Claims
Swiss Re urged for the renewal of the Terrorism Risk Insurance Act (TRIA) during the reinsurer’s 2006 year-end economic forum and 2007 insurance industry review.Swiss Re based its position on the belief that the insurance industry isn’t equipped to deal with terrorism on its own, according to a report on the forum published by MarketWatch.According […]
By Canadian Underwriter | December 12, 2006
1 min read
Insurers should refuse to ‘follow the herd,’ provide the right incentives for underwriters, and invest in risk management tools in order to successfully manage the insurance cycle, according to a report recently released by Lloyd’s of London.The report, Managing the Insurance Cycle, warns that there still exists a considerable amount of uncertainty regarding prices and […]
By Canadian Underwriter | December 8, 2006
2 min read
A return to high hurricane activity in 2007 will likely follow the below-average 2006 hurricane season, according to climate forecaster Tropical Storm Risk (TSR).TSR says a 76% likelihood exists that U.S. land-falling hurricane activity in 2007 will fall among the top one-third of years historically.The study was led by the Benfield UCL Hazard Research Centre […]
By Canadian Underwriter | December 7, 2006
U.K. insurers have improved their risk management practices since 2003, but they still have a lot of work to do, according to the U.K. insurance industry’s regulator, the Financial Services Authority (FSA).The FSA’s most recent report, Insurance Sector Briefing: Risk Management in Insurers, is a study undertaken this year as a follow-up to the FSA’s […]
Canadian and Bermudian insurers are more likely than their U.S. or Asian/Pacific counterparts to deliver quarterly reports on risk to their boards, according to a study by Tillinghast of Towers Perrin.The study is Tillinghast’s fourth biennial survey of risk and capital management practices among insurers worldwide.The 2006 study focuses on a number of issues including […]
By Canadian Underwriter | December 6, 2006
Year 2007 promises to be profitable for the insurance industry, experts at Swiss Re’s recent economic forum predict. “Balance sheets of most non-life insurers are very strong going into 2007 and we expect this to improve in 2007,” said Thomas Hess, chief economist at Swiss Re’s forum.A key to sustaining the profits “will be for […]
By Canadian Underwriter | December 5, 2006
Standard & Poor’s Ratings Services is maintaining its stable outlook on the U.S. commercial lines sector, saying the effects of softening pricing won’t be felt on insurers’ balance sheets until about 2008.A “stable” outlook means S&P’s expects the number of upgrades and downgrades over the next six to 12 months to be fairly balanced, with […]
The current boom in steel demand has triggered steep rises in insurance rates and deductibles in this sector, according to a recent report by Benfield.”The dynamics underpinning this move could also prompt similar action on the mining sector,” the report adds.Benfield’s FAC report notes that as the steel sector strives to maximize output, it is […]
By Canadian Underwriter | December 1, 2006
As the 2006 Atlantic hurricane season comes to a close on Nov. 30, NOAA scientists announced that seasonal activity was lower than expected due to the rapid development of El Nio.The 2006 Atlantic hurricane season produced near-normal activity with a total of nine named storms including five hurricanes, two of which became major hurricanes of […]
By Canadian Underwriter | November 30, 2006
An earthquake measuring 4.1 on the Richter scale sent tremors through the Sudbury region in northern Ontario, but failed to cause any damage.The epicentre of the quake was about five kilometres from the town of Lively, west of Sudbury, the CBC reported. Tim Beadman, director of emergency management for the City of Sudbury, says the […]
By Canadian Underwriter | November 29, 2006
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