Canadian Underwriter

News Insurance

Canadian reinsurance rates up sharply, says report

September 17, 2002 by Canadian Underwriter

Last year’s dismal financial returns for reinsurers have led to a sharp 44.1% increase in reinsurance premiums in 2002, says a report from global reinsurance broker Guy Carpenter.In its study “The World Catastrophe Reinsurance Market 2002”, the brokerage notes that

News Insurance

European flood damage could cost insurers EUR 1 billion

August 20, 2002 by Canadian Underwriter

Losses from flooding throughout Europe could reach EUR 1 billion (Cdn$1.54 billion), suggests a report from Swiss Re.Heavy rainfall has led to flooding in the Black Sea region, and through Germany, Austria, Russia, Bulgaria, Romania, Italy, Spain, the Czech Republic

Wildfires near Forest Lake, Arizona caused US$120 million in insured damaged.

Fires/floods cause more than US$2 billion in 2-Q cat losses

August 1, 2002 by Canadian Underwriter

A wildfire that ravaged a large area of parkland at the Rodeo-Chediski Complex in Arizona over late June/early July this year is expected to cost insurers about US$120 million, according to loss estimates compiled by the Insurance Services Office (ISO).

News Insurance

U.K.’s Pool Re goes "all risks" on terrorism coverage

July 25, 2002 by Canadian Underwriter

Pool Reinsurance Co. Ltd., the United Kingdom’s government-backed insurance facility for terrorism-related risks, will in future offer a much broader range of cover on an "all risks" basis, reports the Association of British Insurers (ABI). The change in scope of

News Insurance

Texas flood damage estimated at US$1 billion

July 11, 2002 by Canadian Underwriter

Damage from flooding across Texas is being pegged at US$1 billion, with a death toll of at least 8. Over 30 inches of rainfall has caused flooding over a wide strip of the state starting in the San Antonio area,


The Risk of Terror: The Shadows of Disaster

October 1, 2001 Linden Rees, president of Insurers Security Services Inc.

The events of September 11th, 2001 not only stunned the majority of mankind through the sheer evil of the acts committed, but served as a clarion call to the U.S. business community of its exposure to the threat of economic terror.

News Insurance

Newfoundland shores hit by remnants of Gabrielle

September 20, 2001 by Canadian Underwriter

Although the damage has yet to be tallied, the Insurance Bureau of Canada (IBC) is advising Newfoundland residents affected by Tropical Storm Gabrielle to find out just what their homeowners’ policies will cover. The storm struck the Avalon Peninsula of

News Insurance

Chubb, Allstate tally Allison losses

July 11, 2001 by Canadian Underwriter

Both Chubb and Allstate recently announced estimated catastrophe losses for the second quarter of 2001, predicting a heavy hit from Tropical Storm Allison. The Chubb Corporation (NYSE: CB) reports an estimated US$80 million in pre-tax cat losses, equaling US$0.29 per

Illustration: the Image Bank


July 1, 2001 by Canadian Underwriter

The reason for cyclical rate peaks and valleys in the international insurance and reinsurance market always comes down to the issue of supply.; By Glenn McGillivray, assistant vice president & head of corporate communication at Swiss Reinsurance Co. Canada


Flying High Against Diversity

July 1, 2001 Vikki Spencer

In a time when insurers are cutting costs, including those associated with claims handling, it is difficult to say any adjuster is “flying high”. But Keith Edwards is one exception. Not only will he take over as president of the Canadian Independent Adjusters Association (CIAA) this year, but the licensed pilot also has high hopes for his profession. Edwards says this time of “belt tightening” is an opportunity for independents to prove their efficiency and expertise.

News Insurance

New federal body to lead disaster strategy talks

June 26, 2001 by Canadian Underwriter

The newly-created Office of Critical Infrastructure Protection and Emergency Preparedness (OCIPEP) will lead consultations about to begin on developing a national disaster mitigation strategy. National Defence Minister Art Eggleton says the talks will center around reducing the risk and impact

Terry Squire

Partnerships core to disaster mitigation

June 1, 2001 by Canadian Underwriter

The insurance industry’s natural disaster mitigation body, the institute for Catastrophic Loss Reduction (ICLR), highlighted the value of research and information sharing between the private, public and scientific sectors at its recent annual general meeting. During 2000, the ICLR formalized