Claims
In its annual review of the U.S. p&c industry, rating agency A.M. Best notes that the industry was able to achieve underwriting profitability despite the effects of devastating catastrophe losses in the third quarter.For the first nine months of 2004, the industry posted an underwriting profit of US$3.4 billion, compared to an underwriting loss of […]
By Canadian Underwriter | January 2, 2005
2 min read
Despite the overwhelming human and economic losses associated with the tsunami which devastated multiple South Asian countries on December 26, the world’s largest reinsurers say the insurance impact will not be severe.As of Sunday, the death toll is expected to be over 150,000 from the tsunamis, which struck countries in Asia, India and Africa including […]
In its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses (the study data was compiled prior to December’s Indian Ocean tsunami losses). More significantly, more than 21,000 lives were lost to catastrophes – both man-made and natural – this year, the report notes. Overall […]
December 31, 2004
1 min read
Just two days after the Toronto Stock Exchange issued a temporary cease trade order on Ontario’s The Loyalist Insurance Group Ltd. citing the company’s failure to meet reporting requirements, the company has released results for the nine months ended September 30, 2004. The results, which have not yet been certified by an external auditor, show […]
The unprecedented natural catastrophe losses suffered by insurers in 2004 have caught the attention of the United Nations. At a conference on climate change last week, the UN said more needs to be done to “avert a veritable biblical list of plagues arising from global warming”.The 10th Session of the Conference of the Parties to […]
By Canadian Underwriter | December 19, 2004
The Florida legislature decided on Friday to support a plan reimbursing policyholders who paid multiple deductibles on claims filed as a result of this year’s four major hurricanes.In the aftermath of Hurricanes Charley, Frances, Jeanne and Ivan, which struck the state between August and October, homeowners’ policyholders found themselves exposed to multiple deductibles for damage. […]
In its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses. More significantly, more than 21,000 lives were lost to catastrophes both man-made and natural this year, the report notes.Overall economic losses are expected to hit US$105 billion globally, based on the 300 catastrophe events […]
By Canadian Underwriter | December 16, 2004
Following the release of a survey indicating the increasing desire to purchase terrorism coverage under the Terrorism Risk Insurance Act (TRIA), broker Aon is adding its voice to the call for an extension of the U.S. government program.Aon says the TRIA-backed coverage is being taken up by 57% of the companies it surveyed, an increase […]
Standard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the purposes of coverage, thus potentially doubling the payouts for the nine companies involved, S&P says […]
By Canadian Underwriter | December 14, 2004
Despite dire predictions of a return to soft market pricing, experts at Swiss Re’s annual “Economic Insurance Industry Review and Outlook” in New York say companies are maintaining discipline.”Underwriting remains disciplined,” says Patrick Mailloux, head of Swiss Re’s U.S. direct, Americas division. “Industry-wide, capital position is improving but capacity constraints persist, and the hurricane losses […]
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