Aligning Sources & Exposures
September 1, 2003 Perry Brazeau Canada division manager at FM GlobalFrom newspaper headlines to the corporate boardroom, risk management is becoming a high profile proposition. As companies react to stories of corporate scandals and multi-million-dollar lawsuits, how does this align with the long-term risks facing corporations daily. A recent study compared the views of risk managers and financial executives on the greatest threats to their corporations, as well as the best means of addressing these threats.
Louisiana insurers to pay US$22 million for Tropical Storm Bill
August 20, 2003 by Canadian UnderwriterThe price tag for insurers in Louisiana as a result of Tropical Storm Bill is estimated at US$22 million, says the state’s Department of Insurance (LDOI).Insurance commissioner Robert Wooley says the latest figure includes claims under the federal flood insurance…
Claudette insured losses rise to cat level
July 21, 2003 by Canadian UnderwriterEarly damage estimates from Hurricane Claudette which made landfall in Texas last week and resulted in at least two deaths and property losses across 15 counties has thus far produced insured losses of around US$17 million, according to Texas-based Southwestern…
Louisiana pegs Tropical Storm Bill damage at US$16 million
July 14, 2003 by Canadian UnderwriterThe Louisiana Department of Insurance is estimating insured damage from Tropical Storm Bill at US$16 million, including claims under the federal flood insurance program.These losses are of the nature of a severe thunderstorm, rather than a tropical storm, says insurance…
2003 Hurricane Season: La Nina’s Revenge
July 1, 2003 Vikki SpencerInsurers and reinsurers may soon find themselves caught in the “eye of the storm”, as La Nina rears its head once more, bringing in her wake predictions of increased hurricane activity. Should the Atlantic coast be hard hit this year by tropical cyclones, it would be a difficult blow for an industry trying to regain profitability. And, with even more meteorological mayhem expected for the winter season, La Nina may be a very unwelcome visitor indeed.
European floods top cat losses in below-average year: Swiss Re
March 12, 2003 by Canadian UnderwriterInsurers experienced below-average losses from catastrophes in 2002, according to a new sigma study by Swiss Re. Overall, natural and man-made losses cost p&c insurers US$13.5 billion (Cdn$19.9 billion) last year, with property losses below the long-term average since 1970.…
Natural catastrophe losses increasing dramatically: Munich Re
March 11, 2003 by Canadian UnderwriterA new study from Munich Re suggests that natural catastrophe losses are on the rise, despite less-than average event totals in the last three years.“One of the main reasons for the steep increase in natural catastrophe losses observed worldwide in…
Rough 2003 ahead for reinsurers, says broker report
January 28, 2003 by Canadian UnderwriterA drought in capital foreshadows a tough year ahead for reinsures, says reinsurance broker Benfield Grieg. In its report, “The Big Squeeze”, the global broker says that the flood of new capital into the market amounts to “too little, too…
Government works towards risk management program for farmers
December 5, 2002 by Canadian UnderwriterIn the wake of devastatingly bad conditions, both drought and flood, damaging crops this year, governments are working towards a risk management program for the agriculture industry.This week, federal, provincial and territorial agriculture departments met to review proposals on the…
Lili damage estimate at US$335 million
November 1, 2002 by Canadian UnderwriterThe U.S. Insurance Services Office (ISO) is estimating insured damage from Hurricane Lili at US$335 million. The hurricane hit Louisiana and parts of Mississippi in early October. Lili had swept the coast of Mexico as a category 4 hurricane, but…
Toxic Mold Claims: Covering the Bases
November 1, 2002 Vikki SpenceEvents in the Texas homeowners’ insurance market have sent a chill through the North American insurance industry – multi-million dollar court awards, big company withdrawals, exclusion debates. In Canada, insurers have seen the mold threat coming as they watch their U.S. counterparts struggle to keep pace with this emerging peril. And, while there is agreement that mold has the potential to hit the Canadian market just as hard, insurers are looking south to learn from the U.S. example before it becomes too late.
Scor on watch following dismal results
October 31, 2002 by Canadian UnderwriterSeveral ratings agencies have downgraded or placed Paris-based SCOR and its subsidiaries on watch following news the reinsurance giant would suffer big losses this year.SCOR announced it expects to lose EUR 250 million (Cdn$386 million) this year due to investment…