Claims
Alberta experienced one of the worst flood seasons on record in the summer of 2005 due to severe weather conditions, according to the Government of Alberta.These unprecedented conditions which saw rainfall ranging from between 50 and 100 mm to more than 400 mm, influenced the Governments decision to create the Southern Alberta Disaster Recovery Program, […]
By Canadian Underwriter | June 1, 2006
1 min read
A 2006 “mega-hurricane” causing damages of more than US$100 billion would likely result in a failure rate of between 3% and 7% of insurers with related catastrophe exposure, according to an A.M. Best report.”A.M. Best’s statistical analysis of two hypothetical mega-hurricanessuggests that anywhere from 20 to 40 insurers, or 3% to 7% of all insurers […]
2 min read
Aon Corporation (NYSE: AOC)’s net income in 2006 Q1 dropped slightly to US$198 million from its 2005 Q1 net income of US$200 million. According to the company, the net income fell as a result of: restructuring charges of US$0.06 per share in 2006 Q1; a 2006 Q1 gain of US$0.07 per share related to a […]
May 31, 2006
The 2006 hurricane season is expected to see 17 named storms forming in the Atlantic basin but, according to Colorado State University’s (CSU) forecast, fewer major hurricanes will make landfall on coastal regions compared to last year. The U.S. Atlantic basin likely will experience another active hurricane CSU says that for the 2006 hurricane season, […]
By Canadian Underwriter | May 31, 2006
3 min read
Risk Management Solutions (RMS) recently launched a new platform for quantifying wind-related risk. Meteorological modeling has been extended to include a comprehensive suite of wind events enabling loss calculations both from large-scale Extra-Tropical winter-storms, such as windstorms Anatol, Lothar and Martin in 1999, as well as from smaller-scale summer thunderstorm events, such as the Birmingham […]
By Canadian Underwriter | May 30, 2006
ING Canada and belairdirect are promoting car seat safety by offering to compensate auto policyholders for any child safety restraint system installed in a vehicle that is involved in an accident, even if the car seat was not damaged on impact.The majority of insurers in Quebec pay out compensation only for child car seats with […]
By Canadian Underwriter | May 26, 2006
Standard & Poor’s Ratings Services affirmed the ‘A’ counterparty credit rating on Bermuda-based reinsurer PartnerRe Ltd. (NYSE: PRE), but changed its outlook on the reinsurer from’stable’ to ‘negative.’According to the ratings agency, “the revised outlook reflects PartnerRe’s operating capital adequacy, which remains below Standard & Poor’s expectations for a ‘AA-‘ rating, at an estimated 121% […]
By Canadian Underwriter | May 25, 2006
The energy insurance market has proven its resilience despite the large losses of 2005, according to the Energy Market Review published by Willis Group Holdings (NYSE:WSH). However, the report notes that with numerous changes and challenges affecting the industry, it is currently unclear whether the market could be as successful if the 2006 storm season […]
By Canadian Underwriter | May 24, 2006
North America’s commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS).The 2005 RIMS Benchmark Survey book provides risk managers objective and actionable insurance market information based on the insurance programs of […]
The United States Attorney for the Southern District of New York has announced the arrest on May 5, 2006, in Canada of Ian Stuart, following the investigation of a massive, $7-million insurance fraud scheme.Stuart, also known as “John Harris” and “John Harrington,” is currently detained in Canada and the United States is pursuing his extradition. […]
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