Claims
Aviva is one of the corporate donors that is funding international aid agency Oxfam’s initial response operations, which will enable it to deal immediately with disasters whenever and wherever they occur.This includes a global rapid response team of aid workers and the UK’s biggest warehouse with a stockpile of emergency supplies, according to Aviva.According to […]
By Canadian Underwriter | September 20, 2006
1 min read
Max Re Capital Ltd.’s subsidiary, Max Re, has launched an aviaition insurance unit.The aviaition unit, which will be based in the Company’s Dublin office, will be led by senior vice-president Olivier Marre. Previousy Marre the was general manager of underwriting, accounting and claims of Paris-based insurer La Reunion Aerienne.Max Re’s aviation unit will offer aviation […]
Lloyd’s of London recently commemorated Sept. 11, 2001, noting how the event changed the entire face of the insurance industry.Benfield chief executive Grahame Chilton noted the effects of 9-11 on the insurance industry during Rendez-Vous, an event that marks the beginning of the annual negotiation process prior to renewals agreed. “You cannot forget the tragic […]
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Over the next 15 years, risk managers may be looking more towards credit financing as a means to backstop major catastrophes, rather than relying on more traditional forms of insurance or reinsurance, a panelist told participants at the 2006 RIMS Canada conference in Calgary. Felix Kloman of Risk Management Reports observed at the conference that […]
Companies attempting to optimize their reinsurance programs are turning to reinsurance modeling more and more, A.M. Best reports.The ratings agency notes Raju Bohra, a senior vice president at Willis Re Inc., made the observation at the 111th National Association of Mutual Insurance Companies convention in Tampa, Florida.A.M. Best reports Bohra as saying that “reinsurance optimization […]
By Canadian Underwriter | September 19, 2006
ICBC has obtained a conviction in B.C.’s provincial court for a fraud scheme in which a claimant produced fraudulent tax returns to support the receipt of exaggerated payments for lost wages following a car accident.Alen Melki of Burnaby, B.C. was charged and convicted through trial of two counts of uttering forged documents, an offence under […]
By Canadian Underwriter | September 14, 2006
Critics may dismiss the dangers of global warming, but increasing sea temperatures are nonetheless linked to more intense Atlantic hurricanes, according to the 2006 edition of the annual publication, the Hazard & Risk Science Review.Researched and edited by Professor Bill McGuire, director of the Benfield UCL Hazard Research Centre (BUHRC), and jointly sponsored by Benfield […]
By Canadian Underwriter | September 13, 2006
The hurricane forecast for 2006 has been revised from Tropical Storm Risk’s original prediction of above-average activity to slightly below-normal activity.The London-based group of insurance, risk management and seasonal climate experts, led by the Benfield centre, say the new forecast indicates hurricane activity will be 10% below what has been the norm from 1950-2005. This […]
By Canadian Underwriter | September 12, 2006
The capacity shortage in retrocessional property catastrophe reinsurance protection has “materially disrupted” the property and catastrophe insurance industry, according to an article recently published by Standard & Poor’s Ratings Services. The article “Responding To The Retrocessional Squeeze” reports that the estimated US$80 billion-$90 billion in losses resulting from the 2005 hurricane season has thrown the […]
By Canadian Underwriter | September 11, 2006
Supply shortages, low catastrophe losses and buoyant investment income resulted in record first-half profits of US$4.5 billion for Bermuda’s reinsurers, according to the latest Benfield Bermuda Quarterly report.Modest catastrophe losses held the average combined ratio to 89.2%, little changed from the 89.3% for the first six months of 2005, Benfield said.”Reserve strengthening of over US […]
By Canadian Underwriter | September 8, 2006
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