Claims
The global catastrophe bond market grew 17% in 2004, according to a joint study released by reinsurance broker Guy Carpenter & Co. and MMC Securities Corp.Measuring total outstanding risk capital, yearend 2004 reached US$4.04 billion, compared to US$3.45 billion at the end of 2003. 2004 also represented a dramatic 41% increase over the US$2.86 billion […]
By Canadian Underwriter | April 3, 2005
1 min read
The Financial Services Commission of Ontario (FSCO) has issued a bulletin highlighting changes to excluded driver endorsements, which applies to policies issued or renewed as of June 1. The endorsement has been revised to include “strengthened wording to deter excluded drivers from driving the specified vehicles”. Tornadoes and other severe weather which hit Georgia early […]
By Canadian Underwriter | March 28, 2005
Please note: due to the Easter holiday weekend, Canadian Underwriter’s Breaking News will not be published again until Tuesday, March 29. Marsh co-president Peter F. Garvey has resigned “for personal reasons”, the company announced Wednesday. Garvey had been with Marsh & McLennan’s risk and insurance services subsidiary for 25 years. Fellow co-president William A. Malloy […]
By Canadian Underwriter | March 23, 2005
2 min read
2004 saw the lowest level of losses in the history of the global aviation industry, according to a new report by Aon’s U.K. division. While the 1990s saw an average 22 loss incidents per year, there were just 15 in 2004. However, total losses rose moderately in severity to US$1 billion. On average, premiums dropped […]
By Canadian Underwriter | March 22, 2005
U.S. reinsurers posted net income slightly higher for 2004 at US$3.14 billion, according to results from members of the Reinsurance Association of America (RAA). The RAA’s 26 members posted net income of US$3.08 billion in 2003.However, the slight uptick did not come from improved underwriting. Overall, the industry’s combined ratio worsened to 106.2% in 2004 […]
By Canadian Underwriter | March 21, 2005
An earthquake measuring 7.0 on the Richter-scale emanated off the south coast of Japan on Sunday morning, believing to have resulted in the death of one person and injuries of up to a further 381 people, according to early television news reports. Authorities for Fukuoka city, located southwest of Tokyo, have confirmed 107 injuries caused […]
By Canadian Underwriter | March 20, 2005
Reinsurers operating in the U.S. likely finished last year with deteriorating business indicators with companies reporting declines in premium volume while higher claims costs appear to have boosted the sector’s combined ratio, according to data released by the Reinsurance Association of America (RAA). Although U.S. reinsurers were able to increase policyholder surplus during 2004 by […]
By Canadian Underwriter | March 17, 2005
In a filing recently made with the Securities and Exchange Commission (SEC), Bermuda-based Ace Ltd. disclosed that the company had received 43 subpoenas and legal enquiries relating to its alleged involvement in bid rigging and price fixing of insurance arrangements in connection with an investigation led by New York’s attorney general Eliot Spitzer into brokerage […]
By Canadian Underwriter | March 16, 2005
Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture: PTZ) saw its annual net loss narrow to $422,540, or $0.01 per share last year, a 79% improvement over the loss of $1.99 million, or $0.01 per share, posted in 2003.Revenue was up 60% in 2004 to $11.29 million (2003: $7.05 million). This includes commissions and management […]
By Canadian Underwriter | March 14, 2005
In a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event and Investigation into Potential Global risks”, Guy Carpenter says reinsurance losses related to the event, […]
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