLR publishes studies on windstorm, earthquake risk

April 1, 2004 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) this month published research studies on both windstorm and earthquake events.The first study, by Alan Davenport, looks at the relationship between quake magnitude, epicentral distance and shock amplitude. The study assesses the application

News Climate ChangeInsurance

2003 catastrophes cost insurers US$18.5 billion

March 4, 2004 by Canadian Underwriter

2003 will go down as a costly year for catastrophes, most significantly in human terms, with 60,000 people losing their lives in 380 catastrophic events, according to Swiss Re’s annual sigma study of catastrophes. Most serious was the earthquake striking

News Climate ChangeInsurance

Uniform data standard needed for risk modelers: EQECAT

March 2, 2004 by Canadian Underwriter

Just as insurers work toward uniformity of data transmissions on the distribution end, they should also be asking risk modeling firms to work toward uniform data standards. So says EQECAT Inc. president Rick Clinton at the risk modeling company’s recent

News Insurance

“No return to a soft market” for real estate risks, Willis cautions

February 18, 2004 by Canadian Underwriter

In a new report on the real estate insurance market, global broker Willis says despite price relief in the property line, other coverages and a continued hard line on terms and conditions are still causing headaches for the industry.Speaking of

Feature

Taking CAT Risks to the Next Advancement

February 1, 2004 Dennis Kuzak

The longstanding business of insurance – whereby risk of loss is transferred for a price per a set contract – has withstood wars, disasters, politics and time. Yet, the business of risk transfer has not remained “timeless” in that market forces have adapted with the changing needs of a developing and ever advancing society. The growing popularity of “cat bonds” as a form of investment as well as that of risk hedging against large unexpected losses therefore should come as no surprise to insurers.

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U.S. cats cost US$12.8 billion in 2003

January 16, 2004 by Canadian Underwriter

U.S. p&c insurers faced a hefty price tag from catastrophes in 2003, with 21 events costing US$12.8 billion, says the Insurance Services Office (ISO) Property Claims Services (PCS). Overall, more than 2.6 million cat claims were filed last year.The is

News Climate ChangeInsurance

Yearend catastrophes highlight rising exposure: Munich Re

January 7, 2004 by Canadian Underwriter

As 2003 closed out with earthquakes in Iran and California, the events of the year highlight increasing exposures to catastrophe and new large-scale risks for insurers, says the world’s largest reinsurer. In its annual report on global catastrophes, Munich Re

The remains of a home in San Berandino following the California wildfires in November.
Feature

2003 A “Modest” Year for Cat Losses

January 1, 2004 by Canadian Underwriter

On a global scale, 2003 will go down as a modest year for insured catastrophe losses, but the human toll of yearend disasters – specifically the earthquake in Iran – were significant. In its annual report on global catastrophes, Munich

News InsuranceMergers and Aqcuisitions

Personal lines rates up in U.S.

September 11, 2003 by Canadian Underwriter

Both homeowners’ and auto insurance premiums are on the rise in the U.S., says the Insurance Information Institute (III). The III says that rising construction costs and natural disaster losses are pushing homeowners’ rates up, with an 8% increase expected

Feature

Perils and Fire, Exclusion Door Opens for Insurers

September 1, 2003 Craig Harris

Canada’s highest court recently made it a lot easier for insurers to put fire-following exclusions for severe catastrophic incidents into multi-peril policies. The question now is whether provincial legislators will respond with what many in the insurance industry – particularly the Insurance Bureau of Canada (IBC) – say are much-needed changes to legislation across the country.

Feature

Slow Burn

September 1, 2003 Glenn McGillivray

As this is being read, hundreds of wildfires are burning in the interior of British Columbia, and they could very well make Canadian insurance history.