Claims
The Society of Actuaries (SOA) is initiating research on the possible implications of an avian flu pandemic on the insurance industry. Jim Toole, fellow of the Society of Actuaries and managing director of MBA Actuaries, will guide the study. Toole hopes the study will help to provide actuarial risk measurement and management regarding the readiness […]
By Canadian Underwriter | February 22, 2006
1 min read
Benfield, an independent reinsurance and risk intermediary, today announced the launch of eCatFac, a new electronic placing platform designed to help place facultative reinsurance for cedants with large catastrophe exposures.”Facultative reinsurance is a highly customized tool that is increasingly being used by risk carriers to manage catastrophe exposure and terrorism issues, including the mitigation of […]
The Ontario government is amending the province’s Insurance Act so that motor vehicle liability policies carried by the customers of leasing and rental companies are first in line for liability for any damages arising from accidents caused by the negligent operation of a leased or rented motor vehicle.The amendments, effective March 1, 2006, will also […]
By Canadian Underwriter | February 21, 2006
2 min read
Munich Re’s P&C contract rates as renewed in January 2006 saw an increase of 3%, even after the record 2005 hurricane season. Approximately 66% of Munich Re’s traditional non-life reinsurance business saw renewals in January with a premium volume of about 8.9 billion euros (US$10.6 billion). Only around 6% of the business was not renewed […]
A.M. Best Co.’s expectation that significant price increases are mainly limited to business lines affected by the U.S. hurricanes, whereas European treaties (which account for approximately two-thirds of the renewable portfolio) saw relatively stable premium rates, has been confirmed by European-based global insurers recently published January 2006 renewals. This stability was also partially a result […]
By Canadian Underwriter | February 20, 2006
A.M. Best has extended its negative outlook for the 2006 U.S. commercial insurance market. “A.M. Best anticipates there will be few rating upgrades or positive rating outlooks assigned in 2006 due to pricing deterioration in 2005, the expectation of continued (albeit lessened) reserve development and the dimmed long-term business prospects attributable to the emergence of […]
By Canadian Underwriter | February 17, 2006
ICBC presented a $10,000 cheque recently to a search and rescue team in Hope, B.C. to help replace the community’s Jaws of Life, the Hope Standard reported recently. According to the newspaper, a thief had stolen the team’s search and rescue vehicle and $104,000 worth of equipment. Also missing were avalanche victim locaters, flashlights, a […]
Co-operators General Insurance Company (TSX:CCS.PR.A.) has gained a consolidated after-tax net income of $39.1 million for the fourth quarter ended Dec. 31, 2005, compared to the $38.8 million profit for the same period in 2004.Gross written premium in the Q4 declined 1.8% to $486 million, compared to $495 million in the Q4 of 2004. The […]
A.M. Best Co. has extended its negative outlook for the US and Bermuda reinsurance markets to 2006 as the ratings agency says it anticipates there will be few, if any, rating upgrades or positive rating outlooks assigned throughout the year. A.M. Best says even though 2005 saw numerous rating downgrades, only a few reinsurers in […]
By Canadian Underwriter | February 16, 2006
The property and casualty insurance industry in the US has suffered an underwriting loss of US$2.8 billion for the first nine months of 2005 as a result of Hurricane Katrina, reversing the $3.4 billion underwriting gain reported during the same period of 2004, according to a recent study by A.M. Best Co. Insured damage estimates […]
By Canadian Underwriter | February 13, 2006
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