Claims
Upon recent monitoring of the terms and conditions regarding the global property catastrophe insurance renewals for Jan. 1, 2006, Standard & Poor’s Ratings Services says it is concerned that improvements in pricing and coverage terms might not be as significant as previously anticipated.S&P’s notes that the market trends it has been monitoring are not set […]
By Canadian Underwriter | January 23, 2006
2 min read
January renewals in the United States and Europe are telling a “tale of two markets,” according to Grahame Millwater, the chairman and CEO of Willis Re, who was quoted in the recent edition of A.M. BestWeek.A.M. Best notes in the Jan. 23, 2006 edition of its newsletter that “a few months after the record-breaking losses […]
By Canadian Underwriter | January 20, 2006
1 min read
Standard & Poor’s Ratings Services affirmed its long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities – collectively Hannover Re – and removed them from CreditWatch, where they had been placed with negative implications on Nov. 10, 2005. At the same time, S&P’s affirmed its long-term counterparty credit and […]
Lloyd’s is offering shipowners a new type of kidnap and ransom insurance, following rising levels of piracy attacks around the globe.Specialist intermediary Seacurus and Lloyd’s broker Cooper Gay have launched CrewSEACURE, a new type of marine cover underwritten within Lloyd’s.Captain Thomas Brown, managing director of Seacurus, said the product had been developed in response to […]
By Canadian Underwriter | January 17, 2006
The international reinsurer SCOR recently chose EQECAT Inc.’s WORLDCATenterprise catastrophe management software for the assessment of catastrophe risks in 88 countries.”SCOR, like many other insurers and reinsurers, has gone through a re-evaluation of catastrophe models after the last two turbulent years of catastrophic event losses,” Rick Clinton, president of EQECAT, says, “we are pleased they […]
Manitoba motorists saved nearly $40 million over the last three years, thanks to the work of an anti-fraud special investigation unit, Manitoba Public Insurance [MPI] recently announced. The $40-million figure is based on an estimate of money recovered and fraudulent claims denied, MPI said in a recent public release.The figure was included in an MPI […]
By Canadian Underwriter | January 16, 2006
The insurance industry must “face up to the growth in weather-related losses over the past four decades,” and lead debate about whether future weather-related catastrophes will be insurable, Lloyd’s chairman Lord Levene says.He made his remarks in a Jan. 11 speech to the Downtown Association and Insurance Brokers Association of New York. Levene offered his […]
By Canadian Underwriter | January 13, 2006
Many insurance companies were ill-equipped in their response to Hurricane Katrina, exhibiting patterns of callousness, unfairness, and generally inept performance, according to a report recently released by the Americans for Insurance Reform (AIR), which is a coalition of public interest groups and a project of the Center for Justice & Democracy, . The report “The […]
By Canadian Underwriter | January 12, 2006
Despite unprecedented industry losses in 2004 and 2005, Benfield Group Limited is forecasting a more encouraging financial outlook for 2006 than previously expected.”The full impact of the unprecedented losses of 2004 and 2005, like that of previous major losses, will emerge over the next 12 to 18 months,” Benfield announced in a release. “Despite the […]
Demand for political risk coverage will increase in 2006, Aon predicts, based on trends identified in the company’s Political and Economic Risk Map. Published recently, Aon’s map suggests political interference poses the greatest threat to global businesses, followed by legal and regulatory issues and sovereign non-payment.The map includes recent examples of supply chains being disrupted, […]
By Canadian Underwriter | January 11, 2006
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