Claims

Thousands of claims follow U.S. Midwest tornadoes

Tornadoes that recently hit a number of Midwest states have already resulted in thousands of insurance claims.Preliminary numbers indicate approximately 100 storms struck Arkansas, Illinois, Kansas, Missouri and Oklahoma, causing less than 12 deaths. The National Weather Service has not confirmed the actual number of tornadoes to hit the region.A current tally indicates that that […]

By Canadian Underwriter | March 16, 2006

1 min read

Claims

Converium reports profitable year

Converium Holding AG has seen a profitable year, reporting a net profit of US$68.7 million for 2005 following a reported loss of US$582.5 million for 2004.Weather-related losses including hurricanes Katrina, Rita and Wilma as well as the European floods, and winter storm Erwin contributed to a pre-tax loss of US$164.8 million. While the severe claims […]

By Canadian Underwriter | March 15, 2006

1 min read

Claims

U.S. regulators strike task force on climate change

A new task force of the National Association of Insurance Commissioners in the United States is working to increase awareness of climate change in the industry, A.M. Best reports.Nebraska Insurance Commissioner Tim Wagner, co-head of the task force, notes the group is starting up at a time when climate change is a leading concern of […]

By Canadian Underwriter | March 14, 2006

2 min read

Claims

Munich Re posts record profit in 2005

In its anniversary year, with a stable premium base, the Munich Re Group achieved a record profit in 2005 of over EUR2.7 billion (CDN$3.75 billion).”We have thus slightly exceeded our target,” Nikolaus von Bomhard, chairman of the board of management, said when presenting the figures. “Our solid basic business makes the achieved level of profitability […]

By Canadian Underwriter | March 14, 2006

2 min read

Climate change insurance task force planned

The U.S. National Association of Insurance Commissioners (NAIC) recently agreed to establish a task force examining the impact of climate change on the insurance industry and consumers. The force will focus in on how the warming climate may affect insurance availability and affordability as well as the financial health of insurers. Necessary actions enabling state […]

2 min read

Gallagher Re renews EQECAT agreement

Gallagher Re has signed a licensing agreement with risk modeler EQECAT Inc. to renew the use of part of the WORLDCAT enterprise catastrophe management software suite, to better manage client portfolio exposures to these perils. The programs renewed include EQECAT’s USWind, USQuake and US WinterStorm models.Rick Clinton, EQECT president says that its risk-modeling platform provides […]

1 min read

Catlin reports $27.7 million in annual profits

Catlin Group Ltd. has raised approximately $70 million from a share placing indicating strong business performance despite a decrease in profits of 84% due to last year’s catastrophic hurricane season. Pretax profits for 2005 dropped to $27.7 million from $173.9 million last year. However, Catlin reports that total sales rose to $1.28 billion in 2005 […]

1 min read

SGI takes rollover simulator out for a spin

SGI is driving home the message of how seatbelts save lives with its newest traffic safety tool, a rollover simulator.”Given our vast network of roads in Saskatchewan, some residents may think seatbelts are not important in areas where there is little traffic,” the minister responsible for SGI, Glenn Hagel, says. “However, most fatal crashes where […]

2 min read

Lloyd’s results forecasts better than expected

Despite the record 2005 hurricane season, several Lloyd’s syndicates are releasing results forecasts ahead of market expectations, Lloyd’s has announced.The news comes in the wake of last year’s devastating hurricane season, which was widely expected to have a huge impact on the market.Amlin indicates its result for the year ended Dec. 31, 2005 will be […]

2 min read

AXA Re writes first humanitarian disaster insurance policy

The United Nations World Food Program (WFP) has taken out the first humanitarianism insurance policy with reinsurer AXA Re.AXA Re will provide contingency funding of up to US$7 million of insurance coverage in case of extreme drought that may occur in Ethiopia during its 2006 growing season from March to October. This is the first […]

1 min read