Risk

RIMS gives “thumbs up” to COSO draft ERM guidelines

The Risk and Insurance Management Society (RIMS) is praising a new draft document on enterprise risk management (ERM). The draft, created by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), its project advisory council and Pricewaterhouse Coopers LLP, is “comprehensive and thorough”, says RIMS.RIMS says it will now look at working together with […]

By Canadian Underwriter | September 25, 2003

2 min read

Risk

Risk modeling supports Isabel loss estimate

Risk modeling by Risk Management Solutions (RMS) supports the early loss estimate for Hurricane Isabel of up to US$1 billion for U.S. insurers. The Insurance Information Institute (III) said the total could reach that mark last Friday.RMS says wind-related claims should be about US$600 million, but flood claims could push the total up higher. There […]

By Canadian Underwriter | September 23, 2003

1 min read

Risk

Isabel could cost U.S. insurers US$1 billion

In the aftermath of Hurricane Isabel, as property & casualty insurance adjusters move into affected areas of the U.S. to assess damage, payouts could reach as high as US$1 billion, says the Insurance Information Institute (III).Hurricane Isabel cut a swath along the coast of North Carolina and Virginia, with other states as far north as […]

By Canadian Underwriter | September 22, 2003

2 min read

Risk

ICLR offers damage mitigation tips in wait of Isabel

The Institute for Catastrophic Loss Reduction (ICLR) has called on Ontarians to take appropriate damage mitigation actions as southern Ontario awaits the arrival of Hurricane Isabel which is expected to move into the region by midday Friday. Although the hurricane is expected to lose much of its momentum and intensity as it moves deeper inland, […]

By Canadian Underwriter | September 19, 2003

2 min read

RMS predicts US$500 million or more in losses from Isabel

Risk modeling firm Risk Management Solutions (RMS) is predicting that Hurricane Isabel, which has not yet hit the U.S. coast, could cause as much as US$500 million in insured damage. This depends on the storm maintaining its current tracked, headed for the coast of North Carolina.But the damage will be much more severe if the […]

2 min read

Tort reform and regulatory burden on Levene’s hit list

Lloyd’s of London chairman Lord Peter Levene tackled the themes of tort reform and the unfair regulatory burden placed on the London market, in a speech yesterday to a U.S. audience. Speaking at “Town Hall Los Angeles”, Levene revisited the issue of tort reform in the U.S. to stem the tide of litigation and its […]

2 min read

Get rid of weak insurers, new study suggests

A new U.S. study suggests regulators should cut financially unstable insurers off at the pass, rather than trying to “rehabilitate” them. Commissioned by the U.S. Council of Insurance Agents and Brokers and prepared by Stewart Economics Inc., the study looks at the impact on policyholders of state regulatory practices with regards to solvency. They study […]

1 min read

Global reinsurers continue to feel the heat: A.M. Best

Reinsurers worldwide continue to experience negative pressure on their financial strength as hard market rate increases fail to bolster capital or shareholder interest, says rating agency A.M. Best.In its “Global Reinsurance” report, the firm notes that reduced capital following September 11 losses, adverse development on liability and continuing investment return woes is among the factors […]

2 min read

Hurricane Fabian could take US$350 million toll on insurers

Hurricane Fabian, which bashed the island of Bermuda on Friday with sustained winds of 120 mph, could cost insurers US$300-$350 million, according to risk modeling firm AIR Worldwide Inc.AIR Worldwide senior vice president, Pat Donahue, says the figure is based on insurable properties on the island, and was modeled using storm tracking and intensity markers […]

2 min read

Standard & Poor’s puts Allianz Canadian ops on watch

Rating agency Standard & Poor’s has put the Canadian operations of Allianz Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada on “creditwatch” with negative implications. The companies combined hold an “A+” financial strength rating currently.S&P says the move is the result of poor operating performance and lack of profitability over the past […]

1 min read