Claims
Hurricanes and earthquakes have the potential to cause insured losses in excess of US$150 billion and total economic losses approaching US$500 billion, AIR Worldwide president and CEO Karen Clark told Members of Congress and their senior staff.The warning was revealed at a seminar titled “Insuring and Mitigating Risks of Large-Scale Disasters: Is Federal Disaster Insurance […]
By Canadian Underwriter | June 13, 2006
1 min read
XN Holdings, Inc., parent company of XN Financial Services, XN Risk Insurance Services and XN Private Client Services, has launched XN Private Client Services on the Web at www.xn.com/pcs.First launched in 2005, XN Private Client Services is a managing general agent and leading online provider of insurance and financial products for high net worth international […]
3 min read
ICBC has filed a civil lawsuit in B.C. Supreme Court, seeking to recover more than CD$377,000 from 24 people alleged to be involved in conspiracies to defraud ICBC.In a press release, ICBC says “it is suspected the claimants intentionally caused motor vehicle collisions and then made fraudulent claims to ICBC for compensation.”ICBC is seeking to […]
By Canadian Underwriter | June 12, 2006
2 min read
The U.S. National Hurricane Center has issued a hurricane warning for Gulf Coast residents of Florida, as Tropical Storm Alberto moves toward the northeast gulf of the Mexican Coast.Alberto is the first named storm of what is anticipated to be an active 2006 hurricane season.”A hurricane warning is in effect for the Gulf Coast of […]
Insurance Bureau of Canada (IBC)’s ‘Be Smart. Be Safe.’ campaign is urging parents to make sure their children wear an approved helmet anytime they are participating in wheeled activities such as cycling, skateboarding, in-line skating or riding a scooter.”Every year, more than 500 Canadian children are hospitalized for head injuries from bicycle crashes,” according to […]
By Canadian Underwriter | June 9, 2006
If you think stealing a car is a small-time crime motivated by the need for thrill-seeking or a quick buck, it’s time for a reality check, according to the Insurance Bureau of Canada (IBC).”Today, auto theft is big business,” the IBC says in a press release issued at the opening of a two-day summit meeting […]
By Canadian Underwriter | June 8, 2006
Tropical Storm Risk (TSR) anticipates Atlantic basin and U.S. landfall hurricane activity will be 40% above the long-term (1950-2005) norm in 2006.The TSR prediction includes: A 74% probability of an above-normal Atlantic hurricane season, a 22% probability of a near-normal season and only a 4% chance of a below-normal season. An expectation of 14 tropical […]
Standard & Poor’s Ratings Services is enhancing its process for evaluating the terrorism exposure of interactively rated insurers and reinsurers. The updated process, S &P’s says, is partly a response to the increased insurance retentions under the two-year extension of the Terrorism Risk Insurance Act of 2002. The ratings agency says the enhancement will also […]
In response to increasing frequency and severity of natural catastrophes, Swiss Reinsurance Co. recently placed a natural catastrophe bond program, which will provide the Company with US$950 million of protection for North Atlantic hurricane, European windstorm, Californian earthquake and Japanese earthquake risks.The bond program, which is called “Successor,” will allow Swiss Re’s investors to choose […]
By Canadian Underwriter | June 7, 2006
Risk Management Solutions (RMS), a provider of products and services for the management of natural hazard risk, has updated its U.S. and Canada earthquake models to reflect phenomena such as demand surge and claims adjustment and inflation. The earthquake model update features third-generation modeling capabilities throughout the region and incorporates perspectives on loss amplification gained […]
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