Claims

Zurich reports “record” 2006 first-half results

Zurich Financial Services Group (Zurich) reports that continued strong operating performances in all business segments generated a record business operating profit and net income for the nine months ending at Sept. 30, 2006.”Our focus on operational excellence continues to generate profitable growth,” remarked Zurich CEO James J. Schiro. “General Insurance’s disciplined portfolio management approach achieved […]

By Canadian Underwriter | November 16, 2006

1 min read

Claims

Reinsurers take advantage of mild hurricane season to boost capital

Global reinsurers in took advantage of relatively mild weather conditions in 2006 to stabilize their balance sheets after a particularly tough 2005 season, a report by Standard & Poor’s observes.The report says reinsurers for the most part took steps to strengthen operational and underwriting results. In addition, they improved their capitalization and financial flexibility through […]

By Canadian Underwriter | November 15, 2006

1 min read

Claims

ICLR, The Co-operators build a safe haven in P.E.I.

Canada’s ‘Designed…for safer living program,’ the result of a partnership between the Institute for Catastrophic Loss Reduction (ICLR) and the Canadian insurance industry, has completed Canada’s first safer living home in Prince Edward Island.Funded by The Co-Operators, the home is designed and constructed to withstand wind speeds of 200 km-h. The house is located in […]

By Canadian Underwriter | November 14, 2006

2 min read

Claims

U.S. firms expect to increase emphasis on risk management

According to a Towers Perrin survey of 75 senior finance and risk management executives in the United States including some from publicly traded companies with revenues greater than US$1 billion 85% of those surveyed think their firms’ emphasis on risk management will increase over the next five years.”Increased regulatory and investor attention, the possibility of […]

By Canadian Underwriter | November 13, 2006

2 min read

Guy Carpenter advises on publicly rated cat bond

Guy Carpenter & Company, Inc., a global risk and reinsurance specialist, has completed a $US200-million catastrophe bond that represents the industry’s first publicly-rated collateralized debt obligation of natural catastrophe risk.Guy Carpenter, part of the Marsh & McLennan Companies (NYSE: MMC), advised the Catlin Group Limited (LSE: CGL) on the multi-territory, multi-peril catastrophe bond transaction.Perils covered […]

1 min read

Industry cracking down on auto insurance fraud

Auto insurance fraud has been in the news lately, with the recent announcements of court judgments obtained against individuals in B.C. and the bust of an inter-provincial fraud ring by the Insurance Bureau of Canada (IBC).Recently, the IBC congratulated the Ontario Provincial Auto Theft Team on Project Eastbound, resulting in the bust of an inter-provincial […]

2 min read

Insurance industry still on “edge of a cliff,” Lloyd’s says

Despite relatively good times compared to the hurricane disasters of 2005, the global insurance industry nevertheless risks falling off “the edge of a cliff” if it becomes complacent, Lloyd’s director of worldwide markets, Julian James, warned in a speech to the U.S. insurance industry.In a recent speech to the Property Casualty Insurance Conference, James observed […]

2 min read

Judge: Insurers on hook for punitive damages in drunk driving cases

For the first known time, the Ontario Court of Appeal has awarded punitive damages in a drunk driving case that resulted in serious injury. The decision, the court’s dissenting opinion suggests, means insurers will be on the hook for paying out rare punitive damage awards in similar drunk driving cases.In Andrea McIntryre et al. v. […]

3 min read

Munich Re boosts profit in 2006

Munich Re has recorded a profit of EUR2.86 billion (Cdn$4.12 billion) in the first nine months of 2006, compared to a EUR1.39-billion (Cdn$2-billion) profit during the first nine months of 2005.Gross premiums written amounted to EUR28.1billion (Cdn$40.5 billion), which, after adjustments, “is about the same as last year’s,” the company noted in a press release.Munich […]

2 min read

What’s New: In Brief (November 07, 2006)

The Toronto Insurance Women’s Association (TIWA) has announced it will be hosting its February 2007 Wine and Cheese event at the Metro Toronto Convention Centre in Toronto.The event will take place on Feb. 15, 2007, from 5 p.m. to 8 p.m., in the Constitution Hall of the Convention Centre.Tickets for the event will only be […]

2 min read