Claims
The United Nations World Food Program (WFP) has taken out the first humanitarianism insurance policy with reinsurer AXA Re.AXA Re will provide contingency funding of up to US$7 million of insurance coverage in case of extreme drought that may occur in Ethiopia during its 2006 growing season from March to October. This is the first […]
By Canadian Underwriter | March 6, 2006
1 min read
The 2005 class of Bermuda reinsurance start-ups will face much tougher market conditions, is writing less diverse property risks, and is more reliant on short-term, high return investment money than their predecessor Bermuda start-ups in 2001, according to a special report by the Fitch ratings service.In its special report on the “Bermuda class of 2005,” […]
By Canadian Underwriter | March 3, 2006
2 min read
Swiss Re reported a drop in net income to CHF1.5 billion (CDN$1.3 billion) in 2005 from CHF2.5 billion (CDN$2.17 billion) in 2004.In 2005, Swiss Re digested CHF3 billion (CDN$2.61 billion) in large natural catastrophe claims, up from CHF1.2 billion (CDN$1.04 billion) in 2004.The combined ratio for Swiss Re’s entire non-life business was 108.7%, the company […]
By Canadian Underwriter | March 2, 2006
Citing a disproportionate number of Ontario youths who are involved in fatal car collisions, Royal & SunAlliance is offering premium discounts for graduates of a program that uses a simulator to teach defensive driving techniques. Road safety statistics show 225 people died in the GTA as a result of traffic collisions last year, according to […]
The Institute for Catastrophic Loss Reduction (ICLR) is holding a Friday Forum workshop on March 24, 2006 from 1:30pm to 3:00 pm at the Insurance Bureau of Canada, which will feature Staff Sergeant Robert Cousineau of the Ontario Provincial Police. The focus of the workshop relates to an initiative that was created in response to […]
By Canadian Underwriter | March 1, 2006
The Co-operators General Insurance Co. (TSX:CCS.PR.A.) gained a consolidated after-tax net income of Cdn$39.1 million for the fourth quarter ended Dec. 31, 2005, compared to the Cdn$38.8 million profit for the same period in 2004. Gross written premium in the fourth quarter declined 1.8% to Cdn$486 million, compared with Cdn$495 million for the fourth quarter […]
February 28, 2006
Guy Carpenter & Company, Inc., a global risk and reinsurance specialist and a part of the Marsh & McLennan Companies (NYSE: MMC), and affiliate of Guy Carpenter MMC Securities Corp., recently published their fourth annual joint study of natural catastrophe bond transaction activity, trends and market dynamics, which cites unprecedented growth across the catastrophe bond […]
By Canadian Underwriter | February 28, 2006
3 min read
In a report released Feb. 27, “DNA for Peace: Reconciling Biodevelopment and Biosecurity,” experts at the Canadian Program on Genomics and Global Health (CPGGH), part of the University of Toronto’s Joint Centre for Bioethics (JCB), calls for a global network of scientists to keep vigil against the misuse of biotechnology science and therefore counter bioterrorist […]
By Canadian Underwriter | February 27, 2006
Guy Carpenter & Company, Inc., a global risk and reinsurance specialist, has announced the development of a new online risk management platform, i-aXs, that is designed to reduce risk management analysis and reporting times from weeks to mere minutes.The new online technology provides insurance executives with the ability to leverage vast data repositories for better […]
The Co-operators, have provided financial support to the Infant and Toddler Safety Association’s (ITSA) volunteer telephone hotline so that the Kitchener, ON-based, volunteer-run charity can, starting this month, offer expert child safety advice through their toll-free service. The Co-operators financial support to ITSA this year will total approximately $25,000, including the cost of the new […]
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