Claims

MPI investment income decreases, claims up in 2006

A strong first half of the year has put Manitoba Public Insurance (MPI) into a stable financial position as it heads into the traditionally claims-prone winter months, the government insurer noted in a press release.For the six months ended August 31, 2006, the corporation reported net income of CD$65.4 million. The results are CD$21.6 million […]

By Canadian Underwriter | October 10, 2006

2 min read

Claims

Australian regulator releases guides for pandemic preparedness

The Australian Prudential Regulation Authority (APRA) has released an information paper and prudential practice guide (PPG) to assist APRA-regulated institutions including insurers and reinsurers with their planning for a potential pandemic.”The advice is being released following consultation with industry and research into pandemic planning that is taking place around the world,” APRA said in a […]

By Canadian Underwriter | October 10, 2006

2 min read

Claims

AIG unit insured waste plant struck by fire

A unit of American International Group Inc. issued The Environmental Quality Co. a pollution liability policy with a US$28 million aggregate limit along with other coverages to the operator of a hazardous material facility, which recently burned and forced thousands of residents near Raleigh, N.C. to evacuate.American International Specialty Lines underwrote the pollution policy, which […]

By Canadian Underwriter | October 10, 2006

1 min read

Claims

What’s New: In brief (October 06, 2006)

In an effort to raised money for a children’s literacy program in Tanzania, Royal & SunAlliance board member George Anderson climbed 20,000 ft in seven days to reach the top of Mount Kilimanjaro, Africa’s tallest mountain. Anderson is a member of the board of directors of CODE, an organization that promotes literacy in underdeveloped countries […]

By Canadian Underwriter | October 6, 2006

2 min read

What’s New: In Brief (October 05, 2006)

When Fire Prevention Week officially kicks-off in Oromocto on Oct. 7, the Insurance Bureau of Canada (IBC) will be making two special presentations to show support for New Brunswick’s 4,100 volunteer and 535 career firefighters.As part of the opening ceremonies, Bill Adams, the regional director of the IBC’s ‘Be Smart. Be Safe.’ campaign, will present […]

2 min read

El Nino conditions moderate 2006 hurricane season: NOAA (October 05, 2006)

Scientists at the NOAA Climate Prediction Center have observed that El Nio conditions which affect the intensity of hurricanes have developed in the tropical Pacific and are likely to continue into early 2007.”The development of weak El Nio conditions helps explain why this Atlantic hurricane season has been less active than was previously expected,” the […]

2 min read

Industry invited to support injured star rugby player Sean Corner

The family and friends of a 21-year-old rugby star, Sean Corner, is holding a benefit event to raise funds after the star player was paralyzed from the waist down during a rugby match in September.Corner was studying insurance at Mohawk College in Hamilton and started work at Economical Insurance in May. He was injured when […]

2 min read

The Co-operators supports tree-planting efforts following tornado

The Co-operators has pledged $5,000 to Tree Canada to assist with tree planting efforts following the damage caused by an F2 tornado that touched down near Ottawa on Aug. 2.The amount is in addition to the claims The Co-operators handled when the tornado ripped through the Madawaska Valley, causing extensive damage to the nearby town […]

1 min read

Isaac downgraded to tropical storm as it hits Newfoundland

The Canadian Hurricane Centre has downgraded Hurricane Isaac to a Tropical Storm, just prior to Isaac’s sweeping past Newfoundland on Oct. 2.”Isaac has weakened from a hurricane to a tropical storm this morning,” the Hurricane Centre announced in a storm bulletin posted at 11 a.m. on Oct. 2. “The tropical storm continues racing towards Newfoundland […]

1 min read

Bermuda reinsurers report good year in 2006

Supply shortages, low catastrophe losses and buoyant investment income resulted in record first-half profits of US$4.5 billion for Bermuda’s reinsurers, according to the latest Benfield Bermuda Quarterly report. Modest catastrophe losses held the average combined ratio to 89.2%, little changed from the 89.3% for the first six months of 2005, Benfield said. “Reserve strengthening of […]

September 30, 2006

1 min read