Claims

What’s New: In Brief (March 21, 2007)

B.C.s stormy winter of 2007 is expected to result in more than 17,000 claims, according to a press release by the Insurance Bureau of Canada (IBC).In total, IBC said the provinces insurers expect to pay more than Cdn$135 million to help British Columbians recover from the storms that struck earlier this winter. That will make […]

By Canadian Underwriter | March 21, 2007

2 min read

Claims

El Nino weakens, portending more 2007 storms

El Nio which moderated storm activity last year has dissipated, thereby increasing the likelihood of 2007 being an active season, according to Tropical Storm Risk (TSR), a consortium of experts on seasonal climate forecasting led by the Benfield UCL Hazard Research Centre.TSR predicts Atlantic basin and U.S. landfalling hurricane activity in 2007 will be about […]

By Canadian Underwriter | March 20, 2007

1 min read

Claims

Canadian insurance industry posts “very strong” results in 2006

Overall, 2006 has been a very strong year financially for the Canadian property and casualty industry, the Insurance Bureau of Canada observed at the Swiss Re Canadian Insurance Outlook Breakfast in Toronto.If there was only one cloud in the silver lining, it was reserve trends, which suggest the countrys softening insurance market might soon be […]

By Canadian Underwriter | March 20, 2007

2 min read

Claims

Industry should improve communication to prevent intervention

In order for insurers and reinsurers to avoid government intervention and pressure from regulators, they need to improve communication with both insureds and government bodies, says Pierre Ozendo, chairman and CEO, Swiss Re America Corportation.Ozendo told journalists in a meeting following Swiss Res 2007 Canadian Insurance Outlook Breakfast meeting that while the insurance/reinsurance industry is […]

By Canadian Underwriter | March 20, 2007

1 min read

Insurers’ desire for fewer vendors squeezing bodyshops

Various pressures are reshaping the auto collision repair industry in 2007 including insurance demands for fewer vendors and many feel this will be the year that some bodyshop owners decide to close their doors, according to an online report by Bodyshop magazine.The report notes that new environmental legislation, combined with rapidly evolving vehicle technology, lack […]

2 min read

Lloyd’s using Google Earth maps to plot exposures

The Lloyds insurance market has obtained a licence from Google to offer underwriters the means to see Lloyds data on Google Earth maps, allowing underwriters to plot their exposure to hurricanes, earthquakes, terrorist attacks and other catastrophes.In a press release posted online, Lloyds says its 42 managing agents can use Googles popular mapping service to […]

2 min read

Hannover Re generates best result in history in 2006

Hannover Re said it generated the best result in the company’s history in 2006.The Group reported a 2006 net income of EUR514.4 million [Cdn$799.8 million] and a return on equity of 18.7%. The companys combined ratio in 2006 stood at 98.4%”Not only did we meet our targets, we surpassed them and recorded the highest group […]

2 min read

Standard & Poor’s downgrades Cunningham Lindsey’s credit rating

Standard & Poor’s Ratings Services has lowered its counterparty credit rating on Cunningham Lindsey Group Inc. (LIN) to ‘B-‘ from ‘B’. The outlook is negative.”The downgrade reflects LIN’s weak earnings and cash flow, liquidity [that is] dependant on support from Fairfax Financial Holdings Ltd. (Fairfax, 75% equity owner), and sizeable debt obligations maturing in 2008,” […]

2 min read

Guy Carpenter launches portfolio-based product

Guy Carpenter & Company has launched SelectCat, an index-based product designed to provide reinsurers with capacity, flexibility and rational pricing for managing their property catastrophe risks. SelectCats pricing and loss index is developed from a synthetic layer, structured for a basket of programs selected to act as a proxy for the portfolio that a reinsurer […]

1 min read

Benfield Group Limited boosts profit, revenues in 2006

Benfield Group Limiteds profits in 2006 increased to 38.4 million [Cdn$87 million], compared with a 34.9 million [Cdn$79.1 million] profit in 2005.Overall, the Groups reinsurance broking revenue increased by 12.9% (to 299.4 million, or Cdn$678.5 million), up from 265.1 million [Cdn$600.9 million] in 2005.We are pleased to announce results which demonstrate the strength of our […]

2 min read