Claims

Hannover Re reports third quarter losses

Hannover Re’s third quarter results show a net expenditure on major losses of 781.4 million euros, which reflects the adverse affects of catastrophic losses that had already caused heavy losses of 93.3 million euro in the first quarter of 2005. Hannover expects to incur net loss expenditure of roughly 310 million euro before tax in […]

By Canadian Underwriter | November 10, 2005

2 min read

Claims

Bermuda reinsurers recover $6 billion in capital

After losing nearly US$8.4 billion in after-tax losses during this year’s hurricane season, the Bermuda reinsurance market has already recovered almost US$6 billion in capital, a Moody’s report of 14 Bermuda-based reinsurers has found.”Through Nov. 4, 2005, the 14 companies included in our study have issued nearly $6 billion of equity, debt and hybrid securities […]

By Canadian Underwriter | November 9, 2005

2 min read

Claims

Fitch re-asseses post-hurricane capital requirements

In the wake of a devastating hurricane season, Fitch Ratings is urging the property and casualty industry to better understand its capital requirements and take steps to better mitigate catastrophic risk.In a report to be released, entitled New Thinking on Catastrophe Risk & Capital Requirements, the agency says “a fresh look at capital requirements is […]

By Canadian Underwriter | November 9, 2005

1 min read

Claims

Willis testifies on cleanup risks in New Orleans

Willis Group Holdings Ltd’s (NYSE: WSH) North American construction practice group leader Paul Becker recently testified at a hearing held by the Senate Subcommittee on Superfund and Waste Management on the construction risks inherent in the New Orleans cleanup. Invited as a guest of the chairman of the subcommittee Senator John Thune, Becker spoke of […]

By Canadian Underwriter | November 8, 2005

2 min read

Coastline growth magnifies hurricane damages, conference hears

Damage inflicted by hurricanes will only get worse in the future because of the increasing development and population density along US coastlines, according to speakers at a recent Hurricane Symposium in London, England, held by the Insurance Leadership Institute of GE Insurance Solutions.The size of U.S. hurricane losses will continue “to stagger and astound us” […]

2 min read

What’s New: In brief (November 08, 2005)

Canada’s home, car and business insurers and Ontario Safety League (OSL) are joining forces with the Insurance Bureau of Canada (IBC) to implement a province-wide community-driven program to help motorists get home safely during the holiday season. The vice-president of federal affairs Mark Yakabuski and the president of OSL Brian Patterson will unveil details of […]

1 min read

Alberta committee asked for measures to reduce flood damage

The Alberta government is developing a long-term strategy to reduce flood damage.The province’s transportation department has announced the establishment of a Flood Risk Management Committee. The interdepartmental committee will develop a strategy to better manage and mitigate flood damage. George Groeneveld, MLA for Highwood, will chair the committee, which includes staff from the ministries of […]

2 min read

Ontario DACs to be eliminated March 1, 2006

The Financial Services Commission of Ontario (FSCO) has amended the Statutory Accident Benefits Schedule (SABS) to eliminate the DAC system effective March 1, 2006, subject to transition provisions.The new regulations will continue to require a claimant to obtain an assessment from his or her own health care provider when applying for benefits, FSCO has announced […]

2 min read

Montpelier Re reports US$875.1 million loss in third quarter

Montpelier Re Holdings Ltd. (NYSE – MRH) has reported a net third-quarter loss of US$875.1 million, as well as a net loss of US$691.9 million for the first nine months of 2005.The company says the net impact of natural catastrophes on third quarter financial results will be US$972 million — including US$809 million for Hurricane […]

2 min read

P&C market strong until 2007, despite cat losses

Despite the devastating 2005 hurricane season along with an increasingly competitive market the property-casualty insurance industry is expected to enjoy relatively strong results from 2005 through to 2007, according to Conning Research and Consulting Inc.’s recent report “Property-Casualty Forecast & Analysis by Line of Insurance-Third Quarter 2005.”Conning analyst Clint Harris says Conning’s research indicates that […]

1 min read