Claims
2003 will go down as a costly year for catastrophes, most significantly in human terms, with 60,000 people losing their lives in 380 catastrophic events, according to Swiss Re’s annual sigma study of catastrophes. Most serious was the earthquake striking the Bam region of Iran, killing 41,000 people last December. In fact, 2003 will go […]
By Canadian Underwriter | March 4, 2004
2 min read
Montreal-based Optimum General Inc. (TSX: OGI.A) made its return to profitability official posting net income of $2 million, or $0.17 per share, for 2003. This is a rebound from the net loss of US$7.4 million, or $0.68 per share, recorded in 2002. Much of this growth came in the fourth quarter, with net income of […]
By Canadian Underwriter | March 3, 2004
1 min read
B.C.’s public insurer is reporting significant growth for 2003, with net income exploding by five-times to $225 million from $45 million in 2002.The Insurance Corp. of B.C.’s (ICBC) earned premiums grew to $2.86 billion in 2003, up from $2.63 billion the year prior, partly due to increased rates and also to a 1.6% increase in […]
Just as insurers work toward uniformity of data transmissions on the distribution end, they should also be asking risk modeling firms to work toward uniform data standards. So says EQECAT Inc. president Rick Clinton at the risk modeling company’s recent “Catastrophe Management Summit” in Florida.”It doesn’t make any sense for all of the modeling companies […]
By Canadian Underwriter | March 2, 2004
In response to the “Filmon Report” on last summer’s B.C. forest fires, the Insurance Bureau of Canada is calling for a national natural disaster protection fund to be established.The report, tabled Friday in B.C.’s legislature, makes a variety of recommendations aimed at avoiding the kind of destruction and other issues that resulted from the firestorms […]
By Canadian Underwriter | March 1, 2004
More than eleven years after an explosion ripped through the Westray coal mine in Plymouth, Nova Scotia killing 26 miners and triggering a decade-long legal battle for victims' families, new federal legislation will make corporations, their management, directors and officers legally responsible for unsafe work environments.
By Glenn McGillivray | February 29, 2004
6 min read
The severe winter storms striking the Atlantic coast of Canada late last week should produce few insured losses, says Don Forgeron, Atlantic region vice president for the Insurance Bureau of Canada (IBC).”The good news is there weren’t many vehicles on the road,” he says. “Surprisingly, there has not been any serious accident, and very few […]
By Canadian Underwriter | February 26, 2004
Regardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide if the collapse of the WTC Twin Towers on September 11, 2001 will be deemed […]
By Canadian Underwriter | February 20, 2004
A new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services for Disaster Mitigation”, Dr. Gordon McBean, policy chair of the ICLR, and Dan Henstra note […]
By Canadian Underwriter | February 19, 2004
Catastrophe-link securities were up nearly 50% in 2003, according to rating agency Moody’s Investors Service.The rater says cat bonds grew from the US$1 billion average over the past few years to US$1.5 billion in 2003. This is based on 13 transactions.Cat bonds are risk-linked securities the risk of natural catastrophe losses in excess of a […]
By Canadian Underwriter | February 13, 2004
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