Industry
Hiscox Ltd. (LSE:HSX), an international specialist insurer, expects reinsurance rates to rise about 10% in U.S. catastrophe business during the June and July 2011 renewal period.”The first quarter began with rate reductions in reinsurance lines but the recent catastrophes have changed the market,” Hiscox notes in its 2011 Q1 Interim Management Statement. “Reinsurance rates are […]
By Canadian Underwriter | May 9, 2011
1 min read
New research by specialist home and contents insurer Hiscox reveals that 60% of 715 high-net-worth homeowners surveyed in 2010 underestimated the true value of their possessions, leaving them at risk of being underinsured.”In Hiscox’s experience, many homeowners are surprised when they discover the value of the things they own,” the insurer notes in a statement […]
Average appraisal values for overall severity, the percentage of supplements prepared by estimators and the use of Original Equipment Manufacturer (OEM) parts all trended downwards in 2011 Q1, according to the latest Mitchell Industry Trends Report.In contrast, the use of aftermarket parts, labour costs and paint and materials rates all started to increase, on average.In […]
2 min read
AIR Worldwide estimates insured losses arising from the severe thunderstorm outbreak that struck the southern United States on Apr. 22-28 could range between $3.7 billion and $5.5 billion.The estimate includes damage to residential, commercial and industrial properties and their contents; automobiles; additional living expenses for residential claims; and business interruption losses.The death toll is currently […]
The Economical Insurance Group reported an increase in net income to $29 million in 2011 Q1 from $16 million in 2010 Q1.The insurer’s combined ratio also improved from 100.2% in 2010 Q1 to 93.6% in 2011 Q1, marking a return to underwriting profitability.”The significant improvement in the combined ratio demonstrates the results of the decision […]
The Co-operators has donated $100,000 to a centre for survivors of acquired brain injuries (ABI) in Guelph, Ontario.The ABI centre is the only one of its kind in Guelph, and is housed within St. Joseph’s Health Centre. Traumatic brain injury is more common in Canada than breast cancer, HIV/AIDS, multiple sclerosis and spinal cord injury […]
Japan’s March 11, 2001 quake, tsunami and nuclear crisis reaffirmed lessons learned in the past, and yet still taught valuable new ones, according to delegates of the Japanese chapter of the Risk and Insurance Management Society (RIMS).Yoshi Hamaji, president of the Japan RIMS chapter, and Kazuaki Tanaka of Airyu Management Institute Limited shared their experiences […]
By Canadian Underwriter | May 6, 2011
EGI Financial Holdings Inc. (TSX: EFH) reported a net income of $3 million in 2011 Q1, marking an increase of $4.8 million over 2010 Q1.The insurer also reported an improvement in its underwriting loss, quarter-over-quarter, improving from an underwriting loss of $5.8 million in 2010 Q1 to an underwriting loss of $113,00 in 2011 Q1.The […]
Somali pirates’ tactics have evolved to become more sophisticated and violent, including increased ransoms and hijacking periods, warns Willis’s Special Contingency Risks Limited (SCR) and the Maritime and Underwater Security Consultants (MUSC).An estimated $65 million has been paid in ransoms to pirate gangs in 2011 Q1. In comparison, approximately $39 million in ransoms were paid […]
Drivers in B.C. who speed or commit other traffic violations may see their insurance premiums increase if the Insurance Corporation of B.C. (ICBC) receives approval from the regulator for its proposed new ‘Driving Record Model.’The Driving Record Model is among several changes proposed in the B.C. public auto insurer’s 2014 strategy. The proposal will reportedly […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
