Claims
The reinsurance market has regained “a universal, if fragile calm” in 2007, according to a report by reinsurance intermediary Benfield.The report, entitled ‘Global Reinsurance Market Overview: Pick ‘N Mix,’ noted “an acute shortage of catastrophe capacity at U.S. mid-year renewals.” But in the second half of 2006, the report continued, “it was a case of […]
By Canadian Underwriter | January 15, 2007
2 min read
State Farm Insurance reacted with “surprise and concern” when a U.S. court ruled against the firm in a suit launched by a family who lost their home in Hurricane Katrina.U.S. District Court Justice L.T. Senter ruled that in the case of Broussard v. State Farm the company did not present sufficient evidence to prove what […]
By Canadian Underwriter | January 12, 2007
1 min read
Insurers need to address global climate change as they are faced with the growing cost of extreme natural disasters, advised Lord Peter Levene, chairman of Lloyd’s of London.”We cannot risk being in denial on catastrophe trends,” he recently said in a speech to the World Affairs Council. “We urgently need a radical rethink of public […]
Marsh Inc. announced the creation of MaRI (Marsh Risk Innovations), a reinsurance sidecar that will provide additional capacity to the depleted property catastrophe insurance market.Sidecars have gained popularity in the wake of Hurrican Katrina and are essentially financial structures created to allow investors to take on the risk and return of a group of insurance […]
By Canadian Underwriter | January 11, 2007
Insurance companies in Mississippi might in the future be required to provide an outline of coverage that will help policyholders better understand the principal benefits and coverage provided in their policy.The possibility is contained in a new proposed regulation by the Secretary of States’ Office and the Mississippi InsuranceDepartment (MID).Two major components of the proposed […]
Leaders of the U.S. property and casualty insurance industry expect Congress to extend the Terrorism Risk and Insurance Act this year, according to an Insurance Information Institute (I.I.I.) survey.Of the executives polled, 89% are confident that the government will move quickly to extend the law for a significant period or to provide a permanent backstop, […]
The Insurance Information Institute (I.I.I.) estimates U.S. property and casualty insurers boosted by US$55.7 billion its cumulative claims-paying resources in 2006, a number equal to 93% of the US$59.8 billion in expected net income. The US$55.7-billion figure was a near record, second only to the US$62-billion increase in 2003, as insurers worked to recover from […]
By Canadian Underwriter | January 10, 2007
Nearly one out of five customers considers switching insurance companies after experiencing the collision claim process, according to a new U.S. study.J.D. Power and Associates’ 2006 Collision Repair Satisfaction Study found that 7% of customers chose not to file a claim with their insurer after their most recent collision.And while more than 30% of auto […]
A disconnect continues to grow between the power of global risks to cause major systemic disruption and our ability to mitigate them, according to the Global Risks 2007 report released by the World Economic Forum (WEF).The report, published by the WEF, in cooperation with Citigroup, Marsh & McLennan Companies, Swiss Re and the Wharton School […]
Attendant care hourly rates in SABS are fixed by legislation and therefore cannot be changed by means of litigation, the Ontario Court of Appeal confirmed in a recent decision.Siding with the insurer in McEwen v. ING Halifax Insurance Company, the appeal court reversed a decision by a motions judge, who held that a 39-year-old woman […]
By Canadian Underwriter | January 5, 2007
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