“Canada has delivered excellent growth, with premiums of £1,108m up by 20% (19% at constant exchange) driven by rate increases, strong retention and the benefit of the acquisition of GCAN which contributed 10 points of the overall growth,” said RSA
Can Canada afford an aging population?
“The U.S. was impacted heavily by natural catastrophe events during August, but in some ways the situation could have been far worse. Hurricane Irene was initially expected to make landfall as a more significant storm, highlighted by the extensive measures taken by many states to evacuate residents and ensure that structures were secured, “said Steve Jakubowski, President of Impact Forecasting, Aon Benfield
Fairfax characterizes lawsuit as both dated and frivolous
1911 Lloyd’s Act moved the company from marine insurer to specialized risk market
More than 100 commercial buildings were destroyed in the latest earthquake
Insurer says more than 800 insureds will be compensated for mostly property damage
Estimated net claims from natural disasters in line with industry losses
Toronto-based P&C company suffers $240.6 million Q1 loss
The death toll and damage estimates both continue to rise in the wake of the February 22 earthquake that devastated Christchurch, New Zealand. As of press time on February 28, the official death toll is 147 but area police say that the final toll could be more than 200. Insurers and catastrophe modelers are attempting [...]
On February 27, 2010, a magnitude 8.8 earthquake occurred off the coast of the central Maulé region of Chile. In the capital of Santiago, the earthquake was felt at Mercalli intensity scale VII (Destructive). Tremors were felt throughout neigbouring Argentina and north into Peru. The quake triggered a tsunami which devastated a number of coastal [...]
Terrorism risk insurance is available and affordable in the United States, but demand remains flat even as the danger of an act of terror may be at its highest level since Sept. 11, 2001, according to the latest issue of BestWeek U.S./Canada. BestWeek says that overall capacity of insurance provided by the private market has [...]
Early predictions that January 1, 2011 reinsurance renewal rates were likely to fall have been proven correct, says Guy Carpenter. The Guy Carpenter Global Property Catastrophe Rate Line (ROL) Index lost 7.5 percent – the second consecutive annual decline. Contributing to this move has been a combination of factors, including moderate loss activity and abundant [...]
Several major catastrophes in 2010 resulted in substantial losses and an exceptionally high number of fatalities, according to Munich Re. A total of 950 natural catastrophes were recorded last year, nine-tenths of which were weather-related events like storms and floods. This total makes 2010 the year with the second-highest number of natural catastrophes since 1980, [...]
Looking for: SVP Surety Underwriting in Toronto, Ontario Solid Canadian insurance firm looking to expand their market presence in surety offers this excellent growth opportunity. They have an excellent capital base and A rated paper. Someone with solid agent and broker contacts and well recognized by the reinsurance community is key. You will manage a [...]
Sun Life Financial Inc. has sold its life reinsurance business to Berkshire Hathaway Life Co. of Nebraska. Berkshire Hathaway is led by billionaire CEO Warren Buffett. The company is a conglomerate with holdings in insurance, jewelry and apparel. Buffett has previously assumed risks from XL Group and CNA Financial Corp., as well as acquiring more [...]
Encompassing both Treaty and Excess of Loss business, Catlin Canada announced it will begin writing Reinsurance locally from Toronto. “This is an exciting development for Canada as we believe our entry into this market will complement both the direct underwriting operations in Canada but also the Group Reinsurance portfolio,” said Mike Hansen, CEO. The Reinsurance [...]
