Claims
Even as some countries prepare to comply with the Kyoto Protocol, new research suggests greenhouse gas emissions are on the rise, and the global warming impact of these emissions will surely cause more intense weather events for insurers to deal with.The report “Climate Change 2004”, by Prof. Bill McGuire, director of Benfield Hazard Research Centre, […]
By Canadian Underwriter | July 13, 2004
2 min read
The Women in Insurance Cancer Crusade is hitting the track, the horse track that is, with a “Night at the Races” planned for Wednesday, September 1. The evening of fine dining and thoroughbred racing is slated for Toronto’s Woodbine racetrack, with proceeds from the $150 ticket price going to battle cancer. For more information, visit […]
By Canadian Underwriter | July 12, 2004
Catastrophe-related insured losses for the second quarter of this year will tally about US$1.65 billion, according to claims data collected by the Insurance Services Office (ISO). The insured cat loss for the second quarter of this year shows a marked reduction on the US$5.1 billion loss insurers incurred for the same period in 2003, and […]
By Canadian Underwriter | July 8, 2004
1 min read
The Insurance Bureau of Canada (IBC) is calling on homeowners in B.C. to confirm their insurance coverage as the risk of forest fires intensifies. Insurers paid out more than $200 million in fire-related claims last year when uncontrollable forest fires devastated several communities in the province.The IBC notes that there are currently over 300 active […]
A new report published by the Institute for Catastrophic Loss Reduction shows Ontario residents remain unprepared for an emergency on the scale of last summer’s blackout, or worse.The report, written by Dr. Brenda Murphy of Wilfrid Laurier University, and funded by ICLR as well as the University of Western Ontario, finds that while many Ontario […]
By Canadian Underwriter | July 7, 2004
A recently released study published by the Institute for Catastrophic Loss Reduction (ICLR) has devised new earthquake zones on which insurers can base coverage rating. The hazard zones, the result of analysis by ICLR’s executive director Paul Kovacs and research manager Robert Sweeting and based on research by EQECAT over the course of 2003, are […]
U.S. life and health insurers posted a 310% jump in net income for 2003, earning US$30 billion versus US$7.3 billion in 2002, according to data from Weiss Ratings Inc. Rebounding equity markets were the major force, with capital losses dropping to US$4.6 billion from US$15.5 billion year-over-year. Capital and surplus rose almost 13% in 2003, […]
With claims continuing to come in from May storms in Ohio, the state’s Insurance Institute (OII) says thus far insurers have reported losses of US$167 million.About 60% of the 44,000 claims filed so far are for homeowners’ losses from the storms, which hit various regions in the last two weeks of May. Among the predominant […]
By Canadian Underwriter | July 6, 2004
The U.K. Financial Services Authority (FSA) has published its rules for the capital requirements on non-life insurers and reinsurers, as well as with-profits funds for life insurers. The rules, first proposed last July, apply risk-based criteria to solvency requirements. Part of the impetus comes from the high-profile failure of London market underwriters, and the regulators […]
By Canadian Underwriter | July 5, 2004
President George W. Bush has signed into law the reauthorization of the U.S. National Flood Insurance Program (NFIP). The program will now run through 2008, with insurers saying they can now ensure flood coverage is available and affordable by spreading the risk across the country. About 95% of flood insurance is written through the NFIP. […]
By Canadian Underwriter | July 4, 2004
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