Claims
PartnerRe Ltd. (NYSE: PRE) has reported net income of US$235.8 million for 2006 3Q. In comparison, the reinsurer reported an after-tax net loss of US$288.7 million in 2005 3Q, reflecting the record catastrophe activity in that period. The company reported its non-life combined ratio during 2006 3Q was 81.4%, compared to the 156.3% COR the […]
By Canadian Underwriter | October 23, 2006
1 min read
Catastrophe modeling has been revamped as a direct result of 2004 and 2005’s catastrophic weather events, speakers told an audience at a symposium sponsored by XL Re Europe Ltd. Insurers and reinsurers are not as confident about cat models and as a result have changed their views on weather-related risks, according to managing director ofAIR […]
New catastrophe-modeling capabilities can help insurers avoid the painful consequences of underinsuring properties, according to a panelist at A.M. Best’s Insurance & Technology Conference, e-Fusion, in Boston.In its report on the conference, A.M. Best cites George Davis, a vice president at catastrophe modeling firm AIR Worldwide Corp., as saying underinsuring means not getting the right […]
2 min read
Beaufort Underwriting Agency Ltd, on behalf of its managed syndicate MSF Pritchard – Syndicate 318, has licensed Risk Management Solutions (RMS)’ RiskLink catastrophe modeling platform. This license agreement is a response to what Beaufort views as the increasingly critical role of exposure and catastrophe modeling management for the Lloyd’s market. RMS licenses the RiskLink catastrophe […]
Standard & Poor’s Ratings Services will not take any ratings action following the pre-announcement by The Hanover Insurance Group Inc. (NYSE:THG) that it would be taking a US$52 million charge (US$34 million after-tax) in third-quarter 2006 to strengthen its reserves for claims related to Hurricane Katrina. S&P’s says the magnitude of this charge, which comes […]
By Canadian Underwriter | October 19, 2006
The government of Edmonton has created a new provincial Emergency Management Alberta Agency, which will better prepare Alberta for response to emergency situations. The new agency combines the current organization with the Alberta Fire Commissioner’s Office (FCO), which the government says will result in better co-ordination, preparation, response and recovery to a wider array of […]
By Canadian Underwriter | October 17, 2006
The Insurance Bureau of Canada (IBC) has endorsed proposed amendments to Ontario’s Highway Traffic Act that would require one seatbelt for each passenger in a vehicle.”We applaud [Ontario Transportation] Minister Donna Cansfield for taking swift action to address this serious road safety concern” Mark Yakabuski, IBC’s vice-president, federal affairs and Ontario, said in a press […]
Crawford & Company has mobilized its Canadian and U.S. staff to handle “any and all claims needs” following a sizable earthquake with a magnitude of 6.6 that sent more than 20 sharp aftershocks across the Hawaii islands on Oct. 15.”We have been in close contact with our head office in Atlanta, as well as with […]
By Canadian Underwriter | October 16, 2006
Although they’ve improved steadily in the past four years, returns in the homeowners insurance business still aren’t adequate to cover the cost of capital, according to a new report prepared by Aon Re.Sharp increases in homeowners’ rates after the 2004 and 2005 storms have failed to provide insurers the opportunity to earn back their cost […]
By Canadian Underwriter | October 11, 2006
A report recently released by Allianz Group and the World Wildlife Fund reveals that insurers need to increase their efforts in dealing with damages resulting from climate change.Insurers are called to the table by the report, entitled “Climate Change and Insurance: An Agenda for Action in the United States,” to work with catastrophe modelers and […]
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