Claims

ICBC obtains conviction in tax fraud scheme

ICBC has obtained a conviction in B.C.’s provincial court for a fraud scheme in which a claimant produced fraudulent tax returns to support the receipt of exaggerated payments for lost wages following a car accident.Alen Melki of Burnaby, B.C. was charged and convicted through trial of two counts of uttering forged documents, an offence under […]

By Canadian Underwriter | September 14, 2006

2 min read

Claims

Increased sea temperatures linked to stronger hurricanes

Critics may dismiss the dangers of global warming, but increasing sea temperatures are nonetheless linked to more intense Atlantic hurricanes, according to the 2006 edition of the annual publication, the Hazard & Risk Science Review.Researched and edited by Professor Bill McGuire, director of the Benfield UCL Hazard Research Centre (BUHRC), and jointly sponsored by Benfield […]

By Canadian Underwriter | September 13, 2006

2 min read

Claims

Forecast of hurricane severity decreased

The hurricane forecast for 2006 has been revised from Tropical Storm Risk’s original prediction of above-average activity to slightly below-normal activity.The London-based group of insurance, risk management and seasonal climate experts, led by the Benfield centre, say the new forecast indicates hurricane activity will be 10% below what has been the norm from 1950-2005. This […]

By Canadian Underwriter | September 12, 2006

2 min read

Claims

The retrocession rut hinders P&C insurers

The capacity shortage in retrocessional property catastrophe reinsurance protection has “materially disrupted” the property and catastrophe insurance industry, according to an article recently published by Standard & Poor’s Ratings Services. The article “Responding To The Retrocessional Squeeze” reports that the estimated US$80 billion-$90 billion in losses resulting from the 2005 hurricane season has thrown the […]

By Canadian Underwriter | September 11, 2006

2 min read

Bermuda reinsurers show solid profits 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 over US […]

1 min read

Reinsurers stand their ground

Global pricing in the property catastrophe reinsurance market has been significantly influenced by extreme rate peaks in the U.S. and Mexico, which absorbed the majority of the losses from the 2005 storms, according to a recent report published by Guy Carpenter & Company. The report “The World Catastrophe Reinsure Market: Steep Peaks Overshadow Plateaus” show […]

2 min read

Standard & Poor’s increases rating cap on cat bonds

Standard & Poor’s Ratings Services has revised its criteria for rating natural catastrophe bonds to increase the rating cap on such bonds to ‘AA.’ “The criteria revision is in response to the evolution of the natural catastrophe bond market,” S&P’s announced in a recent criteria report. “In light of the increased number property catastrophe bonds […]

2 min read

Benfield profits up, as is global demand for cat insurance

Benfield Group Limited (“Benfield” or “the Group”), an independent reinsurance and risk intermediary, has reported its group operating revenue has increased 28.5% over the first half of 2006 to 252.1 million (CD$524.6 million).The Group also reported an increase of 35.3% in its profit before taxes. Its 2006 first-half profit was 97.8 million (CD$203.4 million).In a […]

2 min read

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

Kingsway Financial Services Inc. has appointed Denis Cloutier to the position of vice president and chief actuary, Canadian Operations as well as Tom Duffy to the position of vice president, Kingsway America Inc., and chief actuary, U.S. Operations. Cloutier joined Kingsway Financial over five years ago and offers over 24 years of experience in the […]

2 min read

Reinsurers head-to-head with P&C cycle

Managing the property and casualty cycle is said to be the most difficult endeavor that reinsurers will face throughout 2006 and 2007, according to a recent report published by Fitch Ratings Agency.The report “Reinsurance Review and Outlook: Cycle ManagementA Bumpy Ride Ahead,” says that over this two-year period, operating and capital trends “will generally support […]

1 min read