Claims
After losing nearly US$8.4 billion in after-tax losses during this year’s hurricane season, the Bermuda reinsurance market has already recovered almost US$6 billion in capital, a Moody’s report of 14 Bermuda-based reinsurers has found.”Through Nov. 4, 2005, the 14 companies included in our study have issued nearly $6 billion of equity, debt and hybrid securities […]
By Canadian Underwriter | November 9, 2005
2 min read
In the wake of a devastating hurricane season, Fitch Ratings is urging the property and casualty industry to better understand its capital requirements and take steps to better mitigate catastrophic risk.In a report to be released, entitled New Thinking on Catastrophe Risk & Capital Requirements, the agency says “a fresh look at capital requirements is […]
1 min read
Willis Group Holdings Ltd’s (NYSE: WSH) North American construction practice group leader Paul Becker recently testified at a hearing held by the Senate Subcommittee on Superfund and Waste Management on the construction risks inherent in the New Orleans cleanup. Invited as a guest of the chairman of the subcommittee Senator John Thune, Becker spoke of […]
By Canadian Underwriter | November 8, 2005
Damage inflicted by hurricanes will only get worse in the future because of the increasing development and population density along US coastlines, according to speakers at a recent Hurricane Symposium in London, England, held by the Insurance Leadership Institute of GE Insurance Solutions.The size of U.S. hurricane losses will continue “to stagger and astound us” […]
Canada’s home, car and business insurers and Ontario Safety League (OSL) are joining forces with the Insurance Bureau of Canada (IBC) to implement a province-wide community-driven program to help motorists get home safely during the holiday season. The vice-president of federal affairs Mark Yakabuski and the president of OSL Brian Patterson will unveil details of […]
The Alberta government is developing a long-term strategy to reduce flood damage.The province’s transportation department has announced the establishment of a Flood Risk Management Committee. The interdepartmental committee will develop a strategy to better manage and mitigate flood damage. George Groeneveld, MLA for Highwood, will chair the committee, which includes staff from the ministries of […]
By Canadian Underwriter | November 7, 2005
The Financial Services Commission of Ontario (FSCO) has amended the Statutory Accident Benefits Schedule (SABS) to eliminate the DAC system effective March 1, 2006, subject to transition provisions.The new regulations will continue to require a claimant to obtain an assessment from his or her own health care provider when applying for benefits, FSCO has announced […]
Montpelier Re Holdings Ltd. (NYSE – MRH) has reported a net third-quarter loss of US$875.1 million, as well as a net loss of US$691.9 million for the first nine months of 2005.The company says the net impact of natural catastrophes on third quarter financial results will be US$972 million — including US$809 million for Hurricane […]
By Canadian Underwriter | November 4, 2005
Despite the devastating 2005 hurricane season along with an increasingly competitive market the property-casualty insurance industry is expected to enjoy relatively strong results from 2005 through to 2007, according to Conning Research and Consulting Inc.’s recent report “Property-Casualty Forecast & Analysis by Line of Insurance-Third Quarter 2005.”Conning analyst Clint Harris says Conning’s research indicates that […]
By Canadian Underwriter | November 3, 2005
Manulife Financial Corporation has reported a shareholders’ net income of $746 million for the third quarter of 2005, a 5% increase over a year earlier. “Excluding a charge related to Hurricane Katrina and a gain on recognition of future tax assets in Japan Division, shareholders’ net income would have been $879 million, a 23% increase […]
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