Claims
BCAA reported more than five-times the normal wind-related claim rate throughout November and December following the string of storms that pummelled the Pacific Northwest.During the two-month period the firm received nearly 600 claims of this nature with an average cost of $5,400.The most commonly reported damage included collapsed fences, roof and shingle damage, trees falling […]
By Canadian Underwriter | January 5, 2007
1 min read
Adoption of and spending on operational risk management will increase substantially in 2007, according to a recent study by AMR Research.The study reveals 46% of firms surveyed plan to implement or evaluate technologies for risk management in the next 12 to 24 months.Risk management’s emergence as a critical practice is due to the business need […]
By Canadian Underwriter | January 4, 2007
2 min read
Ironshore Inc. has raised more than US$1 billion through a private placement of its equity securities, and it will begin underwriting specialty lines of insurance immediately through its Bermuda-based insurance subsidiary, Ironshore Insurance Ltd., the company has announced. “This newly formed global insurance company was created in response to the crisis conditions in the U.S. […]
By Canadian Underwriter | January 3, 2007
The Co-operators is teaming up with the Institute of Catastrophic Loss Reduction anada. (ICLR) in a program that will build peril-proof homes throughout Canada.
By Leonard Sharman, Media Relations Specialist, The Co-operators Group | December 31, 2006
5 min read
Insurance claims have exceeded Cdn$30 million after a fierce Nov. 15 storm that caused a boil-water advisory in the Vancouver area, according to IBC regional officials quoted in the Victoria Times-Colonist. Lindsay Olson, B.C.-Yukon vice-president of IBC, said insurance claims for storm damage had passed the $20-million mark as of Nov. 22. “Right now we’re […]
December 31, 2006
Hurricane activity during the 2006 Atlantic hurricane was weaker than expected because of the rapid development of El Nio, according to scientists at the U.S. National Oceanic and Atmospheric Administration (NOAA). The 2006 Atlantic hurricane season produced near-normal activity with a total of nine named storms – including five hurricanes, two of which became major […]
A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Co-operators General Insurance Company (Co-operators General) (Ontario). A.M. Best has also upgraded the FSR to B++ (Very Good) from B+ (Very Good) and the ICR to “bbb” from “bbb-” for Co-operators General’s wholly […]
By Canadian Underwriter | December 21, 2006
Natural and man-mad catastrophes triggered total economic losses worldwide of approximately US$40 billion and cost property insurers US$15 billion in 2006, according to Swiss Re.The 2006 figure compares favourably to the 2005 amount of US$78 billion for insured loses.Earthquake, cold spells, and windstorms and shipping disasters claimed 30,000 lives.The significantly smaller amount of losses in […]
By Canadian Underwriter | December 20, 2006
The U.S. property and casualty industry’s loss reserve position has improved considerably in the last four years, according to Fitch Ratings.”Reserves for recent hard market accident years were set at more prudent levels, while reserves established during the last soft market that developed deficiently are largely paid and represent an ever smaller percentage of total […]
Insured losses from the Pacific Northwest winter storm in the United States could exceed US$500 million, according to estimates by catastrophe risk modeling company AIR Worldwide Corporation.In Canada, similar winter storms in the area of Vancouver, B.C. have resulted in more than $40 million worth of claims thus far, according to the IBC.In a recent […]
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