Claims

Auto theft part of organized crime/terrorism: IBC

If you think stealing a car is a small-time crime motivated by the need for thrill-seeking or a quick buck, it’s time for a reality check, according to the Insurance Bureau of Canada (IBC).”Today, auto theft is big business,” the IBC says in a press release issued at the opening of a two-day summit meeting […]

By Canadian Underwriter | June 8, 2006

2 min read

Claims

Eight hurricanes forecast for 2006 season

Tropical Storm Risk (TSR) anticipates Atlantic basin and U.S. landfall hurricane activity will be 40% above the long-term (1950-2005) norm in 2006.The TSR prediction includes: A 74% probability of an above-normal Atlantic hurricane season, a 22% probability of a near-normal season and only a 4% chance of a below-normal season. An expectation of 14 tropical […]

By Canadian Underwriter | June 8, 2006

2 min read

Claims

Evaluation of terrorism exposures updated

Standard & Poor’s Ratings Services is enhancing its process for evaluating the terrorism exposure of interactively rated insurers and reinsurers. The updated process, S &P’s says, is partly a response to the increased insurance retentions under the two-year extension of the Terrorism Risk Insurance Act of 2002. The ratings agency says the enhancement will also […]

By Canadian Underwriter | June 8, 2006

2 min read

Claims

Swiss Re launches cat bond program

In response to increasing frequency and severity of natural catastrophes, Swiss Reinsurance Co. recently placed a natural catastrophe bond program, which will provide the Company with US$950 million of protection for North Atlantic hurricane, European windstorm, Californian earthquake and Japanese earthquake risks.The bond program, which is called “Successor,” will allow Swiss Re’s investors to choose […]

By Canadian Underwriter | June 7, 2006

1 min read

RMS updates eastern Canadian/U.S. earthquake model

Risk Management Solutions (RMS), a provider of products and services for the management of natural hazard risk, has updated its U.S. and Canada earthquake models to reflect phenomena such as demand surge and claims adjustment and inflation. The earthquake model update features third-generation modeling capabilities throughout the region and incorporates perspectives on loss amplification gained […]

2 min read

AXA SA cedes AXA Re business to Paris Re

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 US$1.5 […]

1 min read

What’s New: In brief (June 06, 2006)

A Letter from the Desk of Dennis Gartner, Assistant Deputy Minister and Superintendent of Pensions, Insurance and Financial Institutions, regarding the Government of Alberta’s auto insurance reforms and the regulations under review: “As with all legislation, it is necessary to review sections from time to time to see if they continue to be supported by […]

3 min read

Lloyd’s warns underwriters about climate change

The insurance industry must face up to the growing threat of climate change or risk being swept away, according to Lloyd’s, the world’s leading specialist insurance market.A new report, ‘Climate Change, Adapt or Bust’, published by Lloyd’s, warns that insurers must act now to understand and actively manage risks from emerging threats such as greenhouse […]

2 min read

Personal lines outlook stable, S & P’s

The outlook for personal lines insurers is stable, according to Standard & Poor’s Ratings Services midyear 2006 outlook report.The report titled “U.S. Personal Lines Midyear 2006 Outlook: Low Volatility Means Few Raings Changes in 2006” indicates the second half of 2005 may have been one of the most challenging on record for U.S. personal lines […]

1 min read

RMS predicts smaller 2007 terrorist attacks, but bigger payload

The level of terrorism risk for 2007 will be similar that for 2006, with a slight reduction in the risk of nuclear attack and a trend toward smaller attacks that pack a bigger punch, according to an A.M. best report of a recent Risk Management Solutions Inc. presentation.The catastrophe modeler RMS recently hosted its fifth […]

2 min read