Industry
The Mar. 11 Japan earthquake has triggered an increased demand for catastrophe bonds, with a record $1 billion being issued in 2011 Q1, according to Willis Group Holdings’ boutique investment unit.This marks a dramatic increase from 2010 Q1’s issuance of $650 million, Willis Capital Markets & Advisory said in its report, The Market Digests a […]
By Canadian Underwriter | April 12, 2011
1 min read
Four Canadian P&C insurance companies or agencies cracked the Top 100 Best Workplaces in Canada 2011.State Farm Insurance ranked 11th on a list of companies with 1,000 or more employees (Microsoft ranked Number 1 in this category).Admiral Insurance ranked 11th on a list of companies with between 50-999 employees (Google ranked first), while Federated Insurance […]
The Insurance Institute of Canada sees financial management as a critical skill unique to the insurance industry, and is offering a new course to teach it in Fall 2011. Financial management is of primary importance as middle managers move their way up in the industry, the Institute notes in a statement.”Middle managers could find themselves […]
By Canadian Underwriter | April 11, 2011
2 min read
***CLARIFICATION*** In the following story, panelist Jim Cameron is quoted as saying: “The problem being that people buy it as an optional benefit, that doesn’t mean you are entitled to it. You have to have a [more serious] injury than a minor injury in order to qualify, even though you purchased the product. It could […]
By Canadian Underwriter | April 10, 2011
3 min read
Ontario’s auto insurance reforms seem to have stabilized auto insurance premium increases in the province, according to Kanetix, an online insurance marketplace.Nevertheless, Kanetix’s quarterly survey of auto insurance rates shows increases in Ontario, Quebec and Alberta. The review compares average online rates quoted to consumers in the marketplace. It looks at a quarterly year-over-year review […]
By Canadian Underwriter | April 8, 2011
Canada’s property and casualty industry needs to focus on coaching and mentoring its future leaders, as a large generational cohort prepares to leave the business, panelists said at the 2011 CIP Symposium held in Toronto on Apr. 8.The panel, What it Takes to Be a Leader, follows two Insurance Institute of Canada demographic studies undertaken […]
Duck Creek Technologies Inc., a provider of software and services for the insurance industry, has signed an agreement with ENERGI to license Duck Creek Policy Administration and Duck Creek Templates. ENERGI provides risk management and insurance solutions for various segments of the energy industry. These include proprietary loss prevention and claims management programs, combined with […]
RMS has issued a statement standing behind the science it employed in creating Version 11.0 of its U.S. Atlantic Hurricane Model.The new U.S. model, which has received criticism for increasing probable maximum loss (PML) estimates, “reflects real improvements in underlying calibration data and modeling methodologies,” RMS said in its statement. “It is not about volatility […]
Ontario’s upcoming election in October 2011 represents a major risk for insurers because of its potential to interfere with the ongoing reforms of the province’s auto insurance, Intact Financial Corporation president and CEO Charles Brindamour observed in a keynote speech to the Insurance Institute of Ontario’s 2011 CIP Society Symposium.Brindamour praised the government for its […]
By Canadian Underwriter | April 7, 2011
Brokers see little differentiation between insurers in the marketplace, according to the Insurance Brokers Association of Ontario (IBAO)’s latest Brokers Choice survey. IBAO worked with Navicom Inc. to create a comprehensive questionnaire that explored brokers’ views of insurers’ performance in the following key areas:• broker channel leadership; • channel support;• product and service innovation; • […]
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