Claims

TSR technology can now predict rainfall amounts, locations

Tropical Storm Risk, a subsidiary of the Benfield Hazard Research Centre, has developed technology for its TSR Storm Tracker that can predict the amount of rainfall and where it will fall to a 60 km area.TSR Storm Tracker was developed especially for the insurance industry. The new rainfall forecast capability is intended for use by […]

By Canadian Underwriter | February 15, 2007

2 min read

Claims

ING Canada reports 2006 Q4 earnings of $109.4 million

ING Canada Inc. reported net income of Cdn$109.4 million for the quarter ended Dec. 31, 2006, down from Cdn$196.9 million reported in the same quarter last year.The company says the drop in net income was driven by lower underwriting income, lower realized investment gains and higher income taxes.Net income for the full year 2006 was […]

By Canadian Underwriter | February 15, 2007

1 min read

Claims

State Farm Insurance will stop writing new policies for Mississippi

Citing uncertainties in the Mississippi legal and business environments, State Farm Senior Vice President Bob Trippel recently told Mississippi’s Commissioner of Insurance George Dale that State Farm Fire and Casualty Company will suspend writing new homeowners and commercial property insurance in the state of Mississippi.”We came to this decision reluctantly,” said Trippel. “But it is […]

By Canadian Underwriter | February 15, 2007

1 min read

Claims

Quantify risk first, before considering captives

Insureds need to quantify their catastrophe risks as accurately as possible first, before considering whether a captive is an appropriate financial tool for managing those risks, according to Kate Westover, the vice president of the Vermont-based alternative risk financing organization, Innovative Captive Srategies. Westover spoke at the Strategy Institute’s ‘Canadian Captive Forum 2007,’ held at […]

By Canadian Underwriter | February 13, 2007

2 min read

Willis draws on earth simulator to better handle catastrophes

In order to help insurers understand the frequency and severity of natural catastrophes, Willis Research Network has joined forces with internationally renowned universities in a research program on climate simulations at the NEC Earth Simulator in Yokohama, Japan. The research marks a major step from global modeling towards regional and local impact. It promises to […]

1 min read

A.M. Best warns that 2007 may be ‘Year of the Regulator’

In an analysis piece, A.M. Best says it’s possible “the global insurance market will one day come to recognize 2007 as the ‘Year of the Regulator.'”A.M. Best says recent political events in the United Kingdom and the United States are threatening to interfere with insurance pricing in free-enterprise markets.In Europe, for example, the European Commission, […]

2 min read

What’s New: In Brief (February 09, 2007)

Insurers have handled more than 1,000 claims with property/casualty losses estimated at US$68 million in the week following a string of 7 tornadoes that struck Florida last week, reported A.M. Best.Michal Connolly, a spokesperson for State Farm Florida Insurance Co., told A.M. Best that the company anticipates 600 claims and losses of US$23 million as […]

1 min read

Lack of cats lead to dramatic drop in demand for independent adjusters

The quiet 2006 hurricane season in the United States has lead to a plummeting demand for independent adjusters, reports A.M. Best.December’s nonfarm payroll report released by The Bureau of Labor Statistics showed a 6.9% decrease in claims adjusting jobs in the U.S., capping a 2006 fourth quarter that saw a 12.6% decline in all such […]

1 min read

IBC provides $500,000 for research into building safer homes

The Insurance Bureau of Canada (IBC) is providing Cdn$500,000 to support a unique facility at the University of Western Ontario called The Insurance Research Lab for Better Homes.Formerly known as the Three Little Pigs project, the facility is a typical 1,900-square-foot, two-storey house enclosed within a corrugated steel shell. The facility enables researches to study […]

2 min read

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

Toronto Insurance Women’s Association (TIWA)’s annual Wine and Cheese event will be held this year at the Metro Toronto Convention Centre on Feb. 15, 2007.Featuring complimentary wine, hors d’oeuvres, draw prizes from many industry sponsors and great entertainment, the event will be held between 5:00 p.m. and 8:00 p.m.Tickets can only be purchased in advance […]

2 min read