Claims
Property and casualty companies enjoyed 20% or more returns on equity in 2006, but even a minor change in the economic environment can lower these numbers, Canadas acting financial superintendent told attendees of the 2007 Property and Casualty Insurance Industry Forum in Cambridge, Ontario. Julie Dickson, acting superintendent of the Office of the Superintendent of […]
By Canadian Underwriter | May 28, 2007
1 min read
The Office of the Superintendent of Financial Institutions (OSFI) in 2007 is preparing to move to International Financial Reporting Standards (IFRS).[OSFI] will soon begin to determine the implications for Canadian financial institutions and supervisors, Julie Dickson, OSFIs acting superintendent, told the House of Commons Standing Committee on Finance on May 27, 2007.This will include developing […]
New, polluter-pay environmental legislation in the European Union is based on a new liability regime under public law and will create unprecedented loss complexes for which claims experience is not yet available, according to a recent report by Swiss Re.It is important for the insurance industry to assess the exposure inherent in these new scenarios.The […]
By Canadian Underwriter | May 25, 2007
2 min read
Sharing risk knowledge, forming public-private partnerships, using information technology and partnering for distribution and consumer education are all means insurers can use to implement a campaign of proactive engagement in sustainable insurance, according to a report released by the Insurance Working Group of the United Nations Environment Programme Finance Initiative. A robust insurance industry provides […]
The calm 2006 storm season showered benefits on Bermuda insurers, but A.M. Best is warning that last years strong performance has set the stage for increased pressure on rates as a whole.In its 2007 Special Report: Bermuda 12-Month Financial Review, A.M. Best reported a 2006 combined ratio of 83.7, compared with a catastrophic combined ratio […]
In an attempt to better prepare all countries in the case of an influenza pandemic, the World Health Organization (WHO) has reached an agreement that encourages international cooperation to ensure equal access to H5N1 vaccines and other pandemic vaccines. The World Health Assembly (WHA) wrapped up its sixtieth session yesterday, after adopting the resolution, Sharing […]
By Canadian Underwriter | May 24, 2007
SCOR Reinsurance has served notice that it intends to take to arbitration a recent US$2-billion settlement that was designed to bring an end to the six-year legal battle between seven insurers and the leaseholder of the World Trade Centre over the value of the insurance policies covering the centre.New York Governor Eliot Spitzer and Insurance […]
Risk Management Solutions (RMS) has designed a trigger mechanism and performed the risk analysis for a Swiss Re securitization of typhoon risk in Japan. A Cayman Islands special purpose vehicle, Akibare Ltd. has provided collateralized coverage of $120 million over five years for Mitsui Sumitomo Insurance Co. Ltd. We believe that this transaction illustrates how […]
By Canadian Underwriter | May 22, 2007
There is a 75% chance the 2007 hurricane season will be above normal, according to the NOAA [National Oceanic & Atmospheric Administration].An average season is one in which there are 11 storms, six of which become hurricanes and two of which become major [Category 3-5] hurricanes. For the 2007 Atlantic hurricane season, scientists predict 13 […]
Traditional or legacy reinsurers, those who have been in the business a long time, are confronting a recent sea change in reinsurance philosophy, according to the senior vice president and chief agent in Canada for the Toa Reinsurance Company of America, David Wilmot.I see a perfect storm, in which the industry, relying as it is […]
By Canadian Underwriter | May 17, 2007
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