Claims
Standard & Poor’s Ratings Services has revised its criteria for measuring the catastrophe risk of primary property and casualty insurance companies, according to a recent S&P’s article. The article “Property/Casualty Insurance Criteria: Primary Insurer Catastrophe Capital Charges Revised” says that the new criteria will capital-charge CAT risk with company-specific data for exposures, so this new […]
By Canadian Underwriter | April 6, 2006
1 min read
Citing net claims of 3.309 billion (US$5.79 billion) as a result of the “most severe hurricane season on record,” Lloyd’s of London reported a net loss of 103 million (US$180 million) in 2005, compared to a profit in 2004 of 1.367 billion (US$2.39 billion).Lloyd’s combined ratio in 2005 reached 111.8%. In 2004, the combined ratio […]
2 min read
ICBC says its anti-fraud programs saved B.C. motorists more than CD$73 million in 2005.The figure is based on the estimated value of fraudulent claims that were denied, money recovered, and savings generated through fraud prevention.ICBC’s anti-fraud efforts led to 175 criminal charges against 94 people last year. The number of criminal charges laid in 2005 […]
By Canadian Underwriter | April 5, 2006
Pethealth Inc. (TSX :PTZ) saw record revenues for both the full 2005 year at CDN$14.4 million, a 28% increase over 2004, and for the fourth quarter at CDN$3.9 million, a 37% increase over 2004.The Company also saw a net loss for the year of CDN$1.89 million ($0.01/share) a 44% improvement from the restated CDN$3.4 million […]
By Canadian Underwriter | April 3, 2006
Lloyd’s is apparently in discussions to insure the first “tourist” flights into space in 2008.Virgin is proposing to launch the space flights for tourists from a site in New Mexico, and media reports have indicated that Lloyd’s are among the insurers in talks about providing cover.According to the company’s Web site, Bruno Ritchie, director of […]
Eight key ways to produce the best medical legal report
March 31, 2006
6 min read
The U.S. property and casualty insurance industry will report a deterioration in profitability for 2005, Fitch rating agency predicts.”While operating performance was on a record-setting pace in the first half of the year, insurers encountered unfavorable surprises in the form of unprecedented natural catastrophe losses in the second half,” Fitch says in a report on […]
By Canadian Underwriter | March 30, 2006
The Risk and Insurance Management Society, Inc. (RIMS) recently gave testimony advocating nine key principles necessary for the development of a long-term solution to terrorism. At the public hearing on terrorism insurance matters, held by the National Association of Insurance Commissioners’ (NAIC), one principle RIMS board member and director of external affairs Mike Fenlon noted […]
If catastrophe damage losses continue to escalate as expected, the insurance industry may have to re-evaluate its model for risk-sharing, panelists told an audience attending an Ontario Risk and Insurance Management Society meeting in Toronto.A new model may, for example, have to take into account the geographic distribution of risk exposure.Swiss Re stats show a […]
By Canadian Underwriter | March 29, 2006
The University of Calgary is conducting a cell phone and driving study with youth between 16 and 25 years old who have obtained their probationary driver’s license within the last year.The goal of the Driver Distraction Study, sponsored by the Insurance Bureau of Canada (IBC), is to determine the effects of cell phone use and […]
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