Claims

El Nino explains light 2006 hurricane season

Hurricane activity during the 2006 Atlantic hurricane was weaker than expected because of the rapid development of El Nio, according to scientists at the U.S. National Oceanic and Atmospheric Administration (NOAA). The 2006 Atlantic hurricane season produced near-normal activity with a total of nine named storms – including five hurricanes, two of which became major […]

December 31, 2006

2 min read

Claims

A.M. Best assigns ‘A-‘ rating to Co-operators General Insurance Company

A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Co-operators General Insurance Company (Co-operators General) (Ontario). A.M. Best has also upgraded the FSR to B++ (Very Good) from B+ (Very Good) and the ICR to “bbb” from “bbb-” for Co-operators General’s wholly […]

By Canadian Underwriter | December 21, 2006

2 min read

Claims

Catastrophes cost US$15 billion in 2006

Natural and man-mad catastrophes triggered total economic losses worldwide of approximately US$40 billion and cost property insurers US$15 billion in 2006, according to Swiss Re.The 2006 figure compares favourably to the 2005 amount of US$78 billion for insured loses.Earthquake, cold spells, and windstorms and shipping disasters claimed 30,000 lives.The significantly smaller amount of losses in […]

By Canadian Underwriter | December 20, 2006

1 min read

Claims

Loss reserve position of U.S. P&C insurers has improved

The U.S. property and casualty industry’s loss reserve position has improved considerably in the last four years, according to Fitch Ratings.”Reserves for recent hard market accident years were set at more prudent levels, while reserves established during the last soft market that developed deficiently are largely paid and represent an ever smaller percentage of total […]

By Canadian Underwriter | December 20, 2006

1 min read

Pacific Northwest storms cause US$500 million: AIR Worldwide

Insured losses from the Pacific Northwest winter storm in the United States could exceed US$500 million, according to estimates by catastrophe risk modeling company AIR Worldwide Corporation.In Canada, similar winter storms in the area of Vancouver, B.C. have resulted in more than $40 million worth of claims thus far, according to the IBC.In a recent […]

2 min read

P & C profitability in United States best since 1953

The last time U.S. property and casualty insurers posted underwriting profitability of the scale witnessed in 2006, Jonas Salk unveiled his polio vaccine in 1953 and Sir Edmund Hillary became the first man to successfully climb Mount Everest, according to a recent statistical report by A.M. Best. The U.S. property casualty insurance industry posted US$$23.7 […]

1 min read

Moody’s changes outlook on Hanover Group to positive

Moody’s Investors Service has changed its outlook on the ratings of The Hanover Insurance Group, Inc. (NYSE: THG) and its subsidiary, Hanover Insurance Company, to positive from stable.”The positive outlook reflects stronger risk-adjusted capitalization, improving underwriting results, and more stable business flow from its network of independent agents,” Moody’s announced in a press release.The move […]

2 min read

2007 to be good year for European insurers, says S&P’s

Year 2007 promises to be a good year for the European insurance sector, according to a report by Standard & Poor’s. Nevertheless, the primary and reinsurance markets may be beyond their pricing peak, according to the report, entitled “European Insurance: 2006 In Review, 2007 In Anticipation.””The absence of large losses, peak-of-the-cycle underwriting profits, and solid […]

1 min read

BCAA Insurance urges responsible candle use during holidays

BCAA Insurance is cautioning policyholders about the dangers of using candles as Christmas dcor items during the holiday season.”Since the early 1980s, when the popularity of candles grew rapidly, BCAA Insurance has witnessed a steady increase of candle-related claims, particularly surrounding the Christmas holidays,” BCAA Insurance notes in a press release. “Candles now rate as […]

1 min read

What’s New: In brief (December 13, 2006)

Allstate Insurance Company of Canada is serving as the title sponsor for MADD Canada’s annual holiday season campaign for safe and sober travel — Project Red Ribbon.”Allstate is extremely proud to be partnering with MADD Canada again to get the message out and raise awareness about safe and sober driving this holiday season,” said Mike […]

1 min read