Claims

After TRIA, what next for terrorism coverage?

In anticipation of the conclusion of TRIA’s extension in 2007, Aon Risk Services has been encouraging clients to maintain their relationships with insurers in the stand-alone terrorism insurance market, or with those that build added protection into their all-risks policies by guaranteeing ‘full term’ TRIA coverage even if the act expires before the policy does, […]

By Canadian Underwriter | February 24, 2006

1 min read

Claims

2005 catastrophes break meteorological records

About 400 natural catastrophes and man-made disasters in 2005 accounted for 97,000 deaths and damages totalling more than US$230 billion, according to a Swiss Re report. Insurance covered about one third, or US$83 billion, of the damages. In the previous year, insured catastrophe losses had amounted to US$48 billion. “[Year] 2005 turned out to be […]

By Canadian Underwriter | February 24, 2006

2 min read

Claims

PXRE reports net loss of $446.5 million

PXRE Group Ltd. (NYSE:PXT) recently reported a net loss before convertible preferred share dividends of $446.5 million for the quarter ended Dec. 31, 2005 compared to net income before convertible preferred share dividends of $32.8 million in the fourth quarter of 2004. The net loss in the fourth quarter of 2005 principally reflects losses from […]

By Canadian Underwriter | February 23, 2006

3 min read

Claims

Insurers must adjust for more extreme weather: report

The insurance industry must compensate for extreme changes in the number of tropical cyclones and hurricanes by assuming a different loss distribution for the current warm phase of the natural climate cycle than in the years before, according to a report by Munich Re.The report, entitled “Hurricanes: More Intense, More Frequent, More Expensive,” says the […]

By Canadian Underwriter | February 23, 2006

2 min read

Lloyd’s likely to feel impact of UK robbery

The multimillion-pound armed robbery of a storage depot in the United Kingdom near London is likely to be felt within Lloyd’s, which has a worldwide reputation for writing insurance for this kind of risk, according to a report by A.M. Best.The robbery involved the taking of a manager’s family as hostage, and occurred at a […]

2 min read

Study aims to prepare insurers for flu pandemic

The Society of Actuaries (SOA) is initiating research on the possible implications of an avian flu pandemic on the insurance industry. Jim Toole, fellow of the Society of Actuaries and managing director of MBA Actuaries, will guide the study. Toole hopes the study will help to provide actuarial risk measurement and management regarding the readiness […]

1 min read

Benfield announces Web platform for facultative reinsurance

Benfield, an independent reinsurance and risk intermediary, today announced the launch of eCatFac, a new electronic placing platform designed to help place facultative reinsurance for cedants with large catastrophe exposures.”Facultative reinsurance is a highly customized tool that is increasingly being used by risk carriers to manage catastrophe exposure and terrorism issues, including the mitigation of […]

1 min read

Ontario changes liability for rented vehicle collisions

The Ontario government is amending the province’s Insurance Act so that motor vehicle liability policies carried by the customers of leasing and rental companies are first in line for liability for any damages arising from accidents caused by the negligent operation of a leased or rented motor vehicle.The amendments, effective March 1, 2006, will also […]

2 min read

Munich Re reinsurance rates rise 3%

Munich Re’s P&C contract rates as renewed in January 2006 saw an increase of 3%, even after the record 2005 hurricane season. Approximately 66% of Munich Re’s traditional non-life reinsurance business saw renewals in January with a premium volume of about 8.9 billion euros (US$10.6 billion). Only around 6% of the business was not renewed […]

1 min read

Softening in reinsurance ceased due to hurricanes

A.M. Best Co.’s expectation that significant price increases are mainly limited to business lines affected by the U.S. hurricanes, whereas European treaties (which account for approximately two-thirds of the renewable portfolio) saw relatively stable premium rates, has been confirmed by European-based global insurers recently published January 2006 renewals. This stability was also partially a result […]

2 min read