Claims
Insurance Bureau of Canada (IBC)’s ‘Be Smart. Be Safe.’ campaign is urging parents to make sure their children wear an approved helmet anytime they are participating in wheeled activities such as cycling, skateboarding, in-line skating or riding a scooter.”Every year, more than 500 Canadian children are hospitalized for head injuries from bicycle crashes,” according to […]
By Canadian Underwriter | June 9, 2006
2 min read
If you think stealing a car is a small-time crime motivated by the need for thrill-seeking or a quick buck, it’s time for a reality check, according to the Insurance Bureau of Canada (IBC).”Today, auto theft is big business,” the IBC says in a press release issued at the opening of a two-day summit meeting […]
By Canadian Underwriter | June 8, 2006
Tropical Storm Risk (TSR) anticipates Atlantic basin and U.S. landfall hurricane activity will be 40% above the long-term (1950-2005) norm in 2006.The TSR prediction includes: A 74% probability of an above-normal Atlantic hurricane season, a 22% probability of a near-normal season and only a 4% chance of a below-normal season. An expectation of 14 tropical […]
Standard & Poor’s Ratings Services is enhancing its process for evaluating the terrorism exposure of interactively rated insurers and reinsurers. The updated process, S &P’s says, is partly a response to the increased insurance retentions under the two-year extension of the Terrorism Risk Insurance Act of 2002. The ratings agency says the enhancement will also […]
In response to increasing frequency and severity of natural catastrophes, Swiss Reinsurance Co. recently placed a natural catastrophe bond program, which will provide the Company with US$950 million of protection for North Atlantic hurricane, European windstorm, Californian earthquake and Japanese earthquake risks.The bond program, which is called “Successor,” will allow Swiss Re’s investors to choose […]
By Canadian Underwriter | June 7, 2006
1 min read
Risk Management Solutions (RMS), a provider of products and services for the management of natural hazard risk, has updated its U.S. and Canada earthquake models to reflect phenomena such as demand surge and claims adjustment and inflation. The earthquake model update features third-generation modeling capabilities throughout the region and incorporates perspectives on loss amplification gained […]
AXA SA has signed a definitive agreement to cede the business of AXA Re to Paris Re Holdings Limited.The announcement follows the receipt of a binding offer on April 6, 2006, and after AXA SA consulted with the relevant workers’ councils. Paris Re Holdings is a newly created company with a capitalization of approximately US$1.5 […]
By Canadian Underwriter | June 6, 2006
A Letter from the Desk of Dennis Gartner, Assistant Deputy Minister and Superintendent of Pensions, Insurance and Financial Institutions, regarding the Government of Alberta’s auto insurance reforms and the regulations under review: “As with all legislation, it is necessary to review sections from time to time to see if they continue to be supported by […]
3 min read
The insurance industry must face up to the growing threat of climate change or risk being swept away, according to Lloyd’s, the world’s leading specialist insurance market.A new report, ‘Climate Change, Adapt or Bust’, published by Lloyd’s, warns that insurers must act now to understand and actively manage risks from emerging threats such as greenhouse […]
By Canadian Underwriter | June 5, 2006
The outlook for personal lines insurers is stable, according to Standard & Poor’s Ratings Services midyear 2006 outlook report.The report titled “U.S. Personal Lines Midyear 2006 Outlook: Low Volatility Means Few Raings Changes in 2006” indicates the second half of 2005 may have been one of the most challenging on record for U.S. personal lines […]
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