Claims
Aided by investment income, SCOR reported its net income for 2005 has increased 75% over 2004. “Net income after tax for 2005 amounted to EUR131 million ($US158.2 million), compared to EUR75 million (US$90.6 million) in 2004, representing an increase of 75%,” the company announced in a press release. “This demonstrates the solidity of the global […]
By Canadian Underwriter | March 22, 2006
2 min read
ICBC representatives are on site in Prince Rupert, B.C. to aid ferry passengers and expedite the handling of all vehicle-related claims related to the sinking of the Queen of the North.According to the Vancouver Sun, a Canadian Coast Guard vessel remained off B.C.’s north coast, scouring the choppy waters for fear there could yet be […]
Standard & Poor’s Ratings Services says it will be revising its criteria for measuring catastrophe risk for primary insurers early in the second quarter of this year. S&P’s says however, that it has no current plans to further revise criteria for reinsurers, which were last updated in July 2005. The revised primary insurer catastrophe criteria […]
By Canadian Underwriter | March 21, 2006
1 min read
American International Group (AIG) quarterly profits dropped 72% as a result of over US$2 billion in charges for regulatory settlements and increased reserves. In addition to these financially damaging the losses related to last year’s U.S. hurricanes also hurt AIG’s fourth-quarter (Q4) earnings.Executive Martin J. Sullivan, president and chief executive of AIG, informs investors that […]
By Canadian Underwriter | March 17, 2006
In the wake of the worldwide surge in natural catastrophes over the past few years, the insurance industry is turning more frequently to catastrophe bonds, according to a Standard & Poor’s report.The bonds are designed to mitigate the catastrophe risk in insurer and reinsurer portfolios by shifting a portion of it to the capital markets. […]
By Canadian Underwriter | March 16, 2006
Tornadoes that recently hit a number of Midwest states have already resulted in thousands of insurance claims.Preliminary numbers indicate approximately 100 storms struck Arkansas, Illinois, Kansas, Missouri and Oklahoma, causing less than 12 deaths. The National Weather Service has not confirmed the actual number of tornadoes to hit the region.A current tally indicates that that […]
Converium Holding AG has seen a profitable year, reporting a net profit of US$68.7 million for 2005 following a reported loss of US$582.5 million for 2004.Weather-related losses including hurricanes Katrina, Rita and Wilma as well as the European floods, and winter storm Erwin contributed to a pre-tax loss of US$164.8 million. While the severe claims […]
By Canadian Underwriter | March 15, 2006
A new task force of the National Association of Insurance Commissioners in the United States is working to increase awareness of climate change in the industry, A.M. Best reports.Nebraska Insurance Commissioner Tim Wagner, co-head of the task force, notes the group is starting up at a time when climate change is a leading concern of […]
By Canadian Underwriter | March 14, 2006
In its anniversary year, with a stable premium base, the Munich Re Group achieved a record profit in 2005 of over EUR2.7 billion (CDN$3.75 billion).”We have thus slightly exceeded our target,” Nikolaus von Bomhard, chairman of the board of management, said when presenting the figures. “Our solid basic business makes the achieved level of profitability […]
The U.S. National Association of Insurance Commissioners (NAIC) recently agreed to establish a task force examining the impact of climate change on the insurance industry and consumers. The force will focus in on how the warming climate may affect insurance availability and affordability as well as the financial health of insurers. Necessary actions enabling state […]
By Canadian Underwriter | March 13, 2006
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