Claims

Lloyd’s Market shaken, not stirred by 2005 hurricanes

As a result of enhanced risk management and three consecutive years of significant profit, Lloyd’s was well positioned to absorb the substantial claims arising from a second year of unprecedented natural catastrophes in 2005, according to an overview of the Lloyd’s Market by Guy Carpenter & Company, Inc.”Lloyd’s underlying performance continued to be strong in […]

By Canadian Underwriter | July 17, 2006

1 min read

Claims

Ex-Special Forces operatives help underwrite U.K. terrorism risk

When it comes to insuring against terrorism, getting the right intelligence is key, Lloyd’s says. That’s why Lloyd’s has partnered with a company that uses ex-Special Forces operatives, the insurer posted on its Web site. To do their job effectively, underwriters need to know the threat levels associated with a risk so that they can […]

By Canadian Underwriter | July 17, 2006

2 min read

Claims

Terrorism risk cat bond prevails

The terrorism risk catastrophe bond written by Golden Goal Finance Ltd. To cover the cancellation of the 2006 FIFA World Cup was recently applauded by Risk Management Solutions (RMS).RMS, a provider of products and services for the management of natural hazard risk, says the bond stayed the tournament without incident, proving to be successful for […]

By Canadian Underwriter | July 14, 2006

2 min read

Claims

Life, non-life insurance sectors show different growth rates

Life and non-life insurance sectors showed entirely different developments in 2005, a Swiss Re annual study of the global insurance market found.In 2005, the worldwide insurance industry wrote premiums to the tune of US$3.4 billion. According to a Swiss Re sigma study, life insurance grew by 3.9% whereas non-life insurance grew by only 0.6%.The report […]

By Canadian Underwriter | July 13, 2006

1 min read

Crawford to handle North Vancouver oil spill claims

The Vancouver-based marine services branch of Crawford Adjusters Canada has been appointed to handle the insurable repercussions resulting from a recent oil spill into an inlet off North Vancouver’s waterfront.Vessel owner’s liability insurers appointed Crawford Marine Services to investigate and adjust claims arising from the July 4, 2006 release of fuel bunker oil into Burrard […]

1 min read

What’s New: In brief (July 11, 2006)

A.M. Best Co. recently released a new podcast series focused on insurance technogy and the E-Fusion conference. The audio series, called the “E-Fusion Podcast,” covers technology developments, conference doletails and the E-Fusion awards. The first episode features an interview with Igor Best-Devereux, CEO of eReinsure, a working online risk-placement system. Each episode includes an interview […]

2 min read

2006 forecast: fewer major hurricanes predicted

The 2006 hurricane season is expected to include 17 named storms forming in the Atlantic basin, but fewer major hurricanes will make landfall on coastal regions compared to last year, according to a Colorado State University (CSU) forecast. CSU says nine of the 17 storms predicted for the 2006 hurricane season will likely become hurricanes. […]

June 30, 2006

1 min read

AXA SA cedes AXA Re to Paris Re Holdings

AXA SA has signed a definitive agreement to cede the business of AXA Re to Paris Re Holdings Limited. The announcement follows the receipt of a binding offer on April 6, 2006, and after AXA SA consulted with the relevant workers’ councils. Paris Re Holdings is a newly created company with a capitalization of approximately […]

June 30, 2006

1 min read

Value of weather risk management contracts soars (June 28, 2006)

The notional value of weather risk management contracts increased nearly five-fold over the past year from US$9.7 billion in April 2005 to US$45.2 billion as of March 2006.The Weather Risk Management Association (WRMA), an international trade organization of the weather risk management industry, compiled the figures for its annual survey of the industry. “The explosive […]

2 min read