Claims
The Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies for tornado coverage, after a weekend in which at least eight tornadoes destroyed homes and buildings across southern Manitoba.Tornadoes packing winds in excess of 400 km-h touched down in Southern Manitoba June 23-24, destroying homes, farms and blowing a number of […]
By Canadian Underwriter | June 25, 2007
1 min read
Guy Carpenter & Company, Ltd and MMC Securities Ltd. announced the completion of a multi-territory, multi-event catastrophe bond transaction.The bond will pay Brit Insurance Holdings PLC principal subsidiary, Brit Insurance Limited, up to US$200 million [approximately Cdn$214 million] in the event of a series of pre-defined severe natural catastrophes.Events covered by the transaction include US […]
By Canadian Underwriter | June 22, 2007
The Autorite des Marches Financiers (AMF) found Sylvain Desgens guilty of five charges under the act respecting the distribution of financial products and services. Desgens was found guilty of acting as a representative in insurance of persons without holding a certificate issued for such purpose by the AMF and offering insurance products, thereby violating sections […]
By Canadian Underwriter | June 21, 2007
The Risk and Insurance Management Society (RIMS) has commended the June 18 introduction of the Terrorism Risk Insurance Revision and Extension Act (TRIREA) of 2007.RIMS strongly supports the reauthorization of TRIA and believes the introduction of this important measure represents the commitment of Rep. Mike Capuano (D-Mass.) and Rep. Barney Frank (D-Mass.) to protect the […]
By Canadian Underwriter | June 20, 2007
2 min read
The Canadian property and casualty industry posted excellent results in 2006, sporting a 91.7% combined ratio and a 17% return on equity (ROE), but it should be mindful of the lessons learned from soft markets in the past as 2007-08 results are expected to deteriorate, A.M. Best warned in a recent report.The A.M. Best report, […]
By Canadian Underwriter | June 19, 2007
Climactic conditions are ripe for an active storm season and obviously an active storm season increases the likelihood that the insurance industry will incur losses, according to a June 2007 report by Fitch Ratings, entitled Hurricane Season 2007: A Desk Reference for Insurance Investors. As a general rule, Fitch believes primary insurers will disproportionately incur […]
By Canadian Underwriter | June 15, 2007
The catastrophe models in 2007 have updated their demand surge assumptions and industry exposure levels, resulting in an increase in estimated average annual losses, according to Fitch Ratings Hurricane Season 2007: A Desk Reference for Insurance Investors.Because catastrophe losses fell dramatically in 2006 from the previous two record-setting years, changes to the major hurricane models […]
Storms and flash floods in Alberta on June 5 are expected to exceed Cdn42 million in insured damages, according to the Insurance Bureau of Canada (IBC).In Calgary alone, there have been 3,094 insurance claims so far as a result of the storms, and insurers expect to pay [Cdn]$42 million to cover these claims,” said Jim […]
By Canadian Underwriter | June 13, 2007
Risk Management Solutions Inc. (RMS) has predicted above-average activity during the 2007 tropical storm season, due to the dissipation of last years El Nino condition and a potential El Nina event on the horizon. Authors of the white paper 2007 Hurricane Season Outlook note that all major forecasting groups, including Tropical Storm Risks (TSR), the […]
By Canadian Underwriter | June 12, 2007
The Canadian government has failed to follow the global trend of becoming more involved in mitigating the risk exposure of insurance and reinsurance companies, according to a Guy Carpenter & Company, LLC report. While a number of countries have developed explicit schemes or terror pools that address the risks of terrorism, Canada has not implemented […]
By Canadian Underwriter | June 11, 2007
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