Claims

European windstorm Emma causes up to EUR1.3 billion in insured damages

Initial estimates are placing insured damage caused by Windstorm Emma which tore through parts of central Europe on Mar. 1 at between EUR300 million (Cdn$455.24 million) and EUR1.3 billion (Cdn$1.973 billion). Windstorm Emma brought with it heavy rain and hurricane-force winds, which caused significant damage to residential buildings, AIR Worldwide Corporation reports. Wind gusts were […]

By Canadian Underwriter | March 7, 2008

2 min read

Claims

Insurers should focus on micro-solutions for adjusting to climate change

In order to respond to the rising costs of climate change-related damages, insurance companies are going to have to focus more on micro-solutions (i.e. on a policyholder-by-policyholder basis), Colin Empke, partner at Blaney McMurtry LLP, told delegates at the Canadian Defence Lawyers 4th annual insurance coverage symposium in Toronto on Feb. 28. Empke was speaking […]

By Canadian Underwriter | February 29, 2008

1 min read

Claims

Swiss Re reports second-best results in its history

Swiss Re has reported a net income of CHF4.2 billion (about Cdn$3.96 billion) for 2007, down 9% from 2006, but nevertheless the second-best result in the company’s history.”Driven by an outstanding performance across our key businesses, we delivered the second-best result in Swiss Re’s 144-year-history,” Swiss Re CEO Jacques Aigrain said in a press release. […]

By Canadian Underwriter | February 29, 2008

1 min read

Claims

AIG suffers US$5 billion loss in 2007 Q4

American International Group, Inc. (AIG) reported loss of US$5.3 billion for 2007 Q4, and a net income of US$6.2 billion for the full year 2007, representing a 55.9% decrease over the prior year.In 2006 Q4, AIG reported a profit of US$3.4 billion. “The 2007 other-than-temporary impairment charges resulted primarily from the significant, rapid declines in […]

By Canadian Underwriter | February 29, 2008

1 min read

Damage from U.K. quake mainly due to weak building structures

Risk Management Solutions (RMS) estimates insured losses from the earthquake that shook the United Kingdom this week are up to 30 million (approx. Cdn$58.3 million), a sum reflecting the vulnerability of buildings in the area.The earthquake that struck Market Rasen in Lincolnshire is likely to have caused between 15 million and 30 million (approx. Cdn$29.1 […]

1 min read

What’s New: In Brief (February 25, 2008)

The Insurance Brokers Association of Ontario (IBAO) has announced it is renewing its sponsorship agreement with professional golfer Richard Scott from Kingsville, Ont. “Richard has represented us well and we’re proud to be associated with his success,” Randy Carroll, CEO of IBAO, said in a release. “In our first year in sponsoring him last year, […]

2 min read

FM Global reports record profit growth

FM Global reported a 26% growth in net income (to US$928 million) in 2007, the largest such growth in the company’s history.The company also posted a combined ratio of 73.4%, which was better than forecast, the company reported, “due to the absence of large insured natural disaster losses and much better than composite projections for […]

1 min read

Report examines lessons learned from South California wildfires

Given the potential for US$2.5 billion in insured losses for wildfires in California alone, last year’s wildfire season ranks as one of the costliest wildfire seasons in recent history, according to a joint report by Risk Management Solutions (RMS) and ImageCat, Inc.RMS’ analysis shows that in the past 10 years of Californian wildfire history, close […]

1 min read

Markets looking at insurance event-linked futures

As preparations for the next hurricane season proceed apace, the insurance industry continues to look for ways that capital markets can be used as the basis for building up capital this time, the industry is looking at event-linked insurance futures, according to A.M. Best.Insurance Futures Exchange Services Ltd (IFEX), a member of the Climate Exchange […]

2 min read

All quiet on D&O, E&O fronts despite subprime storm

The crisis in the subprime mortgage market has had little impact on availability, cost or policy conditions of directors’ and officers’ liability (D&O) and errors and omissions (E&O) policies, according to research by Advisen Ltd.Based on a survey of 110 insurance buyers, more than 90% of commercial banks, investment banks, mortgage lenders, real estate investment […]

1 min read