Claims
The U.S. property and casualty insurance industry will report a deterioration in profitability for 2005, Fitch rating agency predicts.”While operating performance was on a record-setting pace in the first half of the year, insurers encountered unfavorable surprises in the form of unprecedented natural catastrophe losses in the second half,” Fitch says in a report on […]
By Canadian Underwriter | March 30, 2006
2 min read
The Risk and Insurance Management Society, Inc. (RIMS) recently gave testimony advocating nine key principles necessary for the development of a long-term solution to terrorism. At the public hearing on terrorism insurance matters, held by the National Association of Insurance Commissioners’ (NAIC), one principle RIMS board member and director of external affairs Mike Fenlon noted […]
If catastrophe damage losses continue to escalate as expected, the insurance industry may have to re-evaluate its model for risk-sharing, panelists told an audience attending an Ontario Risk and Insurance Management Society meeting in Toronto.A new model may, for example, have to take into account the geographic distribution of risk exposure.Swiss Re stats show a […]
By Canadian Underwriter | March 29, 2006
1 min read
The University of Calgary is conducting a cell phone and driving study with youth between 16 and 25 years old who have obtained their probationary driver’s license within the last year.The goal of the Driver Distraction Study, sponsored by the Insurance Bureau of Canada (IBC), is to determine the effects of cell phone use and […]
Profits for the US property & casualty insurance industry deteriorated in 2005 as a result of record levels of insured catastrophe losses relating to the 2005 Hurricane season, according to Fitch Ratings. The Insurance Services Office’s (ISO) Property Claims Service (PCS) unit reports P&C insurers incurred US$56.8 billion in catastrophe losses in 2005. This figure […]
By Canadian Underwriter | March 28, 2006
Following losses of US$11.3 billion from hurricanes Katrina, Rita and Wilma, Bermuda’s reinsurers registered a total net loss of US$2.8 billion in 2005 compared with a profit of US$5.5 billion the previous year, according to the latest Benfield Bermuda Quarterly report.Eleven Bermuda reinsurers reported losses in 2005, compared with only one in 2004, the report […]
ICBC is looking to keep B.C. auto rates stable by clipping its optional rates, creating an average premium reduction of $61 for more than 1 million B.C. drivers.”Although ICBC has recently proposed an increase in rates to basic insurance, in 2005 ICBC’s optional insurance rates were reduced by $100 million, which resulted in 1.6 million […]
By Canadian Underwriter | March 27, 2006
Fitch ratings service believes that the life insurance sector will take a much bigger hit than the non-life sector in the event of a global bird flu pandemic.A recent Fitch report, posted online, notes the P&C sector would more likely feel the effects of the flu in lost investments and business interruption coverage. The report […]
Disaster Kleenup International, Inc. founder, Edgar Perry “Ed” York, passed away on March 13, 2006 after a long illness near his home in Vancouver, Washington. York launched DKI in 1974 as an outgrowth of an academic research project and led the company through its first decade. York recruited contractors with outlandish promotions and advertisements, including […]
By Canadian Underwriter | March 24, 2006
Hannover Re says “an unparalleled burden” of natural catastrophe losses in 2005 produced “historically unprecedented major loss expenditures in excess of EUR1 billion (US$1.2 billion).”Hurricanes Katrina, Rita and Wilma alone inflicted a net loss on the company of almost EUR800 million (US$958.3 million), the company reported. The total strain is line with the amount Hannover […]
By Canadian Underwriter | March 23, 2006
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