Claims
Insured losses from Winter Storm Kyrill may be between US$5.2 billion – US$10.4 billion, estimates AIR Corporation Worldwide in a press release. The storm struck Europe with hurricane-force winds over the course of two days, causing significant travel and power disruptions, flooding, and building damage over a large part of Europe including the United Kingdom, […]
By Canadian Underwriter | January 22, 2007
2 min read
Swiss Re advocates the establishment of an independent agency to aggregate European claims data and provide the insurance industry with an efficient market loss index for natural catastrophe risks, according to a recent report. This industry-wide effort will facilitate the further expansion of the insurance-linked securities (ILS) market in Europe and improve the transparency of […]
1 min read
Human-generated greenhouse gasses are a factor in the increasing frequency, intensity and duration of hurricanes in the Atlantic, according to a paper presented at an October 2006 RMS hurricane symposium.The paper, “Principal Drivers of Multi-Year Hurricane Activity,” was presented by MIT resercher Kerry Emanuel at the Proceedings of the 2006 RMS Hurricane Eyewall Symposium in […]
By Canadian Underwriter | January 18, 2007
The overall level of global political risk decreased in 2006, but the magnitude and complexity of risks faced by companies around the world is increasing, according to AON’s Political & Economic Risk Map.Of the 214 countries surveyed, 15 countries pose less of a risk in 2007 compared to 2006, marking the first decrease in the […]
Hannover Re is once again drawing on the capital market to obtain underwriting capacity for catastrophe risks, boosting the volume of last year’s “K5″ risk securitisation to US$520 million.The reinsurer’s latest transaction was placed with institutional investors in North America, Europe and Japan.Both new and existing investors provided the capital, which has been increased by […]
By Canadian Underwriter | January 17, 2007
Aviva has announced its commitment to carbon neutralize its operations on a worldwide basis, according to a press release.Allan Griffiths, CEO of Aviva Australia, said the announcement provides an important endorsement of Aviva Australia’s ongoing program of sustainable business practices including limiting its impact on the environment.The company is planning to compensate for the carbon […]
Gore Mutual Insurance Company has donated Cdn$1 million to their charitable Foundation.This is the third year in a row the company has made a Cdn$1-million contribution to the Gore Mutual Foundation.The Foundation was established to support worthwhile causes in the communities where Gore Mutual’s brokers and policyholders live. The Foundation works closely with local independent […]
U.S. catastrophes and insured losses cost the U.S. property and casualty industry an estimated US$8.8 billion in 2006, according to ISO’s property claims services unit.That’s a far cry from the estimated damage losses of US$61.9 billion the unit recorded after the busy hurricane season in 2005. Still, the frequency of catastrophes is rising, ISO added.In […]
By Canadian Underwriter | January 16, 2007
Swiss Re has transferred US$705 million of extreme mortality risk to the capital markets through its Vita Capital securitization program, according to a press release. This is Swiss Re’s third mortality catastrophe bond that has been issued privately to institutional investors. Part of the issuance will be used to replace cover provided by Swiss Re’s […]
After a noticeable absence from its usual media spotlight, bird flu or the H5N1 virus has been rearing its ugly head with reports of outbreaks across Asia in recent weeks.And according to Aon’s second white paper on the subject, entitled “Pandemic Influenza: Exploding the myths”, businesses are becoming complacent to the risk of a possible […]
By Canadian Underwriter | January 15, 2007
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