Claims
Canada’s auditor general is satisfied Natural Resources Canada has taken steps to update the insurance requirements for the country’s nuclear facilities.The Nuclear Liability Act, which came into force in 1976, currently limits the liability of a nuclear operator for any damages related to radioactive releases to a maximum of Cdn$75 million. Natural Resources Canada has […]
By Canadian Underwriter | March 10, 2008
1 min read
Initial estimates are placing insured damage caused by Windstorm Emma which tore through parts of central Europe on Mar. 1 at between EUR300 million (Cdn$455.24 million) and EUR1.3 billion (Cdn$1.973 billion). Windstorm Emma brought with it heavy rain and hurricane-force winds, which caused significant damage to residential buildings, AIR Worldwide Corporation reports. Wind gusts were […]
By Canadian Underwriter | March 7, 2008
2 min read
In order to respond to the rising costs of climate change-related damages, insurance companies are going to have to focus more on micro-solutions (i.e. on a policyholder-by-policyholder basis), Colin Empke, partner at Blaney McMurtry LLP, told delegates at the Canadian Defence Lawyers 4th annual insurance coverage symposium in Toronto on Feb. 28. Empke was speaking […]
By Canadian Underwriter | February 29, 2008
Swiss Re has reported a net income of CHF4.2 billion (about Cdn$3.96 billion) for 2007, down 9% from 2006, but nevertheless the second-best result in the company’s history.”Driven by an outstanding performance across our key businesses, we delivered the second-best result in Swiss Re’s 144-year-history,” Swiss Re CEO Jacques Aigrain said in a press release. […]
American International Group, Inc. (AIG) reported loss of US$5.3 billion for 2007 Q4, and a net income of US$6.2 billion for the full year 2007, representing a 55.9% decrease over the prior year.In 2006 Q4, AIG reported a profit of US$3.4 billion. “The 2007 other-than-temporary impairment charges resulted primarily from the significant, rapid declines in […]
Risk Management Solutions (RMS) estimates insured losses from the earthquake that shook the United Kingdom this week are up to 30 million (approx. Cdn$58.3 million), a sum reflecting the vulnerability of buildings in the area.The earthquake that struck Market Rasen in Lincolnshire is likely to have caused between 15 million and 30 million (approx. Cdn$29.1 […]
By Canadian Underwriter | February 28, 2008
The Insurance Brokers Association of Ontario (IBAO) has announced it is renewing its sponsorship agreement with professional golfer Richard Scott from Kingsville, Ont. “Richard has represented us well and we’re proud to be associated with his success,” Randy Carroll, CEO of IBAO, said in a release. “In our first year in sponsoring him last year, […]
By Canadian Underwriter | February 25, 2008
FM Global reported a 26% growth in net income (to US$928 million) in 2007, the largest such growth in the company’s history.The company also posted a combined ratio of 73.4%, which was better than forecast, the company reported, “due to the absence of large insured natural disaster losses and much better than composite projections for […]
By Canadian Underwriter | February 22, 2008
Given the potential for US$2.5 billion in insured losses for wildfires in California alone, last year’s wildfire season ranks as one of the costliest wildfire seasons in recent history, according to a joint report by Risk Management Solutions (RMS) and ImageCat, Inc.RMS’ analysis shows that in the past 10 years of Californian wildfire history, close […]
By Canadian Underwriter | February 21, 2008
As preparations for the next hurricane season proceed apace, the insurance industry continues to look for ways that capital markets can be used as the basis for building up capital this time, the industry is looking at event-linked insurance futures, according to A.M. Best.Insurance Futures Exchange Services Ltd (IFEX), a member of the Climate Exchange […]
By Canadian Underwriter | February 11, 2008
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