Claims

AIG adopts climate change policy

AIG recently unveiled a new policy that will manage the risks and capture the business opportunities posed by climate change, making it the first U.S.-based insurance company to adopt such a product.The national coalition of investors and environmental groups Ceres says AIG’s new policy is in line its goal to incite improvement in insurance industry […]

By Canadian Underwriter | May 17, 2006

2 min read

Claims

Look both ways for reinsurance side-cars (May 17, 2006)

Reinsurance “side-cars” special-purpose reinsurers are likely to become increasingly important to the business strategy of insurers and reinsurers, according to a recent Moody’s report.In its report, Reinsurance Side-Cars: Going Along for the Ride, Moody’s notes reinsurance side-cars are “a recent innovation in the catastrophe-battered insurance and reinsurance industries, whose managements are seeking solutions to stabilize […]

By Canadian Underwriter | May 17, 2006

2 min read

Claims

New service to cover segment of Total-loss claims

Armada Data Corporation (TSX:ARD) recently launched “Actual Cash Value Replacement Vehicle Service,” which will facilitate insurance companies settling total-loss claims for vehicles of any age that are not covered by a “Waiver of depreciation” endorsement. The new service is meant to complement Armada’s existing 43r.ca service “New Vehicle Replacement Value Service.” This original service facilitates […]

By Canadian Underwriter | May 15, 2006

1 min read

Claims

U.S. property/casualty industry records net profit in 2005

Thanks largely to solid investment returns and strong underwriting results, the U.S. property and casualty industry was able to absorb record-high catastrophe losses and report an overall operating profit in 2005, A.M. Best reports. The U.S. property and casualty industry’s 2005 net income after taxes improved to US$48.4 billion, a 20% increase from 2004 year-end […]

By Canadian Underwriter | May 15, 2006

2 min read

RBCI gets ‘A’ rating (May 11, 2006)

Royal Bank of Canada Insurance Company Ltd. (RBCI) has received a financial strength rating of A (Excellent) and the issuer credit rating of “a+” from A.M. Best Co.The rating’s agency reports that these ratings, which have stable outlooks, reflect RBCI’s capitalization, as well as its underwriting and operating performance. A.M. Best also notes that RBCI […]

2 min read

Flu pandemic little threat P&C insurers

The property/casualty insurance industry will only encounter a limited amount of exposure if there is an outbreak of H5N1 ‘avian’ flu, according to Standard & Poor’s Corp.The report recently released by S&P’s says a pandemic would be interpreted by P&C as an “operational risk.” This means they would have to deal with employee absences not […]

1 min read

Pandemic scenerios underestimate severity

In response to increasing concerns of a flu pandemic, Risk Management Solutions (RMS) has completed a probabilistic model for assessing the risk of influenza pandemics across multiple countries. While there are currently a number of other studies illustrating effects of various pandemic scenarios, most base their models on the 1918 influenza pandemic. Recent analysis indicates […]

2 min read

Severe 2006 hurricanes anticipated

Canadian and U.S. forecasters are warning the 2006 hurricane season, beginning June 1, will once again result in major storms including around five major hurricanes with winds of 180 km/h or greater. To date, the 2005 hurricane season is the most destructive on record. Damages resulted from a total of 27 named storms, 15 hurricanes […]

1 min read

Aon net income drops

The first quarter 2006 net income for broker Aon Corporation (NYSE: AOC) has dropped slightly to US$198 million (US$0.57 per share) from its reported 2005 net income of US$200 million (US$0.59 per share). The net income fell as a result of:* restructuring charges of US$0.06 in first quarter 2006;* a US$0.07 gain in first quarter […]

2 min read

RenaissanceRe reports 1Q net premiums up

RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported US$195.7 million in 2006 first-quarter operating income, compared to US$54.5 million in the first quarter of 2005.Net premiums earned for the first quarter of 2006 were US$351.7 million, compared to US$301.5 million for the same quarter of 2005. Net premiums earned include US$213.4 million in net premiums earned […]

2 min read