Claims

Global reinsurance sector remains stable

The global reinsurance sector continues to remain stable, according to a Fitch Ratings Report, Reinsurance Review and Outlook: Conditions and Trends Support Stable Ratings. For non-life reinsurers, premium rates and underwriting terms and conditions are sufficient to produce near-term underwriting profits, according to the report. Capital continues to grow throughout the sector and although some […]

By Canadian Underwriter | September 10, 2007

1 min read

Claims

What’s New: In Brief (September 10, 2007)

Daniel (Dani) Goldsmith has been appointed to vice president and CFO at Hub International Limited. He will also be joining Hubs Executive Management Team and Executive Committee. Goldsmith brings with him several years of experience, including international experience, with both public and private companies, most recently serving as CFO at Almatis. He has been the […]

By Canadian Underwriter | September 10, 2007

1 min read

Claims

What’s New: In Brief (September 07, 2007)

Allstate Insurance Company of Canada has donated $1,000 to the Association for Persons with Physical Disabilities (APPD) as part of its Trusted Community Partner Program. Allstate Insurance Company of Canada is extremely pleased to be able to make a donation to the APPD, Roland Balallo, an Allstate agent, said in a press release.As a volunteer […]

By Canadian Underwriter | September 7, 2007

2 min read

Claims

Businesses not prepared for global water shortage: Marsh

The worlds largest businesses are not prepared for the effects of a looming water shortage, according to research sponsored by the newly-established Marsh Center for Risk Insights.Marsh Inc., a global insurance broker and risk advisor, formed the Marsh Center for Risk Insights as a working forum for experts to identify, debate and tackle critical global […]

By Canadian Underwriter | September 6, 2007

2 min read

Guy Carpenter develops new way to model cargo accumulation

Guy Carpenter & Company, LLC, a global risk and reinsurance specialist, has formed a specialized project team to identify a more scientific and practical approach to cargo accumulation modeling.The new team, comprised of experienced analysts from the firms Instrat unit, as well as brokers from its Marine and Energy Specialty department, has also published a […]

2 min read

Reinsurance rates in Canada decreasing

In its annual review of the worldwide catastrophe insurance market, Guy Carpenter & Company, LLC researchers noted 2007 reinsurance rates decreased 2%, compared to a 32% increase in 2006.The hurricanes of 2005 had no obvious impact on Canadian markets, however, as many of the reinsurers operating in Canada are branches or subsidiaries of foreign reinsurers […]

2 min read

What’s New: In Brief (September 05, 2007)

EQUECAT, Inc., a subsidiary of ABSG Consulting Inc. is warning that a category 5 storm with a track through the heart of the Gulf of Mexico U.S. offshore energy platforms could generate producer damage and loss of more than $65 billion [approximately Cdn$68.48 billion]. Property damage alone could exceed $35 billion [Cdn$37 billion] and losses […]

1 min read

Creation of database to help detect vehicle theft

To help insurers and other organizations detect vehicle theft, CGI Group, Locator Technologies LLC and National Vehicle Service have announced the creation of a shared database of automobile information for cars in Canada, the US and Mexico, according to a release. The new service would identify potentially stolen or unsafe vehicles that have been transported […]

1 min read

Hurricanes churning as forecasters maintain predictions for a season of high activity

As Hurricane Felix slammed into Nicaragua and Hurricane Henriette barrels towards Mexico, researchers at Colorado State University (CSU) maintain their prediction of above average activity for the remainder of the hurricane season.<br>Hurricane Felix made landfall with maximum sustained winds of 257 km-h, making it a boderline Category 4 or 5 storm, a release from AIR […]

2 min read

Eastern Canada to suffer residual effects of worsening hurricane season

The Canadian Hurricane Centre recently told Canadian Press that conditions are right for a turbulent close to the hurricane season.In an online posting, CTV cited a CP interview with Peter Bowyer of the Canadian Hurricane Centre in Dartmouth, N.S. CP cites Bower as saying meteorologists are currently watching unsettled weather off Florida that could spell […]

2 min read