Claims
A.M. Best Co. says it “considers catastrophic loss, both natural and man-made, to be the Number 1 threat to the financial strength and credit quality of property and casualty insurers” in the face of increasing exposures.In a recent report, A.M. Best says it is concerned about “the rapid escalation in insured exposures over the past […]
By Canadian Underwriter | December 5, 2005
2 min read
Members of the insurance industry are among a group of Canadian business representatives that is calling on the federal government to embrace the new plan to reduce greenhouse gas emission beyond the current Kyoto deadline of 2008-12.Among the members of the Executive Forum on Climate Change are: Alban D’Amours, ceo, Desjardins Group; George Cooke, ceo, […]
1 min read
The Region of Peel is pilot-testing a new initiative this winter, the Road Temperature Monitoring System, to help monitor winter road conditions.The system uses a series of round road markers the size of hockey pucks to advise winter control staff of pavement temperatures approaching the freezing point. “Air temperature and road temperature are not directly […]
By Canadian Underwriter | December 2, 2005
Reinsurance costs will likely see an increase next year as a result of 2005’s catastrophic hurricane season. Hurricane Katrina and the other major hurricanes of 2005 will lead to an increase in reinsurance costs next year, executive vice president and chief financial officer of Arch Capital Group Ltd. (ACGL) John D. Vollaro reports. Presenting at […]
With additional information regarding claims and losses resulting from this years three major hurricanes flowing through the pipelines, many insurers and reinsurers are updating their loss forecasts associated to Hurricanes Katrina, Wilma and Rita.Kiln P.L.C., which operates Lloyd’s of London syndicates 308, 510, 557 and 807, says the pretax cost of the hurricanes may range […]
By Canadian Underwriter | December 1, 2005
AIR Worldwide Corporation recently released a white paper ‘Terrorism Risk Assessment: Best Practices for Insurers and Reinsurers’ that reviews current methodologies that insurers and reinsurers use to aid in the assessment and management of terrorism risk. The paper reviews three approaches for terrorism risk management and addresses the best practices for exposure data collection and […]
Pethealth Inc. (TSX VENTURE:PTZ) recently announced a total revenue for the third-quarter ended September 30, 2005 of $3.8 million, representing a 26% increase over revenue of $3.0 million for same period last year. The Company also reported significantly greater net loss of $190,120 for the Q3 2005 as compared to the net loss of $50,419 […]
November 30, 2005
RenaissanceRe Holdings Ltd. recently revised its previously reported third-quarter results, cutting net loss for the third quarter of 2005 by $34.8 million to $71.0 million. Renaissance claims the loss was caused by related hurricane catastrophes. “A reinsurance recovery within (RenaissanceRe’s) reinsurance segment that was triggered by the publication of a final third-party industry loss estimate,” […]
Losses incurred as a result of Hurricanes Katrina, Wilma and Rita have led Lloyd’s of London to predict a loss of up to 1.9 billion (US$3.27 billion) for 2005, according to the Company.This re-estimate of Lloyd’s marketwide losses represents an increase from the Company’s previous estimate of 1.4 billion (US$2.41 billion). Lloyd’s initial estimated, announced […]
By Canadian Underwriter | November 30, 2005
The total insured property losses for 2005 are estimated at a record US$50.3 billion, a figure that the Insurance Services Office Inc.’s Property Claims Services (PCS) ivision recently reported was bolstered by the US$6.1 billion in insured property damage incurred as a result of Hurricane Wilma.Approximately 750,000 claims are expected to be received in relation […]
By Canadian Underwriter | November 28, 2005
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