Claims
The benign 2006 storm season bodes well for investors in catastrophe-focused carriers and in alternative risk-transfer vehicles, according to a recent Moody’s Investors Service report.Entitled “Current Trends in Insurance Catastrophe Risk Management,” the report says the reduced storm activity could also signal softening market conditions for peak catastrophe zones at some time in 2007.Nevertheless, Moody’s […]
By Canadian Underwriter | January 31, 2007
2 min read
The Chubb Corporation [NYSE: CB] has reported a 2006 Q4 profit of US$654 million, compared to a 2005 Q4 net income of US$615 million.”Our continuing focus on underwriting discipline enabled Chubb to achieve the best quarter in our history,” said Chubb chairman, president and CEO John D. Finnegan. “The fourth quarter capped an outstanding year, […]
1 min read
Insurers and reinsurers can expect a worse hurricane season in 2007 than in 2006, and should set their rates accordingly, Omega Insurance Holdings CEO Philip H. Cook predicted at the CIP Society-Toronto Chapter’s PROedge Industry Trends Breakfast Series in Toronto.In his annual speech, Cook identifies industry trends, reviews his predictions from the previous year, and […]
By Canadian Underwriter | January 30, 2007
Co-operators General Insurance Company is among 32 global insurance companies listed among Standard & Poor’s most recent index of 398 global companies in line for potential bond upgrades.”Financials [i.e. including insurers] maintained their preeminent position among sectors most likely to benefit from upgrades (in line with previous months) and displayed a high percentage of issuers […]
By Canadian Underwriter | January 29, 2007
Researchers at the University of New Hampshire (UNH) unveiled a tool that calculates the risks of a cyber attack.To determine the overall threat level, analysts enter data for a particular organization or country into the UNH Cyber Threat Calculator, explains a UNH press release.The calculator assigns a value to variables that assess the actor’s intent […]
Hannover Re says it expects losses in the range of EUR120-180 million (Cdn$180-275 million) from winter storm Kyrill.Many of the losses come from claims originating in Germany, the company reported in a press release.Winter storm Kyrill swept across large parts of Europe on Jan. 18-19, 2007, causing insured losses in the order of EUR4 to […]
The World Economic Forum (WEF) has announced the formation of a new consortium, the Climate Disclosure Standards Board (CDSB), that will develop the framework for climate risk-related reporting by corporations. The focus will be on the disclosure of the following key climate issues in company annual reports: total emissions; assessment of the physical risks of […]
By Canadian Underwriter | January 26, 2007
Kernaghan Adjusters has been forced to double its staff on Vancouver Island in order to keep pace with the claims generated by the recent string of storms that battered the region.Since the first of November, Kernaghan has doubled its staff on the Island and opened an office in Campbell River, a press release says. Additionally, […]
By Canadian Underwriter | January 25, 2007
State Farm will participate in a court supervised resolution process to reconsider and fully resolve claims from Hurricane Katrina in three Mississippi coastal counties, according to a press release.The process is part of an agreement reached through the settlement of a class action lawsuit against the insurer by families who believe their damage claims were […]
By Canadian Underwriter | January 24, 2007
Rates for catastrophe-prone areas in the U.S. will remain elevated, despite the limited catastrophe losses in 2006, reflecting conservative pricing, reduced capacity for certain segments and higher reinsurance costs, says A.M. Best’s 2007 Property/Casualty Review/Preview.A soft market prevailed in most other lines and segments, A.M. Best reports, with a gradual release of the tight knot […]
By Canadian Underwriter | January 22, 2007
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