Claims
Intact Financial Corp. released Wednesday its financial results for the three months ending March 31, reporting a 1.9-point increase in its loss ratio and a 7% increase in net premiums earned compared to the first quarter of 2012. According to its management discussion and analysis posted to SEDAR, Toronto-based Intact’s current year loss ratio for […]
By Canadian Underwriter | May 8, 2013
3 min read
Reinsurer Munich Re Group posted a consolidated result of €979 million in 2013 Q1, up from €782 million in 2012 Q1, in the wake of claims expenditures for major losses that were below the long-term average, the company reported Tuesday. “There happened to be lower claims burdens from major losses, but the group’s operating earnings […]
4 min read
While companies recognize potential risks posed by natural catastrophes, many have insufficient mitigation plans in place, according to global survey results from Zurich Insurance Group. There is a widespread perception that natural catastrophes are becoming not only more frequent, but more severe. Companies are assigning adequate importance to assessing and mitigating the associated risks, the […]
By Canadian Underwriter | May 7, 2013
The Institute for Catastrophic Loss Reduction will be hosting a workshop this month on how global catastrophes affect the supply chain. Catastrophic risk expert Paul Cutbush, senior vice president of Catastrophe Management at Aon Benfield Canada, will host the May 24 workshop, part of ICLR’s ongoing Friday Forum series. A number of natural catastrophic events […]
By Canadian Underwriter | May 6, 2013
1 min read
On the first day of Emergency Preparedness week, the Insurance Bureau of Canada was advising people Monday in Atlantic Canada and British Columbia to learn how to protect themselves from hurricanes and earthquakes. “IBC has made adapting to severe weather a priority,” the bureau stated in a press release. “We’re spreading the word on the […]
2 min read
Costs in the municipal liability insurance market in Ontario have been escalating substantially over the past few years, and reforms are needed now to avoid an insurance crisis, Frank Cowan Company says. The Princeton, Ont.-based specialty insurance company, which offers coverage to municipalities, says it’s concerned that high liability costs and other trends over the […]
The Township of Ramara, a community east of Lake Simcoe and about 80 km north of Toronto, is calling on Ontario’s minister of municipal affairs to declare the flood-damaged part of the township a disaster area. “If the minister does declare, the Ontario Disaster Relief Assistance Program (ODRAP) will be available to affected permanent residents,” […]
The Insurance Information Institute in the U.S. is reminding residents there to consider flood insurance protection, with less than a month before the Atlantic hurricane season begins. Early predictions are indicating that this year’s season, which begins June 1, will be active, the institute said. It also noted that severe flood damage also occurs when […]
By Canadian Underwriter | May 3, 2013
Industry response to the Ontario government’s budget, tabled Thursday, was mainly positive, with the Insurance Bureau of Canada welcoming the potential fraud tackling measures and other reforms, but opposition response has signalled that changes may not come quickly. Don Forgeron, IBC’s president and CEO, told Canadian Underwriter that the group is pleased with the budget’s […]
By Canadian Underwriter | May 2, 2013
Premiums for directors and officers liability insurance grew last year, but carriers have been hit by claims related to claims related to mergers and acquisitions, according to a Fitch Ratings Inc. report, Director & Officers Liability Insurance: Market Update 2013. When analyzing aggregate underwriting results across the industry, direct written premiums for D&O liability grew […]
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