Claims
Reinsurers are shuffling the mix of their property and casualty lines in an environment of declining catastrophes and deteriorating rates, according to A.M. Best.As our casualty lines have shrunk, property has become a larger part of the portfolio than in years past, Andy Barnard, CEO of Odyssey Re Holdings, told A.M. Best. Given the negative […]
By Canadian Underwriter | November 26, 2007
1 min read
The average risk of landfalling hurricanes in the Atlantic Basin for the next five years remains at significantly above the risk averaged over the long term, warns Risk Management Solutions (RMS).The current activity rates lead to estimates of average annual insured losses that will be 40% higher than those predicted by the long-term mean of […]
The four emerging risks facing insurers moving forward are nanotechnology, climate change, aging infrastructure and the unknown, Robert Landry, president and CEO of Zurichs Canadian operations told delegates of the Property Casualty Underwriters Club luncheon.While the science is still new, Landry compared the development and use of nanomaterials to that of asbestos. With so many […]
By Canadian Underwriter | November 22, 2007
2 min read
The City of Hamilton and the Niagara Region are proposing a joint Critical Infrastructure Assurance Program (CIAP) that, if approved by city officials, would be the first of its kind in Canada, Richard Kinchlea, emergency management coordinator, City of Hamilton, told delegates of a seminar hosted by the Institute for Catastrophic Loss Reduction.Typically CIAPs are […]
By Canadian Underwriter | November 16, 2007
The Insurance Bureau of Canada (IBC) is calling on Canadian municipal, provincial and federal governments to improve urban infrastructure so as to mitigate property damage caused by storms in an age of climate change.The Insurance Bureau of Canada will insist in the months to come that governments launch an extensive effort to rebuild the basic […]
By Canadian Underwriter | November 14, 2007
As TRIA teeters on the brink of expiration at years end, AIR Worldwide Corporation has launched its updated U.S. terrorism model.The release of the new model incorporates the results of two years of research into the effects of a conventional bomb blast in complex urban environments, an AIR release says.Because urban density can have a […]
By Canadian Underwriter | November 13, 2007
Climatologists are warning that the recent wildfires in California may be a result of climate change and a taste of things to come, reports Lloyds.Models are suggesting the North American west coast is experiencing longer-term precipitation patterns several wet years in a row, followed by several that are drier than normal, Ronald Neilson, a professor […]
By Canadian Underwriter | November 7, 2007
Echelon General Insurance Company has renovated its place in cyberspace and launched a newly redesigned Web site.Key features of the new site include easy navigation tools, information about the companys latest personal lines offerings (for example, new product offerings in Alberta and Ontario include collector vehicle insurance and recreational vehicle insurance) and a new resource […]
By Canadian Underwriter | November 5, 2007
Just one month after the Ontario government introduced a tough new, anti-street-racing law, more than 1,000 motorists have been charged under the act, the Metro newspaper in Toronto has reported.The new law introduces harsh penalties such as license suspension or the potential impoundment of a vehicle for a week if motorists are caught traveling more […]
The severity of the insured losses from the 2007 California wildfires will not likely have a significant impact on the earnings of U.S. property and casualty insurers rated by Moodys.These wildfires have the potential to be the costliest wildfires in history, and they are in the running as the largest catastrophe event impacting U.S. carriers […]
By Canadian Underwriter | October 31, 2007
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