Claims
Despite unprecedented industry losses in 2004 and 2005, Benfield Group Limited is forecasting a more encouraging financial outlook for 2006 than previously expected.”The full impact of the unprecedented losses of 2004 and 2005, like that of previous major losses, will emerge over the next 12 to 18 months,” Benfield announced in a release. “Despite the […]
By Canadian Underwriter | January 12, 2006
1 min read
Demand for political risk coverage will increase in 2006, Aon predicts, based on trends identified in the company’s Political and Economic Risk Map. Published recently, Aon’s map suggests political interference poses the greatest threat to global businesses, followed by legal and regulatory issues and sovereign non-payment.The map includes recent examples of supply chains being disrupted, […]
By Canadian Underwriter | January 11, 2006
2 min read
Although passenger air flights have experienced a significant increase in fatalities 913 deaths in 2005, compared to 347 in 2004 insured losses will likely only increase a small amount, a recent report published by London-based Airclaims Ltd. notes.Western-built jets which Airclaims reports transport approximately 90% of all air traffic set the scene for eight fatal […]
By Canadian Underwriter | January 10, 2006
Pricing of property and marine lines experienced major changes as a result of the record storm activity of 2005 however, casualty and accident and health lines were predominantly spared, according to Guy Carpenter & Company’s report titled “U.S. Reinsurance Renewals at January 1, 2006.” Published annually, the report is an “annual review of pricing, retentions […]
3 min read
The U.S. P&C industry experienced an underwriting loss of US$2.8 billion through September 2005, down from the US$13.3 billion profit resulting from the first six-months of 2005 , according to a recent study by A.M. Best Co. Although the insurance industry posted strong results for the first half of 2005, underwriting losses were experienced due […]
By Canadian Underwriter | January 9, 2006
Willis Group Holdings (NYSE:WSH) recently released its reinsurance review of the marketplace for the January 1, 2006 renewals, which indicates key findings including rate movements and territory and class line commentary.The report, published by Willis Re, indicates that specialty lines and retrocession have been catastrophically impacted by the hurricanes that hit in the 2005 season. […]
By Canadian Underwriter | January 5, 2006
Insurance Systems Inc. (ISI), a provider of web-based solutions to the global property and casualty insurance industry, today announced the sale of WebWriter Inspection to The Wawanesa Mutual Insurance Company headquartered in Winnipeg, Manitoba.”Wawanesa is one of Canada’s leading insurers,” ISI President and CEO Terry Neilson says. “This sale is a strong endorsement of our […]
A leading terrorism underwriter at Lloyd’s says the market is becoming increasingly competitive as more insurers look to balance their risk portfolio in the wake of the US hurricane season.Stephen Ashwell, a war terrorism and political violence underwriter with Hiscox, says insurers with big natural catastrophe and earthquake cover are looking to terrorism as a […]
By Canadian Underwriter | January 4, 2006
The Patullo Bridge, a bridge with a history of fatal accidents that spans the Fraser River and links with New Westminster and Surrey in British Columbia, was recently the scene of a deadly car accident that killed four.The multi-vehicle collision occurred on the south end of the Bridge, which, according to police, will remain closed […]
The Terrorism Risk Insurance Extension Act of 2005, which extends the Terrorism Risk Insurance Act of 2002 (TRIA) to the end of 2007, was recently signed into law and as a result insurers can expect higher retention levels for 2006 and 2007, according to a recent analysis of the amendments conducted by AIR Worldwide Corporation […]
By Canadian Underwriter | January 3, 2006
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