Claims
U.S. reinsurers posted net income slightly higher for 2004 at US$3.14 billion, according to results from members of the Reinsurance Association of America (RAA). The RAA’s 26 members posted net income of US$3.08 billion in 2003.However, the slight uptick did not come from improved underwriting. Overall, the industry’s combined ratio worsened to 106.2% in 2004 […]
By Canadian Underwriter | March 21, 2005
1 min read
An earthquake measuring 7.0 on the Richter-scale emanated off the south coast of Japan on Sunday morning, believing to have resulted in the death of one person and injuries of up to a further 381 people, according to early television news reports. Authorities for Fukuoka city, located southwest of Tokyo, have confirmed 107 injuries caused […]
By Canadian Underwriter | March 20, 2005
Reinsurers operating in the U.S. likely finished last year with deteriorating business indicators with companies reporting declines in premium volume while higher claims costs appear to have boosted the sector’s combined ratio, according to data released by the Reinsurance Association of America (RAA). Although U.S. reinsurers were able to increase policyholder surplus during 2004 by […]
By Canadian Underwriter | March 17, 2005
In a filing recently made with the Securities and Exchange Commission (SEC), Bermuda-based Ace Ltd. disclosed that the company had received 43 subpoenas and legal enquiries relating to its alleged involvement in bid rigging and price fixing of insurance arrangements in connection with an investigation led by New York’s attorney general Eliot Spitzer into brokerage […]
By Canadian Underwriter | March 16, 2005
Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture: PTZ) saw its annual net loss narrow to $422,540, or $0.01 per share last year, a 79% improvement over the loss of $1.99 million, or $0.01 per share, posted in 2003.Revenue was up 60% in 2004 to $11.29 million (2003: $7.05 million). This includes commissions and management […]
By Canadian Underwriter | March 14, 2005
In a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event and Investigation into Potential Global risks”, Guy Carpenter says reinsurance losses related to the event, […]
2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish weather patterns” which culminated in the December 26th Indian Ocean tsunami, “the worst natural disaster […]
By Canadian Underwriter | March 13, 2005
2 min read
The insurance coverage trial which followed the felling of the World Trade Center towers in the September 11, 2001 terrorist attacks highlights the need for greater contract certainty, says Lloyd’s chair Lord Peter Levene.Levene, speaking to a group of insurers, brokers and others in Norway, says the case, which centers on whether the destruction of […]
In a survey of businesses, Mississippi continues to rank as the worst jurisdiction in terms of perceived legal fairness, according to the annual study of state liability systems published by the U.S. Chamber of Commerce’s Institute for Legal Reform.The ILR study does suggest improvement may be in the works in Mississippi, however, with 96% of […]
By Canadian Underwriter | March 9, 2005
In its latest Schadenspiegel publication, Munich Re looks at some of the most significant industrial disasters in history and finds significant exposure coming from the chemical and oil/gas sectors.Data from European countries shows the majority of industrial incidents reported come from these sectors – the "Major Accident Reporting System" (MARS) finds 20% of incidents reported […]
By Canadian Underwriter | March 7, 2005
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