Claims

Bermuda reinsurers lose US$11.3 billion after hurricanes

Following losses of US$11.3 billion from hurricanes Katrina, Rita and Wilma, Bermuda’s reinsurers registered a total net loss of US$2.8 billion in 2005 compared with a profit of US$5.5 billion the previous year, according to the latest Benfield Bermuda Quarterly report.Eleven Bermuda reinsurers reported losses in 2005, compared with only one in 2004, the report […]

By Canadian Underwriter | March 28, 2006

2 min read

Claims

ICBC cuts optional rates to balance basic rate increase

ICBC is looking to keep B.C. auto rates stable by clipping its optional rates, creating an average premium reduction of $61 for more than 1 million B.C. drivers.”Although ICBC has recently proposed an increase in rates to basic insurance, in 2005 ICBC’s optional insurance rates were reduced by $100 million, which resulted in 1.6 million […]

By Canadian Underwriter | March 27, 2006

2 min read

Claims

Bird flu more likely to affect life insurers, not P&C insurers

Fitch ratings service believes that the life insurance sector will take a much bigger hit than the non-life sector in the event of a global bird flu pandemic.A recent Fitch report, posted online, notes the P&C sector would more likely feel the effects of the flu in lost investments and business interruption coverage. The report […]

By Canadian Underwriter | March 27, 2006

2 min read

Claims

DKI founder Ed York Dies

Disaster Kleenup International, Inc. founder, Edgar Perry “Ed” York, passed away on March 13, 2006 after a long illness near his home in Vancouver, Washington. York launched DKI in 1974 as an outgrowth of an academic research project and led the company through its first decade. York recruited contractors with outlandish promotions and advertisements, including […]

By Canadian Underwriter | March 24, 2006

2 min read

Hannover Re takes US$1.2 billion hit from hurricanes

Hannover Re says “an unparalleled burden” of natural catastrophe losses in 2005 produced “historically unprecedented major loss expenditures in excess of EUR1 billion (US$1.2 billion).”Hurricanes Katrina, Rita and Wilma alone inflicted a net loss on the company of almost EUR800 million (US$958.3 million), the company reported. The total strain is line with the amount Hannover […]

2 min read

SCOR’s 2005 net income increases 75%

Aided by investment income, SCOR reported its net income for 2005 has increased 75% over 2004. “Net income after tax for 2005 amounted to EUR131 million ($US158.2 million), compared to EUR75 million (US$90.6 million) in 2004, representing an increase of 75%,” the company announced in a press release. “This demonstrates the solidity of the global […]

2 min read

ICBC aids passengers of sunken BC ferry

ICBC representatives are on site in Prince Rupert, B.C. to aid ferry passengers and expedite the handling of all vehicle-related claims related to the sinking of the Queen of the North.According to the Vancouver Sun, a Canadian Coast Guard vessel remained off B.C.’s north coast, scouring the choppy waters for fear there could yet be […]

2 min read

Exposures emphasized in new CAT risk ratings

Standard & Poor’s Ratings Services says it will be revising its criteria for measuring catastrophe risk for primary insurers early in the second quarter of this year. S&P’s says however, that it has no current plans to further revise criteria for reinsurers, which were last updated in July 2005. The revised primary insurer catastrophe criteria […]

1 min read

AIG’s Q4 profits plummet

American International Group (AIG) quarterly profits dropped 72% as a result of over US$2 billion in charges for regulatory settlements and increased reserves. In addition to these financially damaging the losses related to last year’s U.S. hurricanes also hurt AIG’s fourth-quarter (Q4) earnings.Executive Martin J. Sullivan, president and chief executive of AIG, informs investors that […]

2 min read

U.S. insurance industry turns to catastrophe bonds

In the wake of the worldwide surge in natural catastrophes over the past few years, the insurance industry is turning more frequently to catastrophe bonds, according to a Standard & Poor’s report.The bonds are designed to mitigate the catastrophe risk in insurer and reinsurer portfolios by shifting a portion of it to the capital markets. […]

2 min read