Insight: Insurer Investments — Bearish Days
May 1, 2003 Craig HarrisSome property and casualty insurers rode the stock wave of the late 1990s, only to crash back to reality with the nasty downturn in equity markets over the past two years. Although most industry assets are held conservatively in bonds, investment income tailed off sharply in 2002, with few signs of reprieve this year. The recently introduced minimum capital test (MCT) and new accounting rules are prompting insurers to carefully balance risk profile with investment strategy. For some, it is a task easier said than done.
Hurricane forecaster predicts intense 2003 for U.S. Atlantic seaboard
April 8, 2003 by Canadian UnderwriterColorado State University’s tropical storm research team under William Gray predicts that this year’s hurricane season from June to end November will spawn twice as many hurricanes than last year with the number of “named storms” amounting to about 140%…
U.S. homeowners’ market still inadequate: Aon Re study
March 19, 2003 by Canadian UnderwriterRate increases are not enough to help a struggling U.S. homeowners’ insurance market, says a new report by Aon Re Worldwide.Although the industry has increased rates by 7.8% since last May/June, and tightened underwriting, homeowners’ insurance stills falls short of…
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.…
Risk Management: 2003 More Of The Same
March 1, 2003 Vikki SpencerThe past year has been marked by sharply rising insurance rates, tightening terms of cover and scarce capacity across the various lines of commercial business. At a recent meeting of the Ontario Chapter of the Risk and Insurance Management Society (ORIMS), the speakers painted a dire outlook of the insurance environment facing risk managers in 2003.
2002 cat losses below average: Swiss Re study
January 2, 2003 by Canadian UnderwriterWhile 2002 was a relatively easy year for insurers in terms of cat losses, significant flooding in Europe points to potential concerns in the future, suggests a Swiss Re sigma report.In total, more than 300 man-made and natural catastrophes last…
North American Insurance Conference: Dawn of a New Day
January 1, 2003 Vikki SpencerThe financial numbers for insurers and reinsurers across North America are not good – but they may only tell part of the story of the property and casualty insurance industry’s woes. It has become a familiar refrain, the need to…
U.S. insurers incur US$675 million cat loss for 3-Q (November 01, 2002)
November 1, 2002 by Canadian UnderwriterU.S. insurers will likely pay about US$675 million in catastrophic claims for the third quarter of this year, according to the Insurance Services Office Inc. (ISO). Cat costs for the first nine months of this year amount to US$3.7 billion.…
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…
U.S. insurers incur US$675 million cat loss for 3-Q (October 28, 2002)
October 28, 2002 by Canadian UnderwriterU.S. insurers will likely pay about US$675 million in catastrophic claims for the third quarter of this year, according to the Insurance Services Office Inc. (ISO). Cat costs for the first nine months of this year amount to US$3.7 billion.Losses…
Lili damage estimated at US$335 million
October 18, 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 was…
Lili losses less than US$500 million, predicts EQECAT
October 9, 2002 by Canadian UnderwriterWith the downgrade of Hurricane Lili to Category 2 prior to landfall in Louisiana, it is now estimated that U.S. insurers will suffer less than US$500 million in property wind damage claims, says catastrophe management services company EQECAT.While there is…