Claims

What’s New: In Brief (January 29, 2007)

Hannover Re says it expects losses in the range of EUR120-180 million (Cdn$180-275 million) from winter storm Kyrill.Many of the losses come from claims originating in Germany, the company reported in a press release.Winter storm Kyrill swept across large parts of Europe on Jan. 18-19, 2007, causing insured losses in the order of EUR4 to […]

By Canadian Underwriter | January 29, 2007

2 min read

Claims

Global group to develop framework for climate change-related risk reporting

The World Economic Forum (WEF) has announced the formation of a new consortium, the Climate Disclosure Standards Board (CDSB), that will develop the framework for climate risk-related reporting by corporations. The focus will be on the disclosure of the following key climate issues in company annual reports: total emissions; assessment of the physical risks of […]

By Canadian Underwriter | January 26, 2007

1 min read

Claims

Kernaghan doubles Vancouver Island staff to cope with storms

Kernaghan Adjusters has been forced to double its staff on Vancouver Island in order to keep pace with the claims generated by the recent string of storms that battered the region.Since the first of November, Kernaghan has doubled its staff on the Island and opened an office in Campbell River, a press release says. Additionally, […]

By Canadian Underwriter | January 25, 2007

1 min read

Claims

State Farm to resolve Katrina claims

State Farm will participate in a court supervised resolution process to reconsider and fully resolve claims from Hurricane Katrina in three Mississippi coastal counties, according to a press release.The process is part of an agreement reached through the settlement of a class action lawsuit against the insurer by families who believe their damage claims were […]

By Canadian Underwriter | January 24, 2007

2 min read

A.M. Best advises caution, despite strong 2006 profits

Rates for catastrophe-prone areas in the U.S. will remain elevated, despite the limited catastrophe losses in 2006, reflecting conservative pricing, reduced capacity for certain segments and higher reinsurance costs, says A.M. Best’s 2007 Property/Casualty Review/Preview.A soft market prevailed in most other lines and segments, A.M. Best reports, with a gradual release of the tight knot […]

1 min read

Winter storm Kyril may cost insurers upwards of US$5 billion

Insured losses from Winter Storm Kyrill may be between US$5.2 billion – US$10.4 billion, estimates AIR Corporation Worldwide in a press release. The storm struck Europe with hurricane-force winds over the course of two days, causing significant travel and power disruptions, flooding, and building damage over a large part of Europe including the United Kingdom, […]

2 min read

Swiss Re supports independent agency to aggregate European claims

Swiss Re advocates the establishment of an independent agency to aggregate European claims data and provide the insurance industry with an efficient market loss index for natural catastrophe risks, according to a recent report. This industry-wide effort will facilitate the further expansion of the insurance-linked securities (ILS) market in Europe and improve the transparency of […]

1 min read

Human-caused greenhouse gasses heating up hurricane season

Human-generated greenhouse gasses are a factor in the increasing frequency, intensity and duration of hurricanes in the Atlantic, according to a paper presented at an October 2006 RMS hurricane symposium.The paper, “Principal Drivers of Multi-Year Hurricane Activity,” was presented by MIT resercher Kerry Emanuel at the Proceedings of the 2006 RMS Hurricane Eyewall Symposium in […]

2 min read

AON’s risk map shows growing complexity and magnitude of risks

The overall level of global political risk decreased in 2006, but the magnitude and complexity of risks faced by companies around the world is increasing, according to AON’s Political & Economic Risk Map.Of the 214 countries surveyed, 15 countries pose less of a risk in 2007 compared to 2006, marking the first decrease in the […]

1 min read

Hannover Re taps capital market to generate capacity

Hannover Re is once again drawing on the capital market to obtain underwriting capacity for catastrophe risks, boosting the volume of last year’s “K5″ risk securitisation to US$520 million.The reinsurer’s latest transaction was placed with institutional investors in North America, Europe and Japan.Both new and existing investors provided the capital, which has been increased by […]

1 min read