Industry
Canada’s private insurance companies are calling for reduced regulatory red tape, while at the same preparing to respond to a reality of increased regulation.Responding to increased regulation is among the Insurance Bureau of Canada (IBC)’s five strategic priorities in 2011. The IBC unveiled its strategic plan at its annual general meeting in Toronto on Apr. […]
By Canadian Underwriter | April 26, 2011
2 min read
A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit ratings of “a” of the life and non-life North American operating subsidiaries of SCOR SE (SCOR) (France). The FSR of A (Excellent) and ICRs of “a” have been affirmed for the following life and non-life North American operating subsidiaries of […]
1 min read
Efforts by commercial underwriters in the United States to hold the line on rate gave way under the pressure of a highly overcapitalized market in 2011 Q1, according to the Risk and Insurance Management Society’s Benchmark Survey.The survey, administered by Advisen Ltd., is an analysis of policy schedules either provided by commercial entities or by […]
The number and cost of global natural catastrophes in 2010 was far above the long-term average over the past 30 years, according to slides for a presentation given by Insurance Information Institute president Robert P. Hartwig.Hartwig spoke at a personal lines seminar held by the National Association of Mutual Insurance Companies (NAMIC) in Chicago on […]
By Canadian Underwriter | April 25, 2011
Signature Risk Partners Inc., a Canadian golf club and winery insurer, has welcomed former Canadian PGA Championship winner Ashley Chinner as its director of golf.”Ashley brings nearly 10 years of commercial golf insurance experience and he will be a tremendous resource for our partner brokers as they work with their golf club clients,” James Grant, […]
Canadian brokers may soon be able to offer corporations – and eventually individuals – coverage for social media posts that have damaged a reputation or created a liability, cbc.ca reported.Malcolm Randles, an underwriter for Kiln, a subsidiary of Lloyd’s of London, told CBC Canadian brokers are expressing an interest in offering this type of product […]
The U.S. property and casualty market likely won’t see a quick or severe hardening between 2011 and 2013, but instead will likely see modest, incremental rate increases, according to Conning Research & Consulting. “The forecast drivers for 2012 and 2013 include an expectation of somewhat more robust economic growth rates than in 2011, and the […]
Iter8 Inc. has launched a new broker portal for North Waterloo Farmers Mutual Insurance Company. The portal provides automated underwriting at the point of sale, enabling straight-through processing and real-time quoting and new business submissions for auto products.The portal is part of a multi-phase strategy that North Waterloo is undergoing to improve connectivity with its […]
Facility Association is conducting a private passenger semi-annual pricing survey, intended to determine whether the rates of the residual market are lower than those of its member companies.As a “market of last resort,” the Facility Association should generally be charging higher premiums than those of member insurers willing to write the risk voluntarily. “From time […]
A.M. Best Co. has upgraded the financial strength rating (FSR) to A- (Excellent) from B++ (Good) and issuer credit rating (ICR) to “a-” from “bbb” of The Sovereign General Insurance Company (Alberta). Concurrently, A.M. Best affirmed the FSR of A- (Excellent) and ICR of “a-” of Co-operators General Insurance Company (Co-operators General). Sovereign is a […]
By Canadian Underwriter | April 21, 2011
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