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…
ICLR to “take the stage” at Kobe conference
January 17, 2005 by Canadian UnderwriterTwo researchers who work with the Institute for Catastrophic Loss Reduction (ICLR) will be heading this week to the World Conference on Disaster Reduction in Kobe, Japan.Dr. Gordon Bean and Dr. Slobodan Simonovic are set to present research to the…
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…
Fairfax declares annual dividend
January 3, 2005 by Canadian UnderwriterToronto-based Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of US$1.40 per share on outstanding multiple and subordinate voting shares. The dividend is payable on January 28, to shareholders of record on January 14, a company release states.…
Homeowners and Natural Hazards
January 1, 2005 Paul KovacsHow well do Canadian homeowners understand insurance coverage for natural hazards? Would they like their insurance companies to send them information about hazard safety? Do homeowners approve of insurance companies funding loss prevention research? These are questions the Institute for…
Captives Go Mainstream
November 1, 2004 Vikki SpencerThe once exotic world of captives is opening up for risk managers as they seek out solutions to a challenging insurance market. The traditional offshore domiciles are experiencing growth in captive numbers and premiums written, while new domiciles are being created through captive legislation, specifically in the U.S. But, experts say captives are more than just a passing solution to a temporary lack of available, affordable commercial insurance – they are a long-term investment requiring focus and commitment.
Hurricane Hazel anniversary a chance to focus on disaster preparedness: ICLR
October 17, 2004 by Canadian UnderwriterWith this weekend marking the 50th anniversary Hurricane Hazel, one industry group is using the occasion to promote disaster preparedness. The Institute for Catastrophic Loss Reduction (ICLR) says with this anniversary, and in light of the recent hurricanes wreaking havoc…
Ivan loss estimates lower than first thought
September 22, 2004 by Canadian UnderwriterInsured loss estimates from Hurricane Ivan have been downgraded by risk modeling agency Risk Management Solutions (RMS) to US$3-$6 billion. This is on top of an estimated US$1-$2 billion in insured losses in the Caribbean, with the majority in the…
What’s new: In brief (September 20, 2004)
September 20, 2004 by Canadian UnderwriterWindow cleaners in the U.K. are up in arms over insurance rate hikes. The British Cleaning Council (BCC) says that a 50% or more hike in premiums for those who are even able to acquire coverage at all is putting…
Hurricanes may force reinsurers to readdress frequency issue
September 7, 2004 by Canadian UnderwriterWhile the relative severity of losses from the recent hurricanes Frances and Charley is well below that of Hurricane Andrew, their coming in the same season may cause reinsurers to give more credence to frequency in predictive models, notes a…
What’s new: In brief (September 06, 2004)
September 6, 2004 by Canadian UnderwriterThe friends of Mike Yang are staging two events to raise funds for this industry veteran, who is recovering from a serious illness experienced last fall. Funds are needed to help Mike and his family modify their home and vehicle…
Hurricane Charley Devastates Florida, Carolinas
September 1, 2004 by Canadian UnderwriterThe total insured loss from Hurricane Charley will likely top US$6.8 billion, says the U.S. Insurance Services Office (ISO), making it the second costliest hurricane to hit the U.S. behind Hurricane Andrew. The ISO says the category 4 hurricane, which…