Claims
Proposed amendments to Alberta’s and British Columbia’s insurance acts lack certainty and clarity with regard to fire-following earthquake coverage, Insurance Bureau of Canada (IBC) says.Both governments jointly introduced harmonized amendments to their insurance acts. A joint release between the two governments outlines some of the key elements of the legislation. They include:clarifying and lengthening (from […]
By Canadian Underwriter | May 2, 2008
1 min read
Aon has introduced its Global Rapid Response program to Canada.Global Rapid Response provides post-loss mitigation and recovery consulting, helping on the ground at the loss location. The program is designed to help minimize the financial impact of a catastrophic property-damaging event, document the loss, and create a claim foundation that will lead to the maximum […]
Although 2007 was a profitable year for Canada’s P&C industry, “it is increasingly clear that the soft phase of the insurance cycle is now upon us,” Swiss Re reported in its 2008 Q1 Canada Property & Casualty Quarterly. “Net income declined 15% from 2006 as rising claims eroded underwriting margins and volatile financial markets kept […]
By Canadian Underwriter | May 1, 2008
2 min read
When faced with a crisis threatening a company’s reputation, senior executives that respond immediately with compassion, empathy and humility may speed the recovery from the loss and improve the organization’s capital value in the long run.Bruce Abrams of AIG, cited an example of an airplane crash where the CEOs of the airlines involved each had […]
By Canadian Underwriter | April 29, 2008
Small to mid-size companies are more likely to experience a loss to corporate assets outside the United States or Canada than larger companies, according to a Chubb Group of Insurance Companies (NYSE: CB) 2008 Multinational Risk Survey. “Compared to companies with annual revenues of more than [US]$1 billion, smaller companies experienced at least a 50% […]
By Canadian Underwriter | April 28, 2008
Integro Ltd., an international insurance brokerage and risk management firm, is sponsoring the MSA/Baron Outlook Reports for 2008 for risk managers across Canada. The report will be distributed to 150 Ontario Risk & Insurance Management Society (RIMS) and RIMS Canada risk managers.” Integro is committed to creative, cost-effective risk management solutions based on superior analytics […]
Bermuda-based property and casualty (re)insurers have bounced back from two years of unprecedented losses to post strong results in 2006 and 2007, but “industry fundamentals are expected to continue deteriorating,” A.M. Best says in a special report.The Bermuda P&C sector posted a net income in 2007 of about US$11.4 million, down almost 1% from its […]
By Canadian Underwriter | April 25, 2008
The number of storms in the Atlantic basin will likely be above average, with an increased chance of hurricane landfall in the United States this year, predicts AccuWeather.com.Joe Bastardi, AccuWeather.com Hurricane Center chief meteorologist, released his early predictions for the 2008 hurricane season. He points to the waning La Nina conditions and a continued warm […]
The Allstate Corporation (NYSE: ALL) reported a 76.7% drop in its 2008 Q1 profits over 2007 Q1.The company’s Q1 profits tumbled from US$1.495 billion in 2007 to US$348 million, an Allstate release says. Catastrophe losses climbed from US$161 million to US$568 million, and the property-liability combined ratio went from 84.6% to 94.0%.”Catastrophe losses offset the […]
By Canadian Underwriter | April 24, 2008
In order for the current soft market cycle to differ from previous ones, the current market must be able to respond to inadequate profit opportunities with swifter adjustments in market capacity and corresponding rate increases, according to a FitchRatings report.In its report, the Property/Casualty Underwriting Cycle, Fitch says further premium rates declines are unavoidable and […]
By Canadian Underwriter | April 22, 2008
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