Claims

Flu pandemic little threat P&C insurers

The property/casualty insurance industry will only encounter a limited amount of exposure if there is an outbreak of H5N1 ‘avian’ flu, according to Standard & Poor’s Corp.The report recently released by S&P’s says a pandemic would be interpreted by P&C as an “operational risk.” This means they would have to deal with employee absences not […]

By Canadian Underwriter | May 10, 2006

1 min read

Claims

Pandemic scenerios underestimate severity

In response to increasing concerns of a flu pandemic, Risk Management Solutions (RMS) has completed a probabilistic model for assessing the risk of influenza pandemics across multiple countries. While there are currently a number of other studies illustrating effects of various pandemic scenarios, most base their models on the 1918 influenza pandemic. Recent analysis indicates […]

By Canadian Underwriter | May 9, 2006

2 min read

Claims

Severe 2006 hurricanes anticipated

Canadian and U.S. forecasters are warning the 2006 hurricane season, beginning June 1, will once again result in major storms including around five major hurricanes with winds of 180 km/h or greater. To date, the 2005 hurricane season is the most destructive on record. Damages resulted from a total of 27 named storms, 15 hurricanes […]

By Canadian Underwriter | May 8, 2006

1 min read

Claims

Aon net income drops

The first quarter 2006 net income for broker Aon Corporation (NYSE: AOC) has dropped slightly to US$198 million (US$0.57 per share) from its reported 2005 net income of US$200 million (US$0.59 per share). The net income fell as a result of:* restructuring charges of US$0.06 in first quarter 2006;* a US$0.07 gain in first quarter […]

By Canadian Underwriter | May 5, 2006

2 min read

RenaissanceRe reports 1Q net premiums up

RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported US$195.7 million in 2006 first-quarter operating income, compared to US$54.5 million in the first quarter of 2005.Net premiums earned for the first quarter of 2006 were US$351.7 million, compared to US$301.5 million for the same quarter of 2005. Net premiums earned include US$213.4 million in net premiums earned […]

2 min read

ICBC’s costs continue to rise in 2006 1Q

ICBC has reported net income of CD$85 million for 2006 1Q, compared to CD$93 million for the same period last year.”Increases in the amount ICBC is paying out to customers with injury claims have continued into the new year,” ICBC president and CEO Paul Taylor said. “Unfortunately, in the past few months, this has been […]

2 min read

ING Canada seeking future acquistions

Following its recent acquisition of Allianz, ING Canada is seeking further opportunities to expand, ING Canada president and CEO Claude Dussault told an annual general meeting of the company’s shareholders recently.”With the acquisition of Allianz, ING Canada solidified its leading share of the property and casualty market,” Dussault said in the text of a speech […]

2 min read

Odyssey Re reports 2006 1Q earnings

Odyssey Re Holdings Corp. (NYSE: ORH) has reported investment and net income increases for 2006 1Q, as well as a significant improvement in its combined operating ratio (COR) over the same period last year.Odyssey Re reported net income available to common shareholders of US$149.7 million for 2006 1Q, compared to US$33.7 million over 2005 Q1.The […]

2 min read

ICBC launches motorcycle awareness campaign

ICBC is starting a public awareness campaign in May 2006 to raise awareness of collisions involving motorcycles.According to the ICBC, in 2004, about 1,250 people were injured and 43 were killed in motorcycle-related crashes. Many fatalities are the result of drivers failing to see motorcyclists when turning in intersections, an ICBC press release states.”We want […]

1 min read

Views (May 01, 2006)

The Honourable Order of the Blue Goose International, Ontario Pond held its 6th annual Scotch Nosing in April at the Ontario Club. Over 160 noses attended, including an esteemed panel of judges. Throughout the evening, guests sampled some of Scotland’s finest single malts and enjoyed the expertise and humorous delivery of Ed Patrick, one of […]

April 30, 2006

2 min read