Claims

What’s New: In Brief (March 12, 2007)

La Capitale General Insurance has enhanced the scope of its recreational vehicle insurance, now offering watercraft and caravan/motorhome insurance (all types) as a stand-alone insurance product.There is no obligation to obtain a home or automobile insurance contract in order to purchase watercraft, caravan and/or motorhome insurance, La Capitale announced in a press release. La Capitale […]

By Canadian Underwriter | March 12, 2007

2 min read

Claims

New Brunswick’s $2,500 cap on minor injuries upheld

New Brunswicks Cdn$2,500 cap on soft tissue and minor personal injuries has just withstood a court challenge in the trial division of the Court of Queens Bench of New Brunswick.In Rossignal v. Rubidge, Court of Queens Bench Justice David H. Russell considered a case in which a motorcycle driven by the plaintiff, Patrick Rossignal, struck […]

By Canadian Underwriter | March 9, 2007

2 min read

Claims

EQECAT launches new cat model for offshore energy

EQECAT is launching a new Offshore Energy Model to help the insurance industry manage this risk.Details about the model will be discussed during EQECATs March 2007 Catastrophe Management Conference. EQECAT noted the storms of 2004-05 caused significant losses in the offshore energy market in the Gulf of Mexico, consuming more than five years of the […]

By Canadian Underwriter | March 8, 2007

2 min read

Claims

2006 is third-mildest catastrophe loss year since 1990

At US$15.9 billion, insured catastrophe damage in 2006 represented the third-mildest loss year since 1990, according to a Swiss Re sigma report [No 2/2007].Of these insured losses worldwide, natural catastrophes accounted for US$11.8 billion of the total. Storms caused insured losses of US$8.4 billion, which represented the most costly damage category.The sigma report notes the […]

By Canadian Underwriter | March 8, 2007

1 min read

Enhanced data collection for 2007 catastrophe modelling essential

Enhancing data collection for catastrophe modeling is imperative for insurers and reinsurers in 2007, according to Ernst & Youngs Quarterly Insurance Industry Outlook.The 2004 and 2005 hurricane seasons revealed weaknesses in commonly used catastrophe risk modeling techniques, the report notes. Among the major revelations, it was determined that the quality of exposure data, especially for […]

2 min read

Risk map finds improved conditions for global filmmakers

Economic and political risks across the globe have created a slightly more favourable environment for filmmakers seeking to film abroad, according to the 2007 Risks in Global Filmmaking Map, produced each year by Aon/ Albert G. Ruben.Of the 207 countries measured, overall risk for filmmakers in 37 countries decreased slightly from 2006 to 2007, according […]

1 min read

Guy Carpenter report finds record cat bond activity in 2006

Guy Carpenter & Company, LLC, released its fifth annual joint study of natural catastrophe bond transaction activity and trends and market dynamics which found that the market momentum resulting from the record storm activity of 2004 and 2005 continued into 2006.The Catastrophe Bond Market at Year-End 2006: Ripples into Waves found that activity across virtually […]

1 min read

State Farm pays $3.1 million to New Brunswick auto policyholders

State Farm Mutual Automobile Insurance Company is paying a total of US$1.25 billion in dividends to its mutual auto insurance policyholders in 46 states, the District of Columbia and the Canadian province of New Brunswick.In New Brunswick, the dividend will total $3.1 million. The size of each policyholders dividend will vary significantly by jurisdiction, but […]

1 min read

Swiss Re reports CHF4.6 billion profit in 2006

Swiss Re delivered record earnings in 2006, announcing a 98% increase in profits to CHF4.6 billion [Cdn$4.4 billion].Swiss Re CEO Jacques Aigrain said in 2006 Swiss Re achieved a record result, based on disciplined underwriting in property and casualty, consistent returns from life and health and a rising contribution from our financial services business.Property and […]

1 min read

2007 reinsurance outlook stable

A.M. Best Co.s 2007 outlook for the global reinsurance sector is stable, changing from a negative outlook originally assigned nearly two years ago.This outlook revision implies that the majority of 2007 reinsurer rating actions are likely to be affirmations with stable outlooks and only a modest amount of anticipated rating or outlook changes, A.M. Best […]

2 min read