Claims
The catastrophe models in 2007 have updated their demand surge assumptions and industry exposure levels, resulting in an increase in estimated average annual losses, according to Fitch Ratings Hurricane Season 2007: A Desk Reference for Insurance Investors.Because catastrophe losses fell dramatically in 2006 from the previous two record-setting years, changes to the major hurricane models […]
By Canadian Underwriter | June 15, 2007
2 min read
Storms and flash floods in Alberta on June 5 are expected to exceed Cdn42 million in insured damages, according to the Insurance Bureau of Canada (IBC).In Calgary alone, there have been 3,094 insurance claims so far as a result of the storms, and insurers expect to pay [Cdn]$42 million to cover these claims,” said Jim […]
By Canadian Underwriter | June 13, 2007
1 min read
Risk Management Solutions Inc. (RMS) has predicted above-average activity during the 2007 tropical storm season, due to the dissipation of last years El Nino condition and a potential El Nina event on the horizon. Authors of the white paper 2007 Hurricane Season Outlook note that all major forecasting groups, including Tropical Storm Risks (TSR), the […]
By Canadian Underwriter | June 12, 2007
The Canadian government has failed to follow the global trend of becoming more involved in mitigating the risk exposure of insurance and reinsurance companies, according to a Guy Carpenter & Company, LLC report. While a number of countries have developed explicit schemes or terror pools that address the risks of terrorism, Canada has not implemented […]
By Canadian Underwriter | June 11, 2007
The rapid increase of insider-related security breaches and of stolen computer equipment and data storage devices has unnerved the Canadian business community, creating a greater demand for data loss liability coverage products, says Aon Financial Services Group Canadian Advisory.Under lock and key: risk transfer solutions to limit liability for security and privacy data breaches explains […]
By Canadian Underwriter | June 8, 2007
The heads of some of Canadas financial institutions have signed a letter to the G8 that warns unless action against climate change is taken immediately, by 2040 the world could experience annual economic losses as high as US$1 trillion.In the United Nations Environment Programme declaration, the executives committed to advancing knowledge and understanding of both […]
Canadian wholesale broker Ian Stuart-Smith has pled guilty to a felony wire fraud charge and now faces a maximum of 20 years in jail and a maximum fine of US$250,000 or twice the gross gain or loss resulting from the crime. Stuart-Smith (who has gone by many aliases according to New York authorities, including Ian […]
By Canadian Underwriter | June 7, 2007
There is a steady rise in insurance payrolls in the United States, according to an A.M. Best report, and there is some debate as to whether the expanding populations property and casualty claims in the wake of 2004-05 hurricanes might be related to the industrys employment increase.A slew of hard storm seasons, new market expansions […]
By Canadian Underwriter | June 6, 2007
AIR Worldwide has updated its United States hurricane model to include an enhanced methodology for estimating business interruption (BI) losses.In the aftermath of the 2004 and 2005 hurricane seasons, which devastated wide swaths of the Gulf Coast and put countless businesses on hold for months or longer, AIR undertook an intensive research and development effort […]
By Canadian Underwriter | June 5, 2007
A 62-year-old orthopedic surgeon in Windsor, Ontario has been awarded Cdn$844,450 in damages including Cdn$714,000 based on a presumed future loss of income between the ages of 65 and 70 for injuries he sustained after being thrown from his bicycle when he ran over a raised catch basin.Dr. Robert Yovanovich, 56 at the time of […]
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