Claims

Climate change redefines cat modelling

Catastrophe modeling has been revamped as a direct result of 2004 and 2005’s catastrophic weather events, speakers told an audience at a symposium sponsored by XL Re Europe Ltd. Insurers and reinsurers are not as confident about cat models and as a result have changed their views on weather-related risks, according to managing director ofAIR […]

By Canadian Underwriter | October 23, 2006

1 min read

Claims

New cat models can help prevent underinsuring properties

New catastrophe-modeling capabilities can help insurers avoid the painful consequences of underinsuring properties, according to a panelist at A.M. Best’s Insurance & Technology Conference, e-Fusion, in Boston.In its report on the conference, A.M. Best cites George Davis, a vice president at catastrophe modeling firm AIR Worldwide Corp., as saying underinsuring means not getting the right […]

By Canadian Underwriter | October 23, 2006

2 min read

Claims

RMS and Beaufort enter licensing agreement

Beaufort Underwriting Agency Ltd, on behalf of its managed syndicate MSF Pritchard – Syndicate 318, has licensed Risk Management Solutions (RMS)’ RiskLink catastrophe modeling platform. This license agreement is a response to what Beaufort views as the increasingly critical role of exposure and catastrophe modeling management for the Lloyd’s market. RMS licenses the RiskLink catastrophe […]

By Canadian Underwriter | October 23, 2006

1 min read

Claims

Hanover ratings unaffected by multi-million charge

Standard & Poor’s Ratings Services will not take any ratings action following the pre-announcement by The Hanover Insurance Group Inc. (NYSE:THG) that it would be taking a US$52 million charge (US$34 million after-tax) in third-quarter 2006 to strengthen its reserves for claims related to Hurricane Katrina. S&P’s says the magnitude of this charge, which comes […]

By Canadian Underwriter | October 19, 2006

1 min read

Edmonton introduces emergency management agency

The government of Edmonton has created a new provincial Emergency Management Alberta Agency, which will better prepare Alberta for response to emergency situations. The new agency combines the current organization with the Alberta Fire Commissioner’s Office (FCO), which the government says will result in better co-ordination, preparation, response and recovery to a wider array of […]

2 min read

IBC applauds new Ontario seat belt rules

The Insurance Bureau of Canada (IBC) has endorsed proposed amendments to Ontario’s Highway Traffic Act that would require one seatbelt for each passenger in a vehicle.”We applaud [Ontario Transportation] Minister Donna Cansfield for taking swift action to address this serious road safety concern” Mark Yakabuski, IBC’s vice-president, federal affairs and Ontario, said in a press […]

2 min read

Crawford mobilizes after Hawaii earthquake

Crawford & Company has mobilized its Canadian and U.S. staff to handle “any and all claims needs” following a sizable earthquake with a magnitude of 6.6 that sent more than 20 sharp aftershocks across the Hawaii islands on Oct. 15.”We have been in close contact with our head office in Atlanta, as well as with […]

1 min read

Aon Re: Homeowner business hasn’t covered capital costs

Although they’ve improved steadily in the past four years, returns in the homeowners insurance business still aren’t adequate to cover the cost of capital, according to a new report prepared by Aon Re.Sharp increases in homeowners’ rates after the 2004 and 2005 storms have failed to provide insurers the opportunity to earn back their cost […]

2 min read

Climate change requires insurer attention

A report recently released by Allianz Group and the World Wildlife Fund reveals that insurers need to increase their efforts in dealing with damages resulting from climate change.Insurers are called to the table by the report, entitled “Climate Change and Insurance: An Agenda for Action in the United States,” to work with catastrophe modelers and […]

1 min read

What’s New: In brief (October 11, 2006)

Defective door latches are at fault for the recall of approximately 145,000 Ford Motor vehicles, including 13,683 in Canada. The Company plans to repair the defective parts which are found on vehicles including the 2005 Five Hundred, 2005 Mercury Montego sedans and 2005-06 Freestyle. Representatives of Ford explain that it is possible water could seep […]

2 min read