Just as the U.S. Treasury Dept. confirms it will extend the Terrorism Risk Insurance Act (TRIA) to the end of 2005 at least, a new study shows insurance buyers are increasing purchasing the coverage.On Friday, Treasury Secretary John Snow confirmed the “make available” portion of TRIA would be in place until the end of 2005, […]
By Canadian Underwriter | June 20, 2004
2 min read
A.M. Best has affirmed the “A++” (superior) financial strength rating of General Re Group, as well as the “a++” senior debt rating of parent General Re Corp. All ratings have a stable outlook. The rating agency says the rating reflects the support of parent Berkshire Hathaway Inc., and the company’s strong earnings capability. Insurers dodged […]
By Canadian Underwriter | June 16, 2004
1 min read
Converium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide. The deal follows another recently marketed by Swiss Re Captial Markets to cover an undisclosed […]
By Canadian Underwriter | June 15, 2004
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U.S.-style litigation against long-haul trucking companies is “creeping into Canada”, says lawyer Paul Iacono of York Street Dispute Resolution Group. Iacono made the comments as part of a seminar on transportation litigation sponsored by Kingsway General Insurance Co. in Mississauga Tuesday.There is a five to ten year lag time for U.S. litigation trends to make […]
By Canadian Underwriter | June 15, 2004
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The Insurance Bureau of Canada (IBC) is getting the word out to New Brunswickers that losses from forest fires in the province should be covered by their insurance policies.A forest fire Monday scorched 125 acres near Lower Coverdale, just outside of Moncton, but losses under homeowners and business property policies should pay for damages, says […]
By Canadian Underwriter | June 15, 2004
1 min read
A new article by Standard & Poor’s addresses the issue of silica exposure and its potential impact on insurers. “The parallels to asbestos are of concern to us,” says S&P credit analyst John Iten. He expects silica litigation growth could mirror that of asbestos in terms of its far-reaching scope and tail, noting that the […]
By Canadian Underwriter | June 14, 2004
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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 out at the ICLR’s agm in Toronto Friday by outgoing […]
By Canadian Underwriter | June 13, 2004
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With the introduction of provincial privacy legislation in Alberta, adjusters in that province are reconciling these requirements with the federal privacy act.The Personal Information Protection Act (PIPA) has been deemed to be substantively similar to the federal Personal Information Protection and Electronic Documents Act (PIPEDA), thus clearing the way for the provincial legislation to supercede […]
By Canadian Underwriter | June 13, 2004
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Storms the first week of June in Texas are expected to cost insurers US$75-100 million, according to the Southwestern Insurance Information Service (SIIS).During the first two days of June, winds of 90 miles per hour ripped through the Texas, as well as parts of Louisiana, Arkansas and Oklahoma. More than 500,000 were left without power, […]
By Canadian Underwriter | June 8, 2004
1 min read
Despite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance Forum in Bermuda yesterday.”Past prediction declaring the cyclical nature of our business has gone away […]
By Canadian Underwriter | June 8, 2004
2 min read