Industry
Munich Re estimates its losses resulting from the earthquake and tsunami in Japan will total approximately 1.5 billion euros (approximately $2.1 billion). As a result, the reinsurer will not hit its 2011 profit target of 2.4 billion euros (approximately $3.3 billion), a Munich Re release says.”For Munich Re, the first quarter of 2011 had already […]
By Canadian Underwriter | March 24, 2011
1 min read
Correction/Clarification/Apology This is an updated, corrected and amended version of a story that appeared in Canadian Underwriter‘s online news on Mar. 9, 2011. The article reported on an Ontario Court of Appeal decision in the case Shoeless Joe’s v. Insurance Portfolio Inc.In our original version of the story, the second paragraph incorrectly used the word […]
3 min read
Commercial insurance prices in the United States were relatively flat for the eighth consecutive quarter, while accident-year loss ratios deteriorated relative to the same period in the prior 12 months, according to Towers Watson. Commercial insurance prices, in aggregate, declined by 1% during 2010 Q4, according to the Commercial Lines Insurance Pricing Survey. The survey […]
Japan’s recent earthquake and tsunami, combined with recent natural catastrophes in Australia and New Zealand in 2011 Q1, are likely to cause considerable pricing tension in the global property market, said Andrew Laing, property and casualty brokering team leader for Aon in the United Kingdom.Laing spoke as a panel member during Aon’s webinar, Japan Earthquake […]
By Canadian Underwriter | March 23, 2011
British Columbia’s emergency officials ran a drill to see how the province would fare if a large-scale tsunami struck the West Coast. The exercise, dubbed Pacifex11, was run through the West Coast and Alaska Tsunami Warning Center on the morning of Mar. 23. Communities along the Pacific Coast, from California through Alaska, participated in the […]
Fresh off its completed acquisition of GCAN Insurance, RSA Canada has launched a new advertising campaign, We’re big on…, which highlights the company’s strengthened position in the commercial lines space.RSA Canada says its new ad campaign, launched on Mar. 23, 2011, is its largest commercial-focused marketing campaign, aimed at both brokers and their customers. The […]
Quebec’s auto insurance board, the Société de l’assurance automobile (SAAQ), is broadcasting two commercials intended to illustrate the dangers of texting at the wheel.”Cell phones are a part of daily life for many people and, as a result, are in people’s cars,” the SAAQ said in a statement on its Web site announcing the new […]
By Canadian Underwriter | March 22, 2011
Hoarding, or excessive clutter in your home or garage, carries more than just health and safety concerns – there could also be insurance implications, cautions Allstate Canada.”Hoarding on its own would not cancel an insurance policy, but there could be other related issues that may affect it,” says Eric Michalko, a spokesperson for Allstate Canada. […]
Allianz Corporate & Specialty Canada (AGCS) is now offering insurance products and services for mid-level business in the Canadian market.AGCS Canada will design insurance solutions for mid-sized companies across a wide range of sectors, including manufacturing/distribution, construction, telecommunications/media and will include companies operating internationally, an AGCS release says.For mid-sized clients with operations outside Canada, AGCS […]
The first of adjustment firm Cunningham Lindsey’s CAT team members have arrived in Tokyo to support Nagamatsu Inc. (Cunningham Lindsey’s exclusive representatives in Japan) and Cunningham’s international clients.”All will be aware of the difficulties that the country is having to deal with in terms of infrastructure damage and water/electricity shortages, all of which are severely […]
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