A recently released study published by the Institute for Catastrophic Loss Reduction (ICLR) has devised new earthquake zones on which insurers can base coverage rating. The hazard zones, the result of analysis by ICLR’s executive director Paul Kovacs and research manager Robert Sweeting and based on research by EQECAT over the course of 2003, are […]
By Canadian Underwriter | July 7, 2004
1 min read
U.S. life and health insurers posted a 310% jump in net income for 2003, earning US$30 billion versus US$7.3 billion in 2002, according to data from Weiss Ratings Inc. Rebounding equity markets were the major force, with capital losses dropping to US$4.6 billion from US$15.5 billion year-over-year. Capital and surplus rose almost 13% in 2003, […]
By Canadian Underwriter | July 7, 2004
2 min read
With claims continuing to come in from May storms in Ohio, the state’s Insurance Institute (OII) says thus far insurers have reported losses of US$167 million.About 60% of the 44,000 claims filed so far are for homeowners’ losses from the storms, which hit various regions in the last two weeks of May. Among the predominant […]
By Canadian Underwriter | July 6, 2004
1 min read
The U.K. Financial Services Authority (FSA) has published its rules for the capital requirements on non-life insurers and reinsurers, as well as with-profits funds for life insurers. The rules, first proposed last July, apply risk-based criteria to solvency requirements. Part of the impetus comes from the high-profile failure of London market underwriters, and the regulators […]
By Canadian Underwriter | July 5, 2004
2 min read
President George W. Bush has signed into law the reauthorization of the U.S. National Flood Insurance Program (NFIP). The program will now run through 2008, with insurers saying they can now ensure flood coverage is available and affordable by spreading the risk across the country. About 95% of flood insurance is written through the NFIP. […]
By Canadian Underwriter | July 4, 2004
1 min read
Catastrophe-related insured losses for the second quarter of this year will tally about US$1.65 billion, according to claims data collected by the Insurance Services Office (ISO). The insured cat loss for the second quarter of this year shows a marked reduction on the US$5.1 billion loss insurers incurred for the same period in 2003, and […]
June 30, 2004
1 min read
While it may read as the ingredients for Armageddon, the Institute for Catastrophic Loss Reduction’s (ICLR) research agenda for the coming year encompasses a host of natural perils ranging from last year’s blackout to water and disasters to drought and winter windstorms. The agenda was set at the ICLR’s annual general meeting (AGM), which was […]
June 30, 2004
2 min read
Fairfax’s Crum & Forster Holdings has named Nikolas Antonopoulos as chair of the board of its insurance operating subsidiaries. He was also recently named CEO of these operations, succeeding Bruce Esselborn, who has retired. Taking over Antonopoulos’ former role as president is Joseph Braunstein. Prem Watsa remains chair of Crum & Forster Holdings. The National […]
By Canadian Underwriter | June 28, 2004
2 min read
Manitoba Public Insurance (MPI) has honored seven grade seven and eight students for projects on auto theft including stories, a video, a poster and a comic strip. “The typical auto thief will steal his or her first car at 13,” not Barry Ward, executive director of the National Committee to Reduce Auto Theft. “Young people […]
By Canadian Underwriter | June 23, 2004
2 min read
Hailstorms which swept through the Denver area in early June should cost insurers more than US$145 million, predicts the Rocky Mountain Insurance Information Association (RMIIA).The storms struck June 8-9, bringing hail and severe weather to the state, including a tornado touching down in Sterling, Colorado. RMIIA says 48,000 claims for damage to vehicles and house […]
By Canadian Underwriter | June 22, 2004
1 min read