Industry
Recent legislation tabled in the House of Commons on Feb. 14, would allow law enforcement to monitor consumers’ telecommunications and Internet usage and reminds underwriters that the area of cyber liability is constantly evolving and far reaching, said Lynn Oldfield, president and CEO of Chartis Insurance Canada. Oldfield offered the keynote address during the Property […]
By Canadian Underwriter | February 15, 2012
1 min read
The severity of collision losses in Canada decreased $165 in 2011 Q4 to $3,145, according to Mitchell’s ‘Industry Trends Report Q1 2012.’ In 2011 Q4, the average initial gross Canadian appraisal value for comprehensive coverage estimates processed through Mitchell’s servers was $3,351, or $21 lower than in the same period of 2010. The initial gross […]
Canadian underwriters need to beware of increasing severity of claims within the U.S. casualty and auto lines, as the potential exists for “leakage” that could hit Canadian insurers’ books, said Lynn Oldfield, president and CEO of Chartis. Oldfield offered the keynote address during the Property and Casualty Underwriters Club (PCUC) luncheon in Toronto on Feb. […]
2 min read
David Porter has joined Giffin Koerth’s Casualty Group. Porter holds a bachelor of engineering science degree in mechanical engineering from the University of Western Ontario, as well as 10 years of relevant experience, a Giffin Koerth release says. Also, Matthew Allen, Giffen Koerth’s practice leader for its Environmental, Health and Safety Group, is now a […]
Zurich Financial Services Group announced that its board of directors will propose a name change at its Annual General Meeting (AGM) of shareholders on March 29, 2012. The change in moniker will reflect the fact that the company has “streamlined its business portfolio to concentrate on insurance,” a Zurich release says. “In recognition of this […]
Insurers in Australia are once again being inundated with claims as another flood encroaches on parts of the Queensland and New South Wales states. Several thousand inundation-related claims have been received but it is still too early to estimate the insured losses, A.M. Best reported in its BestWeek. Guy Carpenter suggested in a cat bulletin […]
By Canadian Underwriter | February 14, 2012
The Office of the Superintendent of Financial Institutions (OSFI) has released updated instructions for insurers in filing Unpaid Claims and Loss Ratio Analysis Exhibit data through the automated data transfer system. The only change from prior years is a revision in the file names, OSFI said in a letter. Both insurers and reinsurers are now […]
Lloyd’s has placed its preliminary estimate of net claims from the 2011 flooding in Thailand to be US$2.2 billion. According to the Globe and Mail, the Thai floods mark the third-biggest catastrophe loss Lloyd’s has absorbed in its 324-year history. The industry loss is estimated to range between $15 and $20 billion. These events are […]
Rong Chen has recently been appointed head of property in Canada of Allianz Global Corporate & Specialty Americas. Chen has been with Allianz since 2009, when he joined as an executive underwriter. “Rong brings an extensive amount of experience and expertise in property underwriting and risk management with global and Canadian P&C insurers,” an Allianz […]
The Economical Insurance Group completed the rollout in Quebec of its web-based underwriting system, Energie Auto. “We are leading the Canadian general insurance industry in moving away from legacy systems to a web-based solution,” said Steve Livingstone, Economical’s vice president of personal insurance. “Having a web-based system brings us closer to achieving the ultimate goal […]
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