With no clear indication that the U.S. Congress will extend the Terrorism Risk Insurance Act (TRIA) beyond its December 31, 2005 sunset, the insurance industry is already seeing the potential impact of TRIA’s non-renewal, says a new report by Standard & Poor’s.The rating agency says workers’ compensation (WC) carriers could be hardest hit if the […]
By Canadian Underwriter | February 3, 2005
1 min read
As the day draws near for Florida’s insurers to request a rate increase following last year’s record hurricanes, Standard & Poor’s expects an average 10% increase may be in the offing.S&P’s Robert McNatt says insurers are in far better shape following this hurricane season which produced four major hurricanes and as much as US$27 billion […]
By Canadian Underwriter | February 2, 2005
2 min read
Lloyd’s of London has estimated its losses from the South Asian tsunami at GBP100 million, net of reinsurance. “A significant proportion of these losses will be within businesses’ planning assumptions for expected catastrophe loss costs,” notes a Lloyd’s statement. While the U.S. Federal Reserve Bank was true to course in rising the target funds rates […]
By Canadian Underwriter | February 2, 2005
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Following reassessment of its purchase of Vista, Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has restated its half-year earnings for the period ending June 30, 2004. The company announced last November revised figures for the first quarter of 2004, after it determined the fair value of vendor debt issued on the Vista acquisition was […]
January 31, 2005
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Insured losses from the December 26, 2004 Asian tsunami have been estimated at less than US$4 billion by U.S. risk modeling firm Risk Management Solutions (RMS).The majority of claims will be for property damage, including homes, vehicles, boats and ships, commercial factories, hotels and resorts. This will probably comprise US$2.5-$3 billion of the total loss […]
By Canadian Underwriter | January 31, 2005
1 min read
St. Paul Travelers has added US$868 million to its prior year loss reserves. The newly combined companies completed an internal review which resulted in a reserve charge of US$922 million for adverse development on prior year asbestos losses, and US$84 million for environmental. However, this was offset by US$140 million in favorable prior year development […]
By Canadian Underwriter | January 31, 2005
2 min read
CGI and Insurance Search Bureau (ISB) have signed an agreement wherein CGI information products will be exclusively distributed to the p&c claims industry by ISB. ISB president Michael Damm says, “the fact that the information required in handling of a claim is available through a single source brings efficiency and cost savings to the claims […]
By Canadian Underwriter | January 27, 2005
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The shutdown of Calgary, Alberta-based Suncor Energy Inc. following a fire earlier this month, could produce a significant insurance bill as the company announces it will not be back to full production until the third quarter of this year.Suncor is part of OIL Mutual Insurance and sEnergy, insurance companies created by the energy industry. The […]
By Canadian Underwriter | January 25, 2005
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In the wake of the December 26th Asian tsunami disaster, insurers have a role to play in providing financial protection in developing countries, says Swiss Re. In a new report on the tsunami and its consequences, the reinsurer notes that two lessons can be learned: that steps can be taken to mitigate the impact of […]
By Canadian Underwriter | January 25, 2005
2 min read
The damage caused by Hurricane Ivan’s assault on off-shore oil producers halted expected reinsurance rate softening in the energy sectors, according to a new report by reinsurance broker Guy Carpenter & Co.In its “Marine & Energy Reinsurance Review Report 2005”, Guy Carpenter says losses to the offshore energy sector as a result of Hurricane Ivan, […]
By Canadian Underwriter | January 24, 2005
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