Canada absorbs cat, U.S. takes steps
September 1, 1999 by Canadian UnderwriterFoods that hit New Brunswick and Nova Scotia the week of July 26 have formed one of the largest insured losses to hit Atlantic Canada this decade. Close to 900 claims have been submitted to date and insurers predict damages…
U.S. Reinsurance Market PRICING STABILIZES
September 1, 1999 Sean Mooney, senior vice president at Guy Carpenter & Company InFollowing a lengthy period of stagnation, pricing within the U.S. reinsurance market seems to have stabilized, with even some evidence in the market of rate increases. However, until the market’s excess capacity is depleted, buyers of reinsurance will continue to enjoy the benefits of highly competitive pricing.
Extreme Perils
June 1, 1999 Sean van Zyl, EditorNatural disasters such as extreme weather, a volcanic eruption or an earthquake, are often quaintly referred to in the insurance world as “Acts of God”, adverse events which are seemingly unexplainable or beyond man’s control. Noticeably, the economic and insurance…
Modeling risk, or maybe not…
June 1, 1999 Sean van Zyl, EditorWith the rising trend of North American natural catastrophe losses, a great deal of attention is being turned to the development of computer simulated cat risk programs. Cat risk models are hardly a new technological advancement for the insurance industry,…
U.S. Insurance Market Outlook
April 1, 1999 Sean Mooney, senior vice president at Guy Carpenter & Company InForecasting the U.S. insurance industry in recent years has been a rear view mirror exercise. The rate of growth in the industry has been in the same 2% to 3% range and profitability indicators have shown little change from year…
Transatlantic reports record 1998
April 1, 1999 by Canadian UnderwriterGlobal reinsurer Transatlantic Holdings Inc. has reported record net income earnings for 1998, up 33.4% from 1997’s US$185.5 million to 1998’s $247.5 million. Net income diluted on a common share basis rose $1.76 from 1997’s $5.34 to 1998’s $7.10. Record…
New Year’s weather hit
March 1, 1999 by Canadian UnderwriterThe snowstorm which almost buried Toronto for the first two weeks of the new year is expected to cost insurers roughly $50 million, the Insurance Bureau of Canada (IBC) estimates. Around 115cm of snow fell on Toronto with heavy accumulations…
Ice Storm Lessons learnt
February 1, 1999 Paul Kovacs, Executive Director, Institute for Catastrophic LossAt the time, it captivated Canadians across the country and even today is at the top of book best seller lists. The raw power of nature displayed by the ice storm which paralyzed south eastern Ontario, Quebec and parts of…
U.S. cat losses continue
January 1, 1999 by Canadian UnderwriterCatastrophe losses continued to dampen U.S. property and casualty underwriters’ results for the third quarter of 1998, according to A.M. Best Company. The industry’s net income for the period fell 15% from the previous year’s level, due to higher underwriting…