Claims

Demand for political risk coverage to increase in 2006

Demand for political risk coverage will increase in 2006, Aon predicts, based on trends identified in the company’s Political and Economic Risk Map. Published recently, Aon’s map suggests political interference poses the greatest threat to global businesses, followed by legal and regulatory issues and sovereign non-payment.The map includes recent examples of supply chains being disrupted, […]

By Canadian Underwriter | January 11, 2006

2 min read

Claims

Aviation insurance drops despite death toll

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 the scene for eight fatal […]

By Canadian Underwriter | January 10, 2006

1 min read

Claims

Sea of change: Property and marine lines renewals

Pricing of property and marine lines experienced major changes as a result of the record storm activity of 2005 however, casualty and accident and health lines were predominantly spared, according to Guy Carpenter & Company’s report titled “U.S. Reinsurance Renewals at January 1, 2006.” Published annually, the report is an “annual review of pricing, retentions […]

By Canadian Underwriter | January 10, 2006

3 min read

Claims

Catastrophic cause for P&C losses

The U.S. P&C industry experienced an underwriting loss of US$2.8 billion through September 2005, down from the US$13.3 billion profit resulting from the first six-months of 2005 , according to a recent study by A.M. Best Co. Although the insurance industry posted strong results for the first half of 2005, underwriting losses were experienced due […]

By Canadian Underwriter | January 9, 2006

2 min read

Willis reports on reinsurance renewals

Willis Group Holdings (NYSE:WSH) recently released its reinsurance review of the marketplace for the January 1, 2006 renewals, which indicates key findings including rate movements and territory and class line commentary.The report, published by Willis Re, indicates that specialty lines and retrocession have been catastrophically impacted by the hurricanes that hit in the 2005 season. […]

1 min read

Wawanesa buys mobile inspection technology from ISI

Insurance Systems Inc. (ISI), a provider of web-based solutions to the global property and casualty insurance industry, today announced the sale of WebWriter Inspection to The Wawanesa Mutual Insurance Company headquartered in Winnipeg, Manitoba.”Wawanesa is one of Canada’s leading insurers,” ISI President and CEO Terry Neilson says. “This sale is a strong endorsement of our […]

2 min read

Insurers balancing risk portfolios with terrorism insurance

A leading terrorism underwriter at Lloyd’s says the market is becoming increasingly competitive as more insurers look to balance their risk portfolio in the wake of the US hurricane season.Stephen Ashwell, a war terrorism and political violence underwriter with Hiscox, says insurers with big natural catastrophe and earthquake cover are looking to terrorism as a […]

2 min read

BC bridge scene for another fatal crash

The Patullo Bridge, a bridge with a history of fatal accidents that spans the Fraser River and links with New Westminster and Surrey in British Columbia, was recently the scene of a deadly car accident that killed four.The multi-vehicle collision occurred on the south end of the Bridge, which, according to police, will remain closed […]

1 min read

TRIA extension leads to losses

The Terrorism Risk Insurance Extension Act of 2005, which extends the Terrorism Risk Insurance Act of 2002 (TRIA) to the end of 2007, was recently signed into law and as a result insurers can expect higher retention levels for 2006 and 2007, according to a recent analysis of the amendments conducted by AIR Worldwide Corporation […]

3 min read