Claims
On the heels of the worst ever year on record for insured catastrophe losses in 2004, U.S. insurers are facing another steep price tag in the first quarter of 2005, says the Insurance Services Office (ISO) Property Claims Services (PCS) unit.As a result of eight catastrophes, insurers will pay an estimated US$2.1 billion in homeowners’ […]
By Canadian Underwriter | May 1, 2005
1 min read
Almost half of all large and mid-sized U.S. businesses purchased terrorism insurance in 2004, a significant increase over recent years, according to new research issued by brokerage Marsh.In 2003, just 27% of businesses had opted to buy the coverage, but 2004 is a different story. Of firms with total insured values over US$1 billion, 53% […]
By Canadian Underwriter | April 28, 2005
2 min read
With the release of its first-quarter 2005 results, brokerage Willis Group says has laid off 500 staff members and put aside a further US$20 million to deal with litigation relating to contingent commissions. Earlier this month, Willis announced settlements totaling US$51 million with authorities in New York and Minnesota over the use of contingent commissions, […]
Despite record profits reported by the Canadian property & casualty insurance industry last year, the industry’s position of profitability will be difficult to maintain, says Nicholas Smith, attorney in fact in Canada for Lloyd’s underwriters.Smith made the remarks at this week’s CIP Society Symposium in Toronto, where he pointed out the that industry’s long-term return […]
By Canadian Underwriter | April 27, 2005
In the face of the worst year on record for natural catastrophes, European reinsurers showed the necessary restraint in top-line growth to produce bottom-line results, according to the latest quarterly report by broker Benfield Group.In “Rewards of Restraint”, Benfield says gross premiums for the fgroup of top European reinsurers fell in 2004, “as companies were […]
By Canadian Underwriter | April 26, 2005
Despite the strong results posted by the U.S. p&c insurance industry in 2004, this year will likely see loss costs significantly outpace premium growth, according to a special report by A.M. Best.The rating agency says the US$6.3 billion underwriting profit achieved by insurers their first since 1978 is the result of rate increases leading up […]
By Canadian Underwriter | April 25, 2005
Terrorism risk is on the rise around the world, with increased exposure seen in many countries, according to the “2005 Terrorism Risk Map” released by Aon.In total, 31 countries have received higher terrorism threat rankings than last year, with 48% of these in Western Europe. This includes the Netherlands, Germany, Belgium and Denmark, where increased […]
By Canadian Underwriter | April 20, 2005
St. Paul Travelers is expanding its Canadian operations with the addition of a new “national programs” unit based in Toronto.The new unit follows on the heels of an oil and gas unit created last year and based in Calgary. And a Montreal-based entertainment unit is also in the works.Rick Smith, president of global underwriting for […]
By Canadian Underwriter | April 19, 2005
U.S. insurers had their day before a Senate committee investigating the status of the Terrorism Risk Insurance Act (TRIA), urging lawmakers to extend the program beyond its December 31 sunset. Insurers insist the government backstop for terrorism risks must be renewed because the private market is not yet prepared to handle the potentially unlimited exposure […]
By Canadian Underwriter | April 17, 2005
Florida’s state-run windstorm insurer of last resort, Citizen’s Property Insurance Corp., says it will face a US$516 million shortfall in its account following last year’s unprecedented hurricane season. The shortfall could result in every insured homeowner in the state paying a one-time assessment. Responding to the news, insurers say lawmakers needs to act quickly to […]
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