Claims

What’s New: In Brief (April 20, 2007)

The Women in Cancer Crusade (WICC) Alberta chapter is rallying around its Fifth Annual WICC Day, to be held May 1, 2007.Your generosity in supporting WICC has resulted in contributions of more than Cdn$525,000 to the Alberta division of the Canadian Cancer Society since we began in 2000, WICCs Alberta chapter announced in a statement.Those […]

By Canadian Underwriter | April 20, 2007

2 min read

Claims

Canadian reinsurance market sees drop in cession rates

The Canadian reinsurance market has been impacted by a decrease in cession rates, and now there is a need for sustainability to combat the volatile underwriting results, Jean-Jacques Henchoz, president and CEO of Swiss Reinsurance Company of Canada, told attendants of the Insurance Institutes At the Forefront breakfast in Toronto.The main reason for cession rates […]

By Canadian Underwriter | April 19, 2007

1 min read

Claims

Decreased reinsurance premium pool in 2007: Partner Re

Renewals in January 2007 have demonstrated some negative trends in the market that are expected to intensify through 2007, according to Partner Res 2006 Annual Report, entitled The Value of Risk.Partner Re reported that Jan. 1, 2007 was a good renewal for us, with 55% of the reinsurers non-life book up for renewal and a […]

By Canadian Underwriter | April 18, 2007

2 min read

Claims

Interest in stand-alone terrorism cover increases in Canada

A combination of increased capacity, more predictable premium rates and innovative program design is creating steady growth in the take up of stand-alone terrorism insurance, according to Aons latest Stand-alone terrorism market update. Also, the ongoing bombardment of television images from Iraq, intelligence about foiled attacks and frequent evidence emerging about the intentions and ongoing […]

By Canadian Underwriter | April 18, 2007

2 min read

New Jersey tops list of U.S. states vulnerable to insured tornado damages

When you think of U.S. states most vulnerable to huge insured tornado damage losses, think New Jersey.In its 2007 Special Report: U.S. Tornadoes, A.M. Best notes that New Jersey tops Connecticut, Massachusetts, Ohio and Rhode Island for the title of Tornado Alley when it comes to potential insured losses arising from tornadoes.Most people associate tornado […]

1 min read

Mortality rate of next pandemic will be lower than that of 1918 Spanish Flu

Pandemic risk is pretty much the same as always, even though it has disappeared from the medias radar, according to a report by Munich Re.Although the threat of a pandemic this winter had mainly disappeared from the media due to the almost complete absence of instances of bird flu in Europe, experts are largely in […]

1 min read

What’s New: In Brief (April 13, 2007)

The Insurance Bureau of Canada (IBC) has donated $500,000 to fund a research facility designed to study the building of safer homes. Thanks to the IBC, a typical two-story brick house, similar to many homes found in neighbourhoods across Canada, has been constructed for the sole purpose of being slowly destroyed, says an IBC press […]

1 min read

Canadian agricultural ministers discuss risk management programs

Federal and provincial ministers of agriculture met recently in Winnipeg, Manitoba and committed to ongoing collaboration on new business risk management programming for the agricultural industry.The ministers discussed the continued evolution of a new suite of business risk management programs including the margin-based element, disaster framework, production insurance and savings account programs arising from consultations […]

1 min read

Experts stress need for climate change adaptation policies

A panel of senior Canadian climate change experts, chaired by the Canadian Foundation for Climate and Atmospheric Sciencess Dr. Gordon McBean, called on the federal government to increase funding for research on the impact of global warming.We need to factor climate risks into every area it is relevant, Ian Burton, an international expert on natural […]

2 min read

Swiss Re issues securities covering earthquakes in Canada

Swiss Re has structured and placed US$150 million [approximately Cdn$172 million] of securities covering flood and earthquake catastrophic events in Canada, Great Britain, and the United States on behalf of Allianz Global Corporate & Specialty AG.The multiperil issuance is part of a US$1 billion program designed to provide protection against high severity losses incurred from […]

1 min read