Claims
After losing nearly US$8.4 billion in after-tax losses during this year’s hurricane season, the Bermuda reinsurance market has already recovered almost US$6 billion in capital, a Moody’s report of 14 Bermuda-based reinsurers has found.”Through Nov. 4, 2005, the 14 companies included in our study have issued nearly $6 billion of equity, debt and hybrid securities […]
By Canadian Underwriter | November 9, 2005
2 min read
In the wake of a devastating hurricane season, Fitch Ratings is urging the property and casualty industry to better understand its capital requirements and take steps to better mitigate catastrophic risk.In a report to be released, entitled New Thinking on Catastrophe Risk & Capital Requirements, the agency says “a fresh look at capital requirements is […]
1 min read
Willis Group Holdings Ltd’s (NYSE: WSH) North American construction practice group leader Paul Becker recently testified at a hearing held by the Senate Subcommittee on Superfund and Waste Management on the construction risks inherent in the New Orleans cleanup. Invited as a guest of the chairman of the subcommittee Senator John Thune, Becker spoke of […]
By Canadian Underwriter | November 8, 2005
Damage inflicted by hurricanes will only get worse in the future because of the increasing development and population density along US coastlines, according to speakers at a recent Hurricane Symposium in London, England, held by the Insurance Leadership Institute of GE Insurance Solutions.The size of U.S. hurricane losses will continue “to stagger and astound us” […]
Industry
Markel Corp. has reported receiving a subpoena from the Northeast Regional Office of the U.S. Securities and Exchange Commission (SEC), which is conducting an inquiry into certain loss mitigation insurance products.In a recent filing with the SEC, Markel says it received the subpoena in late October 2005. “The subpoena seeks documents concerning transactions by [Markel] […]
Canada’s home, car and business insurers and Ontario Safety League (OSL) are joining forces with the Insurance Bureau of Canada (IBC) to implement a province-wide community-driven program to help motorists get home safely during the holiday season. The vice-president of federal affairs Mark Yakabuski and the president of OSL Brian Patterson will unveil details of […]
Auto accidents involving wildlife collisions peak in the month of November all across Canada due to mating season. Annually, accidents that result from large animals including deer, elk and moose crossing highways and crashing with cars can kill and injure people as well as cause tens of millions of dollars worth of accident claims and […]
By Canadian Underwriter | November 7, 2005
Risk
Children involved in motor vehicle crashes may be at risk of suffering acute stress disorder (ASD) symptoms after the crash according to research based on a range of crash data from reports submitted to State Farm Insurance Companies, which indicates that 2% of children and 5% of their parents will likely experience life disrupting multiple […]
The Alberta government is developing a long-term strategy to reduce flood damage.The province’s transportation department has announced the establishment of a Flood Risk Management Committee. The interdepartmental committee will develop a strategy to better manage and mitigate flood damage. George Groeneveld, MLA for Highwood, will chair the committee, which includes staff from the ministries of […]
The Financial Services Commission of Ontario (FSCO) has amended the Statutory Accident Benefits Schedule (SABS) to eliminate the DAC system effective March 1, 2006, subject to transition provisions.The new regulations will continue to require a claimant to obtain an assessment from his or her own health care provider when applying for benefits, FSCO has announced […]
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