Claims
Insurance claims have exceeded Cdn$30 million after a fierce Nov. 15 storm that caused a boil-water advisory in the Vancouver area, according to IBC regional officials quoted in the Victoria Times-Colonist. Lindsay Olson, B.C.-Yukon vice-president of IBC, said insurance claims for storm damage had passed the $20-million mark as of Nov. 22. “Right now we’re […]
December 31, 2006
1 min read
Hurricane activity during the 2006 Atlantic hurricane was weaker than expected because of the rapid development of El Nio, according to scientists at the U.S. National Oceanic and Atmospheric Administration (NOAA). The 2006 Atlantic hurricane season produced near-normal activity with a total of nine named storms – including five hurricanes, two of which became major […]
2 min read
A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Co-operators General Insurance Company (Co-operators General) (Ontario). A.M. Best has also upgraded the FSR to B++ (Very Good) from B+ (Very Good) and the ICR to “bbb” from “bbb-” for Co-operators General’s wholly […]
By Canadian Underwriter | December 21, 2006
Natural and man-mad catastrophes triggered total economic losses worldwide of approximately US$40 billion and cost property insurers US$15 billion in 2006, according to Swiss Re.The 2006 figure compares favourably to the 2005 amount of US$78 billion for insured loses.Earthquake, cold spells, and windstorms and shipping disasters claimed 30,000 lives.The significantly smaller amount of losses in […]
By Canadian Underwriter | December 20, 2006
The U.S. property and casualty industry’s loss reserve position has improved considerably in the last four years, according to Fitch Ratings.”Reserves for recent hard market accident years were set at more prudent levels, while reserves established during the last soft market that developed deficiently are largely paid and represent an ever smaller percentage of total […]
Insured losses from the Pacific Northwest winter storm in the United States could exceed US$500 million, according to estimates by catastrophe risk modeling company AIR Worldwide Corporation.In Canada, similar winter storms in the area of Vancouver, B.C. have resulted in more than $40 million worth of claims thus far, according to the IBC.In a recent […]
The last time U.S. property and casualty insurers posted underwriting profitability of the scale witnessed in 2006, Jonas Salk unveiled his polio vaccine in 1953 and Sir Edmund Hillary became the first man to successfully climb Mount Everest, according to a recent statistical report by A.M. Best. The U.S. property casualty insurance industry posted US$$23.7 […]
By Canadian Underwriter | December 15, 2006
Moody’s Investors Service has changed its outlook on the ratings of The Hanover Insurance Group, Inc. (NYSE: THG) and its subsidiary, Hanover Insurance Company, to positive from stable.”The positive outlook reflects stronger risk-adjusted capitalization, improving underwriting results, and more stable business flow from its network of independent agents,” Moody’s announced in a press release.The move […]
Year 2007 promises to be a good year for the European insurance sector, according to a report by Standard & Poor’s. Nevertheless, the primary and reinsurance markets may be beyond their pricing peak, according to the report, entitled “European Insurance: 2006 In Review, 2007 In Anticipation.””The absence of large losses, peak-of-the-cycle underwriting profits, and solid […]
By Canadian Underwriter | December 14, 2006
BCAA Insurance is cautioning policyholders about the dangers of using candles as Christmas dcor items during the holiday season.”Since the early 1980s, when the popularity of candles grew rapidly, BCAA Insurance has witnessed a steady increase of candle-related claims, particularly surrounding the Christmas holidays,” BCAA Insurance notes in a press release. “Candles now rate as […]
By Canadian Underwriter | December 13, 2006
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