Claims
The worlds largest businesses are not prepared for the effects of a looming water shortage, according to research sponsored by the newly-established Marsh Center for Risk Insights.Marsh Inc., a global insurance broker and risk advisor, formed the Marsh Center for Risk Insights as a working forum for experts to identify, debate and tackle critical global […]
By Canadian Underwriter | September 6, 2007
2 min read
Guy Carpenter & Company, LLC, a global risk and reinsurance specialist, has formed a specialized project team to identify a more scientific and practical approach to cargo accumulation modeling.The new team, comprised of experienced analysts from the firms Instrat unit, as well as brokers from its Marine and Energy Specialty department, has also published a […]
In its annual review of the worldwide catastrophe insurance market, Guy Carpenter & Company, LLC researchers noted 2007 reinsurance rates decreased 2%, compared to a 32% increase in 2006.The hurricanes of 2005 had no obvious impact on Canadian markets, however, as many of the reinsurers operating in Canada are branches or subsidiaries of foreign reinsurers […]
By Canadian Underwriter | September 5, 2007
EQUECAT, Inc., a subsidiary of ABSG Consulting Inc. is warning that a category 5 storm with a track through the heart of the Gulf of Mexico U.S. offshore energy platforms could generate producer damage and loss of more than $65 billion [approximately Cdn$68.48 billion]. Property damage alone could exceed $35 billion [Cdn$37 billion] and losses […]
1 min read
To help insurers and other organizations detect vehicle theft, CGI Group, Locator Technologies LLC and National Vehicle Service have announced the creation of a shared database of automobile information for cars in Canada, the US and Mexico, according to a release. The new service would identify potentially stolen or unsafe vehicles that have been transported […]
As Hurricane Felix slammed into Nicaragua and Hurricane Henriette barrels towards Mexico, researchers at Colorado State University (CSU) maintain their prediction of above average activity for the remainder of the hurricane season.<br>Hurricane Felix made landfall with maximum sustained winds of 257 km-h, making it a boderline Category 4 or 5 storm, a release from AIR […]
By Canadian Underwriter | September 4, 2007
The Canadian Hurricane Centre recently told Canadian Press that conditions are right for a turbulent close to the hurricane season.In an online posting, CTV cited a CP interview with Peter Bowyer of the Canadian Hurricane Centre in Dartmouth, N.S. CP cites Bower as saying meteorologists are currently watching unsettled weather off Florida that could spell […]
Insurance companies have reported increased claims frequencies and costs in Newfoundland and Labrador as a result of tropical storm Chantal in late July. The storm blasted the eastern third of the province with high winds and approximately 150 mm of rain earlier this week, washing out roads and causing extensive damage. IBC’s estimates of insured […]
August 31, 2007
Fred Plant assumed the role of president of the Canadian Independent Adjusters Association during the Presidents Dinner at the associations annual general meeting and conference in Winnipeg. Miles Barber, immediate past-president, passed the presidential hat, noting Plant would bring insight and a fresh perspective to the job. Trust Fred, he said.Plant spoke of his enthusiasm […]
By Canadian Underwriter | August 27, 2007
PartnerRe Ltd. (NYSE: PRE) has announced that Partner Reinsurance Europe Limited, a wholly-owned subsidiary of PartnerRe Ltd., based in Dublin, Ireland, will, from Jan.1, 2008, be the principal reinsurance carrier for PartnerRe’s business underwritten in France, Ireland, Switzerland and Canada.Under the new European Union Reinsurance Directive, Partner Reinsurance Europe will be able to operate in […]
By Canadian Underwriter | August 22, 2007
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