Claims
The first half of 2008 will likely bring warmer weather in southern Canada and increased storm activity in the southern United States, Aon’s Annual Global Climate and Catastrophe Report: 2007 says.The period between January and May 2008 will mainly be influenced by the El Nino/Southern Oscillation, which is an anomalous warming or cooling of the […]
By Canadian Underwriter | January 3, 2008
2 min read
Despite the absence of any mega-catastrophes, the global insurance industry had to cope with far higher natural catastrophe losses in 2007 than in 2006, Munich Re has reported on its Web site.”Despite the general absence of extreme events, overall economic losses had reached US$75 billion by the end of December an increase of 50% on […]
1 min read
Go-kart not an “automobile” on private track, court rules A go-kart operated on a private track is not an “automobile” according to the standard Ontario automobile insurance contract, the Ontario Court of Appeal ruled in Adams v. Pineland Amusements Ltd. Denis Potvin was driving a go-kart on a track owned and operated by Pineland Amusements […]
December 31, 2007
4 min read
Phishing attacks in the United States soared in 2007, as US$3.2 billion was lost to these attacks, according to a survey by Gartner, Inc.Phishing is essentially the practice of luring Internet users to a fake Web site through the use of authentic-looking emails with a real organization’s logo in an attempt to steal passwords, financial […]
By Canadian Underwriter | December 19, 2007
Natural and man-made catastrophes led to overall financial losses of US$61 billion across the globe, with property insurers contending with losses totalling US$25 billion, according to preliminary estimates by Swiss Re.Although the insured losses, at US$25 billion, were US$9 billion higher than in the previous year, 2007 is below the long-term trend, a Swiss Re […]
By Canadian Underwriter | December 18, 2007
Agriculture Financial Services Corp. an Alberta crown corporation (with a private-sector board of directors) that provides farmers and agribusinesses with crop insurance and farm income disaster assistance paid out a record of more than 7,200 hail-related claims this year.The Edmonton Journal has reported that a record 89 hailstorms flattened farmers’ fields in the summer, resulting […]
By Canadian Underwriter | December 14, 2007
Underwriters need to beware of seemingly “harmless” business interruption (BI) coverages such as for interdependent and contingent losses, power outages and the financial consequences of prevented access that could accumulate into a big payout should a claim occur, Swiss Re warns.In its report, The Vitzliputzlis of Business Interruption Insurance, Swiss Re says a Vitzliputzlis is […]
Facultative reinsurers are exploring capital markets techniques that could boost their competitive position in hard markets, while at the same time allowing underwriters to reduce excess capital in soft markets, Benfield has written in the 08 edition of The Fac Report.”Structured as financial options, such market-based products in effect enable reinsurers to put down an […]
By Canadian Underwriter | December 13, 2007
Only a small proportion of the 2007 flood losses in the United Kingdom was ceded to reinsurers, while most of the damage losses were absorbed by the direct insurance industry, a Guy Carpenter report says.According to the report, Wrong Type of Rain: Impact and Implications of 2007 UK Floods, two factors determined the allocation of […]
Aon Re Global Fac has launched a reinsurance private clients suite model consisting of facultative insurance professionals in 15 different locations around the world.This approach to global cedants is a component of the Aon Re Global’s Integrated Capital Solutions and Services strategy.”By offering the Private Clients Suite, we can focus on building strategic and consultative […]
By Canadian Underwriter | December 12, 2007
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