Claims
In its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses. More significantly, more than 21,000 lives were lost to catastrophes both man-made and natural this year, the report notes.Overall economic losses are expected to hit US$105 billion globally, based on the 300 catastrophe events […]
By Canadian Underwriter | December 16, 2004
1 min read
Following the release of a survey indicating the increasing desire to purchase terrorism coverage under the Terrorism Risk Insurance Act (TRIA), broker Aon is adding its voice to the call for an extension of the U.S. government program.Aon says the TRIA-backed coverage is being taken up by 57% of the companies it surveyed, an increase […]
2 min read
Standard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the purposes of coverage, thus potentially doubling the payouts for the nine companies involved, S&P says […]
By Canadian Underwriter | December 14, 2004
Despite dire predictions of a return to soft market pricing, experts at Swiss Re’s annual “Economic Insurance Industry Review and Outlook” in New York say companies are maintaining discipline.”Underwriting remains disciplined,” says Patrick Mailloux, head of Swiss Re’s U.S. direct, Americas division. “Industry-wide, capital position is improving but capacity constraints persist, and the hurricane losses […]
Just two days after the Toronto Stock Exchange issued a temporary cease trade order on Ontario’s The Loyalist Insurance Group Ltd. citing the company’s failures to meet reporting requirements, the company has released results for the nine months ended September 30, 2004.The results, which have not yet been certified by an external auditor, show earnings […]
By Canadian Underwriter | December 12, 2004
ING Canada has completed its purchase of Allianz’s Canadian p&c operations, including Allianz Insurance Co. of Canada, Trafalgar Insurance Co. and Canada Brokerlink. Allianz maintains its Allianz Global Risks operation in Canada. ING Canada has planned an offering of its shares to partly fund the $370 million purchase price. Rating agency A.M. Best says the […]
By Canadian Underwriter | December 9, 2004
As insurers continue to deal with the record hurricane season of 2004, they will also be gearing up for another potentially bad season in 2005.Prof. William Gray and his team of researchers from Colorado State University are predicting another above-average hurricane season for 2005, with the above-average probability of major hurricane landfall in the U.S. […]
By Canadian Underwriter | December 7, 2004
Despite an earlier jury trial which declared the felling of the World Trade Center towers by terrorist on September 11, 2001 as one occurrence in insurance terms, a second trial has declared the attacks as two events.The second verdict, which featured a different group of eight insurer defendants than the first, paves the way for […]
U.S. insurers currently have a US$38 billion shortfall in funding for asbestos & environmental (A&E) liabilities, according to a new report by A.M. Best.A surprising amount of this, US$24 billion, relates to environmental liabilities, with US$14 billion related to asbestos. A.M. Best puts total A&E payouts since 1999 at US$23 billion with US$22 billion for […]
By Canadian Underwriter | December 6, 2004
Guelph-based Co-operators General Insurance Co. (TSX: CCS.PR.A) has posted higher earnings for the third quarter and nine months ending September 30, 2004 as a result of improved underwriting. The insurer netted income of $28.3 million ($1.34 per share) for the third quarter, more than double the income of $10.9 million ($0.48 per share) posted in […]
November 30, 2004
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