Claims
Losses of US$1 billion and higher from single tornado events are becoming more frequent, approaching hurricane damage losses, A.M. Best warns in a special report.Already in 2008, insured losses from severe weather systems have surpassed US$1 billion about US$850 million stemming from the tornado outbreak in the U.S. mid-South on Feb. 5 and Feb. 6, […]
By Canadian Underwriter | April 11, 2008
2 min read
Researchers at Colorado State University are predicting an above-average probability of a major hurricane landfall in the United States in 2008.Philip Klotzbach and William Gray, researchers in the university’s department of atmospheric science, foresee a “well-above-average Atlantic basin tropical cyclone season” in their 2008 extended forecast.The team predicts 15 named storms in 2008, increasing from […]
By Canadian Underwriter | April 10, 2008
1 min read
Climate change is presenting particular challenges to countries with emerging market economies especially as the take-up of insurance in these areas increases, according to an article published by Munich Re.”Climate change presents a particular challenge to fast-growing emerging countries like India”, says Torsten Jeworrek of Munich Re’s board of management. “In conjunction with greater prosperity […]
Litigation surrounding subprime exposure will result in D&O liability and E&O insurance claims estimated at between US$3 billion and US$4 billion and possibly as high as US$9 billion, Fitch Ratings reports.Insurers’ potential losses could be substantially higher if credit issues spread to sectors not directly tied to the subprime mortgage market, or if market conditions […]
The Office of the Superintendent of Financial Institutions (OSFI) says enhanced identification of emerging risks is Priority 1 for the next three years.The regulator intends to improve its ability to identify emerging risks through more inter-sector communication, more focus on market information, and more comparative reviews (e.g. stress testing, liquidity management, securitization and valuation practices), […]
By Canadian Underwriter | April 7, 2008
Extrapolating 2007 financial trends forward three years presents two grim scenarios, especially one in which a major catastrophe strikes.Jane Voll, Insurance Bureau of Canada’s chief economist and VP policy, presented two scenarios to people attending Swiss Re’s Canadian Insurance Outlook breakfast, one of which included a major, Cdn$1.5-billion catastrophe. The first scenario assumes a catastrophe-free […]
By Canadian Underwriter | April 4, 2008
The European Commission’s Solvency II Directive is expected to increase substantially regulatory capital requirements for most European insurers, although no extra capital is likely to be required for the market as a whole.A.M. Best’s review of Solvency II’s implications found that under the new regime, slated to take effect in 2012, insurers will have a […]
By Canadian Underwriter | April 3, 2008
Independent Financial Brokers of Canada (IFB) is providing corporate errors and omissions coverage for life insurance agencies. The coverage, underwritten by Echelon General Insurance Company, is being offered as a solution for those caught in the gap between regulatory requirement and fiscal reality, the IFB reports in a release. “As was noted in a Notice […]
Insurance Bureau of Canada (IBC) has issued warnings to Ontario and Atlantic policyholders of overland flooding due to spring thaw. IBC stresses preventative actions, because overland flooding is not covered by home insurance policies. Sewer back-up coverage is usually available as an add-on to policies, an IBC release says. Damages due to a roof collapse […]
By Canadian Underwriter | April 2, 2008
The Chubb Group of Insurance Companies has placed a US$200-million catastrophe bond providing multi-year reinsurance protection against hurricanes, earthquakes, thunderstorms, winter storms, wildfires and other perils in both the United States and Canada.The risk period on the bonds ends Mar. 31, 2011. Known as East Lane II Ltd., the bond provides Chubb companies, including the […]
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