Claims
Today, at the Institute for Catastrophic Loss Reduction (ICLR) annual general meeting, discussions reflected on a new program that exemplifies the role of the insurance industry and property preservation. The program, Designed… for safer living, was created to improve disaster resilience in Canadian homes and secure the recognition of the leadership role that the insurance […]
By Canadian Underwriter | May 18, 2005
1 min read
An above-normal hurricane season is expected to supervene last year’s record season, according to National Oceanic and Atmospheric Administration (NOAA) hurricane forecasters. Predictions for the 2005 Atlantic hurricane season indicate 12 to 15 tropical storms, seven to nine of which are expected to escalate into hurricanes three to five of these may result in major […]
By Canadian Underwriter | May 17, 2005
With more than 68 million people living in hurricane-prone areas of the U.S., many homeowners are inadequately insured, warns the Insurance Information Institute (III) as the 2005 hurricane season is set to begin in June. Last year, the eastern seaboard of the U.S. was struck by five hurricanes in close succession, causing significant insured losses.A […]
By Canadian Underwriter | May 16, 2005
Royal & SunAlliance Canada produced an underwriting profit of $14 million for the first quarter of this year, signaling a significant turnaround in overall profitability from 2004’s first quarter underwriting gain of $1 million. The insurer saw its underwriting on personal lines recover from a $1 million loss a year ago to its current $10 […]
By Canadian Underwriter | May 15, 2005
Quebec-based Optimum General Inc. (TSX: OGI.SV.A) lifted net income for the first quarter of this year by more than four times to $1.1 million compared with $259,000 reported for the same period in 2004. This equates to earnings for the latest reporting period of 9c a share versus the 2c a share made for the […]
By Canadian Underwriter | May 12, 2005
Pethealth Inc. (TSX: PTZ) produced a net loss of $68,505, equal to 1c a share, for the first quarter of this year compared with a loss of $75,881 (1c a share) for the same period in 2004. The company says its earnings would be significantly better but for a 7.5% appreciation of the Canadian dollar […]
By Canadian Underwriter | May 11, 2005
Europe’s top six reinsurance companies saw profitability rise over 2004 despite the unprecedented insured cost of natural catastrophe losses incurred over the same period, observes reinsurance and risk intermediary Benfield. The reinsurers in question primarily benefited from higher primary company retentions of catastrophe storm-related risks, Benfield says.The reinsurance companies also enjoyed higher realized gains for […]
By Canadian Underwriter | May 10, 2005
In a notice addressed to property and casualty insurers, federal regulator The Office of the Superintendent of Financial Institutions (OSFI) cautions that the insured loss relating to a fire that broke out in early January of this year at Suncor’s oil sands plant located in northern Alberta could result in some companies reserves falling below […]
By Canadian Underwriter | May 9, 2005
2 min read
The Fairfax group’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This equates to earnings of 53c a share for latest reporting period versus 85c a share […]
By Canadian Underwriter | May 2, 2005
Insured losses arising from hurricane events in Florida will unlikely have a significantly higher impact on insurers as a result of the state’s new "annual deductible" regulation change which kicks into effect from the beginning of May this year, according to Risk Management Solutions (RMS). A market analysis conducted by the catastrophic risk assessment company […]
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