Claims
Standard & Poor’s has lowered the rating on Aon Corp. as a result of expected earnings impact from the broker’s decision to discontinue market service agreements (MSAs). Fitch has also placed Aon on a negative watch as a result of the move, with S&P putting fellow brokerage Willis on negative watch as well. The rating […]
By Canadian Underwriter | October 24, 2004
2 min read
In an analysis of the impact of the 2004 Atlantic hurricane season, broker Benfield Group says significant catastrophe losses this year should help enforce pricing discipline as the latest renewal period looms.Benfield notes that comments from reinsurer CEOs indicate an optimism about pricing discipline, specifically in the property catastrophe line, holding tight as a result […]
By Canadian Underwriter | October 21, 2004
Insurers are expected to tap the Florida Hurricane Catastrophe Fund for US$3 billion to reinsure losses from three major hurricanes which hit the state in August and September (losses from Hurricane Frances will not apply as they are below US$4.5 billion). However, insurers are upset by the announcement that Florida Insurance Commissioner Tom Gallagher is […]
By Canadian Underwriter | October 20, 2004
1 min read
Overshadowed by the 2004 Atlantic hurricanes, hailstorms have exacted a hefty price from insurers in New Mexico. A recent spate of hailstorms pounding the Albuquerque area in early October are expected to cost insurers US$39.7 million, according to the Rocky Mountain Insurance Information Association (RMIIA).The storms, which came in the middle of the night on […]
In the U.S., the most stolen among new passenger vehicles are the 2002/3 Cadillac Escalade and the 2002/3 Nissan Maxima, according to the Highway Loss Data Institute (HDLI), an affiliate of the Insurance Institute for Highway Safety (IIHS).The IIHS says the Escalade, a luxury pick-up, and the Maxima, a mid-size sedan, have theft rates 7-8 […]
The 2004 Saab 9-3 has received the rare distinction of being named a “best pick” by the Insurance Institute for Highway Safety (IIHS) in both side impact and frontal offset crash tests. This is the first time a car has topped both lists, with the only other vehicle to do so being the Toyota RAV4, […]
By Canadian Underwriter | October 18, 2004
The tally of insured losses from Hurricane Ivan is now expected to be about US$6 billion, according to the Property Claim Services unit of the Insurance Services Office (ISO). The storm, which hit the U.S. on September 16 is expected to produce 600,000 claims across the several affected states. The breakdown of state-by-state insured losses […]
By Canadian Underwriter | October 17, 2004
A spot of good news for Converium AG, which saw its rating raised by Standard & Poor’s to “BBB+” from “BBB”. The announcement follows successful completion of the reinsurer’s bid to raise US$420 million in capital through a rights issue. Commenting on the news, a Converium release states: “Converium believes that Standard & Poor’s latest […]
With this weekend marking the 50th anniversary Hurricane Hazel, one industry group is using the occasion to promote disaster preparedness. The Institute for Catastrophic Loss Reduction (ICLR) says with this anniversary, and in light of the recent hurricanes wreaking havoc in the U.S., now is the perfect time for everyone to consider their own level […]
Just as the European reinsurance industry was producing strong results, global storm losses in the third quarter of 2004 stand to wipe out yearend profit forecasts, notes the quarterly review by Benfield Group.Despite good results in the first half, recent unprecedented tropical storm losses have blown away earlier profit expectations for the year,” according to […]
By Canadian Underwriter | October 13, 2004
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