Industry
Wendy Hillier has joined Intact Financial Corporation as vice president of procurement and claims supply chain. Hillier has held several key management positions with major insurance companies and has worked with all aspects of claims operations, including setting up high-performing supplier networks, according to an internal company announcement. She joined Intact effective Jan. 10, 2011.
By Canadian Underwriter | January 31, 2011
1 min read
Swiss Re is advocating public-private partnerships between insurers and governments to help ease the financial burden of natural disasters on government budgets. The reinsurer notes the economic costs of natural catastrophes have risen from an average US$25 billion per annum in the 1980s to US$130 billion in the 2000s. Given the reality of climate change, […]
By Canadian Underwriter | January 28, 2011
2 min read
Risk Management Solutions Inc. (RMS) disagrees with a report by competitor Karen Clark & Company (KC&C) suggesting that near-term hurricane models are ineffective. KC&C had suggested near-term models, designed to project insured losses from Atlantic hurricanes in the United States for the five-year period ending in 2010, have significantly overestimated losses for the cumulative period. […]
A.M. Best has assigned a financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of ‘a-‘ to The Mutual Fire Insurance Company of British Columbia. The outlook for the ratings is stable. “The ratings and outlook for Mutual Fire are reflective of its excellent risk-adjusted capitalization, sound pure loss ratios, consistently profitable operating performance […]
Most companies in Canada paid the same or less for their commercial marine insurance in 2010 Q4, a trend likely to continue into 2011, Marsh reported. Abundant capacity for all but the least attractive marine risks and the absence of catastrophic losses have created a buyers’ market in Canada, Marsh said in its report, Approach […]
By Canadian Underwriter | January 27, 2011
PCS-Canada has reviewed the sum of all catastrophes in Canada from 1998, 2005, 2009 and 2010, and has determined that these events collectively cost the industry $3.8 billion, involving 850,000 insured properties. “These may be surprising numbers to the Canadian insurance industry,” according to a “Summary of Catastrophe Activity in 2010 and Earlier Years,’ which […]
The Ontario Pond of the Honorable Order of the Blue Goose, a fraternal organization composed of members of the property and casualty industry, recognized the passing of fellow Gander Doug Hurlbut on Jan. 23, 2011.”It is with great sorrow that the Pond learned Gander Doug Hurlbut took his Long Last Flight on January 23rd 2011,” […]
By Canadian Underwriter | January 26, 2011
Concours Collision Centres-CSN in Calgary, Alberta has announced the ground breaking of a new state-of-the-art collision repair facility in the northwest district of Royal Oak.The collision centre will operate adjacent to existing automobile dealerships, with convenient access for customers who live or work in the northern section of the city. Ken Friesen, president and CEO […]
Soft commercial insurance market conditions persisted throughout Canada in 2010 and are poised to continue into 2011, according to a comprehensive report published by Marsh Canada.”Key commercial insurance market drivers from 2009 -including intense competition among insurers, abundant capacity and relatively few insured catastrophe losses -continued through 2010 and are forming market conditions for 2011,” […]
An oil spill off the coast of Newfoundland has the potential to have a far greater impact on the wildlife in the area than a larger spill in the Gulf of Mexico, Gail Fraser, associate professor at York University, told delegates of the Property Casualty Underwriters Club (PCUC) Luncheon. Fraser outlined some key differences between […]
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