Claims

Aviva aims to carbon neutralize

Aviva has announced its commitment to carbon neutralize its operations on a worldwide basis, according to a press release.Allan Griffiths, CEO of Aviva Australia, said the announcement provides an important endorsement of Aviva Australia’s ongoing program of sustainable business practices including limiting its impact on the environment.The company is planning to compensate for the carbon […]

By Canadian Underwriter | January 17, 2007

1 min read

Claims

What’s New: In Brief (January 17, 2007)

Gore Mutual Insurance Company has donated Cdn$1 million to their charitable Foundation.This is the third year in a row the company has made a Cdn$1-million contribution to the Gore Mutual Foundation.The Foundation was established to support worthwhile causes in the communities where Gore Mutual’s brokers and policyholders live. The Foundation works closely with local independent […]

By Canadian Underwriter | January 17, 2007

2 min read

Claims

2006 catastrophes cost U.S. insurers US$8.8 billion

U.S. catastrophes and insured losses cost the U.S. property and casualty industry an estimated US$8.8 billion in 2006, according to ISO’s property claims services unit.That’s a far cry from the estimated damage losses of US$61.9 billion the unit recorded after the busy hurricane season in 2005. Still, the frequency of catastrophes is rising, ISO added.In […]

By Canadian Underwriter | January 16, 2007

1 min read

Claims

Swiss Re obtains US$705 million of extreme mortality risk protection

Swiss Re has transferred US$705 million of extreme mortality risk to the capital markets through its Vita Capital securitization program, according to a press release. This is Swiss Re’s third mortality catastrophe bond that has been issued privately to institutional investors. Part of the issuance will be used to replace cover provided by Swiss Re’s […]

By Canadian Underwriter | January 16, 2007

1 min read

Preparing for a pandemic

After a noticeable absence from its usual media spotlight, bird flu or the H5N1 virus has been rearing its ugly head with reports of outbreaks across Asia in recent weeks.And according to Aon’s second white paper on the subject, entitled “Pandemic Influenza: Exploding the myths”, businesses are becoming complacent to the risk of a possible […]

2 min read

Reinsurance industry regains “calm” in 2007, Benfield says

The reinsurance market has regained “a universal, if fragile calm” in 2007, according to a report by reinsurance intermediary Benfield.The report, entitled ‘Global Reinsurance Market Overview: Pick ‘N Mix,’ noted “an acute shortage of catastrophe capacity at U.S. mid-year renewals.” But in the second half of 2006, the report continued, “it was a case of […]

2 min read

State Farm to pay US$2.5 million in punitive damages

State Farm Insurance reacted with “surprise and concern” when a U.S. court ruled against the firm in a suit launched by a family who lost their home in Hurricane Katrina.U.S. District Court Justice L.T. Senter ruled that in the case of Broussard v. State Farm the company did not present sufficient evidence to prove what […]

1 min read

Lloyd’s chairman addresses climate change

Insurers need to address global climate change as they are faced with the growing cost of extreme natural disasters, advised Lord Peter Levene, chairman of Lloyd’s of London.”We cannot risk being in denial on catastrophe trends,” he recently said in a speech to the World Affairs Council. “We urgently need a radical rethink of public […]

1 min read

Marsh launches property catastrohpe sidecar

Marsh Inc. announced the creation of MaRI (Marsh Risk Innovations), a reinsurance sidecar that will provide additional capacity to the depleted property catastrophe insurance market.Sidecars have gained popularity in the wake of Hurrican Katrina and are essentially financial structures created to allow investors to take on the risk and return of a group of insurance […]

1 min read

Post-Katrina, consumers’ bill of rights proposed in Mississippi

Insurance companies in Mississippi might in the future be required to provide an outline of coverage that will help policyholders better understand the principal benefits and coverage provided in their policy.The possibility is contained in a new proposed regulation by the Secretary of States’ Office and the Mississippi InsuranceDepartment (MID).Two major components of the proposed […]

1 min read