Claims

Safe-living home built in Sudbury

Ontario’s first safer-living home, designed to withstand winds of 200 km-h, has been completed in Sudbury. Insured by The Co-operators, the house was built as part of the Designed…for safer living program, a partnership between the Institute for Catastrophic Loss Reduction (ICLR) and the Canadian insurance industry. The Co-operators funded the construction of the home […]

February 28, 2007

1 min read

Claims

Munich Re reports record profit in 2006 of EUR3.5 billion.

Munich Re has reported posting a record profit totalling EUR3.5 billion [Cdn$5.4 billion].The company also reported reducing its combined ratios in reinsurance (92.6%) and primary insurance (90.8%) to new record lows.”A record profit for the third time in a row that shows the powerful effect of our clear profit focus,” said Nikolaus von Bomhard, chairman […]

By Canadian Underwriter | February 28, 2007

1 min read

Claims

Willis supports permanent government terrorism insurance backstop

Willis North America has urged the United States government to renew the Terrorism Risk Insurance Act (TRIA), due to expire at the end of 2007, and establish a permanent government terrorism insurance backstop.Don Bailey, CEO of Willis North America, a subsidiary of Willis Group Holdings, told the U.S. Congress recently that the federal program has […]

By Canadian Underwriter | February 28, 2007

1 min read

Claims

World Bank to offer catastrophe risk insurance to Caribbean countries

Thanks to donor countries such as Canada, the World Bank is expected to be able to offer catastrophe risk insurance to 18 Caribbean countries in time for the 2007 hurricane season.Associated Press has reported officials from Caribbean nations are meeting in Washington on Feb. 26, 2007, to discuss the World Bank’s new Catastrophe Risk Insurance […]

By Canadian Underwriter | February 26, 2007

2 min read

UK insurers estimate Kyrill damages at Cdn$795 million

The Association of British Insurers estimated that insured damage caused by winter windstorm Kyrill could reach 350 million [approximately Cdn$795 million] in the United Kingdom, reports A.M. Best.Kyrill, a powerful winter Atlantic windstorm, hit the southern shores of the UK on Jan. 18, before moving on to the Netherlands, Germany, parts of the Czech Republic […]

1 min read

Allianz endorses global framework for climate change

Allianz has announced its support for the Global Roundtable on Climate Change (GROCC)s framework to fight climate change.Signatories of The Path to Climate Sustainability: A Joint Statement by the Global Roundtable on Climate Change hail from a range of sectors and industries from around the world and were convened by Columbia University professor Jeffrey Sachs. […]

1 min read

What’s New: In Brief (February 20, 2007)

CLARIFICATION: The Ontario and B.C. chapters of the Women in Cancer Crusade (WICC) are each holding separate gala events on April 10, 2007 (WICC-Ontario) and March 31, 2007 (WICC-B.C.). WICC-Ontario is holding a special evening of Fire and Ice on Apr.10, 2007, at the 11th Annual Women In Insurance Cancer Crusade Gala dinner.This special evening […]

2 min read

New model assesses pandemic risk

Risk Management Solutions (RMS) has launched the RMS Infectious Disease Model, the first commercially available probabilistic model for assessing the risk of influenza pandemics across multiple countries.The model, designed to help corporate risk managers, quantifies mortality and morbidity from nearly 2,000 potential pandemic influenza scenarios, says an RMS release.Factors that are taken into account include: […]

1 min read

Strong 2006 earnings leading to increased competition, A.M. Best says

Most global reinsurers are anticipating strong 2006 earnings thanks in part to a benign 2006 catastrophe season, A.M. Best has said in a published comment on the January 2007 renewal season.Global insurers are also taking advantage of an attractive pricing environment following hurricanes Katrina, Rita and Wilma in 2005, A.M. Best reported. However, these developments […]

2 min read

Sudbury gets first ‘safer living home’

The Designed…for safer living program recently celebrated a milestone as Ontario’s first safer living home, designed to withstand winds of 200 km/hour, was completed in Sudbury.The program is a partnership between the Institute for Catastrophic Loss Reduction (ICLR) and the Canadian insurance industry. The Co-operators funded the construction of the home to “better than building […]

2 min read