Losses from N.B. forest fires likely covered: IBC
June 15, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is getting the word out to New Brunswickers that losses from forest fires in the province should be covered by their insurance policies.A forest fire Monday scorched 125 acres near Lower Coverdale, just outside…
Gray predicts one hurricane likely to hit U.S. coastline
June 2, 2004 by Canadian UnderwriterIn his most recent Atlantic hurricane prediction for the 2004 season, Prof. William Gray of Colorado State University says there is a 71% probability of a major hurricane making landfall somewhere on the U.S. coastline this year.Gray builds on earlier…
Canada’s Insurance Market: A Silver Lining
June 1, 2004 Vikki SpencerCanadian commercial insurance buyers have had little to celebrate with the record rate increases and tight terms faced over the past two or more years. Now, with reinsurers and insurers reporting stronger results, risk managers’ expectations of better pricing are starting to surface. However, insurers and brokers warn, risk managers who look for the loose underwriting standards and coverage giveaways of the past, do so at their own peril.
Above-average Atlantic hurricane season predicted
May 20, 2004 by Canadian UnderwriterOn the eve of the start of the Atlantic hurricane season, which begins June 1, The National Oceanic and Atmospheric Administration (NOAA) confirms expectations of an above-average Atlantic hurricane season this year.The outlook is for 12-15 tropical storms, with six…
Seven insurers face Hurricane Isabel class action suit
May 13, 2004 by Canadian UnderwriterA class action complaint has been filed in a Baltimore, Maryland court against seven insurers over their handling of homeowners’ claims stemming from last fall’s Hurricane Isabel.The suit, filed by law firm Cohen, Milstein, Hausfeld & Toll, names seven plaintiffs,…
IBC and ICLR promote emergency preparedness
May 6, 2004 by Canadian UnderwriterConcurrent with national “Emergency Preparedness Week”, the Institute for Catastrophic Loss Reduction (ICLR) and the Insurance Bureau of Canada (IBC) are promoting disaster reduction and mitigation efforts in Canada.The ICLR completed a non-structural retrofit on a Halifax home to underscore…
Hurricane Juan toll hits $113 million
May 4, 2004 by Canadian UnderwriterThe insured losses arising from Hurricane Juan’s assault on Nova Scotia last fall have risen to $113 million, signaling the need for better disaster prevention, says the Insurance Bureau of Canada (IBC).In November, the IBC had pegged insured losses from…
End of the “Dark Ages”?
May 1, 2004 Sean van Zyl, Managing EditorAnalysis of the 2003 financial returns of Canadian and U.S. insurers reveals several interesting differences in how companies in each of the marketplaces got to their current position. The main fact is that insurers in Canada and those south of…
Cat bond market grows 42% in 2003
April 27, 2004 by Canadian UnderwriterThe global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions…
CIP Business Summit: A Dangerous Game
April 1, 2004 Vikki SpencerThe world is a dangerous place in which to write insurance right now, and the legal environment is a good part of the reason why. Speakers at the CIP’s recently held Business Summit pointed to a number of legal and legislative developments making insurance a treacherous gamble in Canada as well as on a worldwide basis. The ever-expanding litigation environment, including rising bad faith awards against insurers themselves, are causing insurer headaches. And, unresolved issues regarding auto insurance regulation continue to make for a “rocky landscape”.
Moments in Time (April 01, 2004)
April 1, 2004 by Canadian UnderwriterEach month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
Average typhoon season anticipated for 2004
March 16, 2004 by Canadian UnderwriterWhile the Atlantic seaboard is preparing for an above-average hurricane season in 2004, a “close to average” typhoon season is forecast for the Far East and southeast Asia, says Tropical Storm Risk (TSR).TSR is a consortium of experts led by…