Industry
Enbridge Inc. may not be carrying enough insurance coverage for its proposed Northern Gateway Pipeline Project, suggests a written submission prepared by economist Robyn Allan, a former CEO of the Insurance Corporation of B.C. (ICBC). The proposed $5.5-billion project would include two twin buried pipelines extending from Bruderheim, Alberta (near Edmonton) to a proposed new […]
By Canadian Underwriter | July 6, 2012
2 min read
The United Kingdom’s second largest insurer, Aviva, is launching an ambitious plan to narrow its focus, build financial strength and improve performance after a turbulent past few months that saw the departure of former chief executive Andrew Moss in early May. Aviva announced the changes July 5 in London, which include a sharper division of […]
The City of St. Catharines, Ontario is scheduled to discuss a car-sharing proposal at its next council meeting on July 9. The city is being asked to support, in principle, a partnership with the People’s Car Co-operative Inc. to establish a car share service in St. Catharines. City staff have recommended dedicating eight parking spaces, […]
1 min read
Europe’s Top 10 insurers saw their 2011 written premiums increase by 3% over the previous year, despite turbulence over the sovereign debt crisis in the euro zone, according to a recent report by Spanish-based insurer Fundación Mapfre. Insurers in the group reported a hike in overall gross premiums to €198 billion ($251 billion), an increase […]
By Canadian Underwriter | July 5, 2012
Canadians who vacation without travel insurance are taking an expensive risk that they won’t be sick or injured while away. Findings from BMO Insurace’s online Summer Travel Insurance Study, conducted last month by Pollara and involving a random sample of 1,000 Canadian adults, show that extra medical costs could put a damper on the fun. […]
A minority of executives and risk managers monitor risk on a continuous basis, according to a recent poll by Deloitte & Touche LLP and Forbes Insights. The survey reported that less than 25% of respondents said they continuously monitor risk, while 91% indicated they plan to reorganize their approach to risk management over the next […]
By Canadian Underwriter | July 4, 2012
A 17-year veteran broker in B.C. received a reprimand on June 26 for failing to witness a signature at a car dealership because she was in a hurry to serve another client. B.C. Insurance Council admonished Anjaline Lata Kuhn and ordered her to pay council investigation fees of $750 after an incident in 2009, when […]
Reinsurers are using a highly “segmented approach” to pricing and underwriting renewal business for June 1 and July 1 renewals, Willis Re notes in a recent release of its 1st View report Looks Can be Deceiving. The reinsurance arm of the international broker states that modest loss activity over the last 12 months in North […]
By Canadian Underwriter | July 3, 2012
Many drivers are unaware of standard safety features in modern vehicles, even though these have been shown to prevent crashes and reduce injuries, notes a poll released by the Traffic Injury Research Foundation (TIRF). The survey, which asked 2,506 Canadians about their familiarity with safety features, found that less than one-third of respondents did not […]
Consolidation in Canada has caused reinsurers to look at new ways to share premium in a marketplace filled with hungry elephants. Reinsurers here point to a gradual, growing imbalance fed by the increasing demand for excess of loss reinsurance and a dwindling supply caused in part by a lack of premium growth. In response, reinsurers are looking to sate their appetite for more premium by moving into Canada's primary insurance market.
By David Gambrill, Senior Editor | July 1, 2012
13 min read
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