Claims
Insurance claims are pushing Cdn$30 million after a 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 looking probably around $30 […]
By Canadian Underwriter | November 24, 2006
2 min read
Despite the “docile” hurricane season in 2006, increased hurricane activity and landfall is likely to continue in 2007 and beyond, according to catastrophe modeler Risk Management Solutions (RMS).RMS is reaffirming its five-year outlook of increased storm risk after presenting a range of statistical models to a panel of seven leading hurricane scientists for review, A.M. […]
By Canadian Underwriter | November 23, 2006
Bermuda-based reinsurers saw their their 2006 net income soar and their combined operating ratios (COR) plummet and after a relatively mild hurricane season, according to a recent report by Fitch Ratings.Fitch noted the Bermuda reinsurers tend to derive most of their premium revenue from U.S.-based risks. Given the sharply lower catastrophe-related losses in the U.S. […]
By Canadian Underwriter | November 21, 2006
1 min read
ICBC has established a special 1-800 phone number for customers submitting vehicle claims resulting from recent storms in B.C. that resulted in boil-water advisories for Vancouver and left hundreds of thousands of area residents without power. ICBC is encouraging customers to call 1-866-566-7199 if their vehicle has been damaged as the result of wind or […]
By Canadian Underwriter | November 20, 2006
Residents of Vancouver, North Shore and Burnaby, B.C., are under a boil-water advisory because recent rainstorms have muddied the Lower Mainland’s water distribution system.”At the recommendation of the Medical Health Officers, the boil water advisory is lifted for all areas except Vancouver, North Shore and Burnaby,” the GVRD medical health department said in a Nov. […]
By Canadian Underwriter | November 17, 2006
Zurich Financial Services Group (Zurich) reports that continued strong operating performances in all business segments generated a record business operating profit and net income for the nine months ending at Sept. 30, 2006.”Our focus on operational excellence continues to generate profitable growth,” remarked Zurich CEO James J. Schiro. “General Insurance’s disciplined portfolio management approach achieved […]
By Canadian Underwriter | November 16, 2006
Global reinsurers in took advantage of relatively mild weather conditions in 2006 to stabilize their balance sheets after a particularly tough 2005 season, a report by Standard & Poor’s observes.The report says reinsurers for the most part took steps to strengthen operational and underwriting results. In addition, they improved their capitalization and financial flexibility through […]
By Canadian Underwriter | November 15, 2006
Canada’s ‘Designed…for safer living program,’ the result of a partnership between the Institute for Catastrophic Loss Reduction (ICLR) and the Canadian insurance industry, has completed Canada’s first safer living home in Prince Edward Island.Funded by The Co-Operators, the home is designed and constructed to withstand wind speeds of 200 km-h. The house is located in […]
By Canadian Underwriter | November 14, 2006
According to a Towers Perrin survey of 75 senior finance and risk management executives in the United States including some from publicly traded companies with revenues greater than US$1 billion 85% of those surveyed think their firms’ emphasis on risk management will increase over the next five years.”Increased regulatory and investor attention, the possibility of […]
By Canadian Underwriter | November 13, 2006
Guy Carpenter & Company, Inc., a global risk and reinsurance specialist, has completed a $US200-million catastrophe bond that represents the industry’s first publicly-rated collateralized debt obligation of natural catastrophe risk.Guy Carpenter, part of the Marsh & McLennan Companies (NYSE: MMC), advised the Catlin Group Limited (LSE: CGL) on the multi-territory, multi-peril catastrophe bond transaction.Perils covered […]
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