Claims
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 […]
By Canadian Underwriter | January 17, 2006
1 min read
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
2 min read
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
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 the scene for eight fatal […]
By Canadian Underwriter | January 10, 2006
Pricing of property and marine lines experienced major changes as a result of the record storm activity of 2005 however, casualty and accident and health lines were predominantly spared, according to Guy Carpenter & Company’s report titled “U.S. Reinsurance Renewals at January 1, 2006.” Published annually, the report is an “annual review of pricing, retentions […]
3 min read
The U.S. P&C industry experienced an underwriting loss of US$2.8 billion through September 2005, down from the US$13.3 billion profit resulting from the first six-months of 2005 , according to a recent study by A.M. Best Co. Although the insurance industry posted strong results for the first half of 2005, underwriting losses were experienced due […]
By Canadian Underwriter | January 9, 2006
Willis Group Holdings (NYSE:WSH) recently released its reinsurance review of the marketplace for the January 1, 2006 renewals, which indicates key findings including rate movements and territory and class line commentary.The report, published by Willis Re, indicates that specialty lines and retrocession have been catastrophically impacted by the hurricanes that hit in the 2005 season. […]
By Canadian Underwriter | January 5, 2006
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