Claims

Guy Carpenter notes ratings, reinsurance changes post-Katrina

Unprecedented catastrophe losses in 2005 were true ‘market-changing’ events for the property segment, with substantial short- and long-term consequences for pricing, capitalization, reinsurance and insurance ratings, according to Guy Carpenter & Company Inc.The 2005 catastrophes “have led reinsurers to readjust historical catastrophe reinsurance ratings, which in their view had underestimated both the frequency and severity […]

By Canadian Underwriter | February 1, 2006

2 min read

Claims

Aviation losses see minimal increase despite almost triple the fatalities

Although passenger air flights have experienced a significant increase in fatalities – 913 deaths in 2005, compared to 347 in 2004 – insured losses will likely only increase a small amount, a recent report published by London-based Airclaims Ltd. notes. Western-built jets – which Airclaims reports transport approximately 90% of all air traffic – set […]

January 31, 2006

1 min read

Claims

Validus Re reports premiums of US$220 million

Bermuda start-up Validus Reinsurance Ltd. has reported gross written premiums of US$220 million during the January 2006 renewal season a performance that the company describes as exceeding expectations.The holding company formed on Dec. 12, 2005, to add capacity to the reinsurance market after the unprecedented catastrophic activity of 2004 and 2005.Validus Re commenced operations with […]

By Canadian Underwriter | January 31, 2006

1 min read

Claims

Property insurance rates rise due to hurricane losses

A two-year trend of steadily falling property insurance premiums is changing as evidenced by the sharp increase of property insurance rates in the fourth quarter of 2005, according to the new RIMS Benchmark Survey.Through the industry-wide survey of current policy renewal prices, corporate risk managers report that some commercial insurance buyers saw property premiums increase […]

By Canadian Underwriter | January 30, 2006

2 min read

Allstate signs new reinsurance agreements

The Allstate Corporation, the second-largest property casualty insurer in the U.S., has announced new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes. “The fundamental goal of Allstate’s catastrophe management strategy is to enable our shareholders to earn […]

2 min read

CAT losses reach US$56.8 billion

Insured property losses resulting from catastrophes in 2005 will deliver U.S. P&C insurers with a ‘bill’ of around US$56.8 billion, according to the property claim services unit at Insurance Services Office Inc. (PCS).This amount represents two times the recorded figure of insured property losses resulting from catastrophes in 2004 US$27.3 billion. A total of 24 […]

1 min read

Canada helps increase AXA’s P&C revenue

Good business in Canada helped to increase AXA’s 2005 property and casualty revenues by 3%, AXA CEO Henri de Castries recently reported on the company’s Web site.”Property and casualty revenues increased by 3%, to EUR18.8 million, mainly driven by France and Southern Europe,” de Castries reported. “Growth slightly accelerated in [the fourth quarter of 2005], […]

1 min read

Norwich Union hails U.K. asbestos decision

Norwich Union, the U.K.’s largest insurer and part of Aviva P.L.C., has welcomed a U.K. Court of Appeal judgment that no longer allows compensation for pleural plaque claims arising from asbestos exposure in the workplace.It is estimated the decision may prevent more than 100,000 court cases involving pleural plaques or pleural thickenings being brought in […]

2 min read

Ontario to develop new auto injury treatment guidelines

The Ontario government is working on the first of four new Pre-approved Framework (PAF) Guidelines for treatment of auto accident injuries under the Statutory Accident Benefits Schedule.”The new PAF Guidelines will help people who have been injured in auto accidents to receive early and effective treatment,” the Financial Services Commission of Ontario (FSCO) posted on […]

2 min read

Moody’s rates Arch’s US$100-million issue

Moody’s Investors Service has assigned a Baa3 rating to US$100 million of preferred shares issued by Arch Capital Group Ltd. (“Arch Capital”)(Nasdaq: ACGL). The offering constitutes a drawdown from Arch Capital’s existing $650 million universal shelf registration rated by Moody’s in July 2005. The ratings agency said it expects net proceeds from the offering will […]

2 min read