Claims
Although passenger air flights have experienced a significant increase in fatalities – 913 deaths in 2005, compared to 347 in 2004 – insured losses will likely only increase a small amount, a recent report published by London-based Airclaims Ltd. notes. Western-built jets – which Airclaims reports transport approximately 90% of all air traffic – set […]
January 31, 2006
1 min read
Bermuda start-up Validus Reinsurance Ltd. has reported gross written premiums of US$220 million during the January 2006 renewal season a performance that the company describes as exceeding expectations.The holding company formed on Dec. 12, 2005, to add capacity to the reinsurance market after the unprecedented catastrophic activity of 2004 and 2005.Validus Re commenced operations with […]
By Canadian Underwriter | January 31, 2006
A two-year trend of steadily falling property insurance premiums is changing as evidenced by the sharp increase of property insurance rates in the fourth quarter of 2005, according to the new RIMS Benchmark Survey.Through the industry-wide survey of current policy renewal prices, corporate risk managers report that some commercial insurance buyers saw property premiums increase […]
By Canadian Underwriter | January 30, 2006
2 min read
The Allstate Corporation, the second-largest property casualty insurer in the U.S., has announced new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes. “The fundamental goal of Allstate’s catastrophe management strategy is to enable our shareholders to earn […]
Insured property losses resulting from catastrophes in 2005 will deliver U.S. P&C insurers with a ‘bill’ of around US$56.8 billion, according to the property claim services unit at Insurance Services Office Inc. (PCS).This amount represents two times the recorded figure of insured property losses resulting from catastrophes in 2004 US$27.3 billion. A total of 24 […]
By Canadian Underwriter | January 26, 2006
Good business in Canada helped to increase AXA’s 2005 property and casualty revenues by 3%, AXA CEO Henri de Castries recently reported on the company’s Web site.”Property and casualty revenues increased by 3%, to EUR18.8 million, mainly driven by France and Southern Europe,” de Castries reported. “Growth slightly accelerated in [the fourth quarter of 2005], […]
Norwich Union, the U.K.’s largest insurer and part of Aviva P.L.C., has welcomed a U.K. Court of Appeal judgment that no longer allows compensation for pleural plaque claims arising from asbestos exposure in the workplace.It is estimated the decision may prevent more than 100,000 court cases involving pleural plaques or pleural thickenings being brought in […]
The Ontario government is working on the first of four new Pre-approved Framework (PAF) Guidelines for treatment of auto accident injuries under the Statutory Accident Benefits Schedule.”The new PAF Guidelines will help people who have been injured in auto accidents to receive early and effective treatment,” the Financial Services Commission of Ontario (FSCO) posted on […]
By Canadian Underwriter | January 25, 2006
Moody’s Investors Service has assigned a Baa3 rating to US$100 million of preferred shares issued by Arch Capital Group Ltd. (“Arch Capital”)(Nasdaq: ACGL). The offering constitutes a drawdown from Arch Capital’s existing $650 million universal shelf registration rated by Moody’s in July 2005. The ratings agency said it expects net proceeds from the offering will […]
By Canadian Underwriter | January 24, 2006
The federal US government was recently called on by three elected representatives and Allstate Insurance, to take action on the federal terrorism insurance backstop this year and thus aid in the provision of reinsurance for catastrophes.The elected officials, Congressman Steve Israel and Congresswoman Carolyn McCarthy, who urged the government to create a nationwide federal disaster […]
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