Claims
Manitoba Public Insurance has reported a net income of Cdn$64.8 million for 2007 Q1, spurred by a growing vehicle fleet and solid investment income. Earned revenues increased by Cdn$10.5 million over 2006 Q1, due to an increase in number and value of insured vehicles, while investment income was up Cdn$10 million from 2006 Q1 to […]
By Canadian Underwriter | July 19, 2007
1 min read
U.S. property and casualty insurers are expected to pay homeowners and businesses and estimated $2.175 billion [approximately Cdn$2.28 billion] for Q2 property losses resulting from a total of six catastrophes in 25 states, reports the ISO. The ISOs Property Claims Services (PCS) unit estimates the six catastrophes of 2007 Q2 generated 504,000 claims, approximately 71% […]
By Canadian Underwriter | July 12, 2007
The Tropical Storm Risk (TSR) has downgraded the hurricane forecast from 55% above-norm in June to 40% above-norm in July. According to a Benfield news release, the reason for the reduction is that the trade wind speed over the tropical North Atlantic in August-September will be stronger than previously thought. This would suppress hurricane activity […]
By Canadian Underwriter | July 6, 2007
The 2007 Aon Terrorism Threat Map shows that Canadas threat levels have increased from 2006 even though the map shows a weakening of the Islamist terrorist group Al Qaeda, as well as the other groups operating under its umbrella.The global war on terrorism seems to have disrupted the command and control mechanisms of the groups, […]
By Canadian Underwriter | July 3, 2007
If a small dirty bomb were to be detonated near the CN Tower in Toronto, the economic impact would be upwards of Cdn$23.5 billion, according to a federal study led by Defence Research and Development Canada, as reported by Canadian Press. According to CP, this scenario which the news service said would result in radioactivity […]
The cheerful thump of music became louder as Fred Wilson and I walked towards our city’s major league stadium on a warm and sunny Saturday afternoon. My boss Fred, the manager of my insurance company’s downtown branch, threw me a quick smile. “Pretty nice day for a baseball game, eh, Dave?” We flashed our tickets, […]
By Axiom | June 30, 2007
7 min read
Swiss Re has created what it says are the first catastrophe bond indices on the market, A.M. Best has reported, giving the market better information on returns related to risk.Richard Pennay, in the structuring department at Swiss Re Capital Markets, told A.M. Best that Swiss Re had introduced the indices to provide more transparency in […]
By Canadian Underwriter | June 29, 2007
2 min read
There is a distinction to be made between primary, excess and/or umbrella policies when other insurance policies are called upon to respond in situations when primary coverage has been exhausted, the Ontario Court of Appeal ruled recently.In McKenzie v. Dominion of Canada General Insurance Company, a policyholder, Michael McKenzie, was involved in a serious boating […]
By Canadian Underwriter | June 28, 2007
3 min read
Initial estimates by Risk Management Solutions (RMS) suggest insured losses from recent floods that continue to batter the United Kingdom could exceed 500 million [Cdn$1.06 billion]. The rainfall situation, caused by a stationary east coast depression that draws moisture from the North Sea, is similar to the Norwich flood of 1912, an RMS statement says.It […]
B.C. over the past five years has averaged two deaths and 161 injuries in 574 crashes on Canada Day, costing ICBC and customers Cdn$4.4 million in claims costs. Year after year, speeding is the top contributing factor in all fatal collisions, B.C. Solicitor-General John Les said in a release. By simply slowing down, we can […]
By Canadian Underwriter | June 27, 2007
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