Industry
Theft of information and electronic data at global companies has overtaken physical theft for the first time, according to the latest edition of the Kroll Annual Global Fraud Report. The 2010 study shows the amount businesses lost to fraud rose from $1.4 million to $1.7 million per $1 billion of sales in the past 12 […]
By Canadian Underwriter | October 18, 2010
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The Insurance Brokers Association of Canada (IBAC) and its member associations have launched online Master of Business Administration (MBA) and Honours Bachelor of Commerce (H.B.Com) programs. The degree programs are available to insurance brokers across Canada through an exclusive arrangement with Laurentian University and its Faculty of Management. “The programs are affordable, fully online, and […]
1 min read
Ontario’s auto insurance rates decreased by an average of 0.21% in 2010 Q3, when weighted by market share.Rate filings approved by the Financial Services Commission of Ontario (FSCO) during 2010 Q3 averaged negative 0.09%, based on the entire market.Only three companies received approval to raise its rates by more than 1%. They include:• Jevco Insurance […]
By Canadian Underwriter | October 15, 2010
Lloyd’s of London is a reaping the rewards of a market trend to spread counterparty risk in the wake of the 2008-09 financial crisis, Ironshore chairman Ron Sandler said in an Oct. 15 speech in Toronto.”Risk managers and brokers are now more sensitized to counterparty risk,” Sandler said. “[They are] spreading counterparty risk through syndication, […]
Saskatchewan motorists will be able to buy or renew vehicle licences at agencies that do not have contracts with SGI Canada, effective Jan. 1, 2011.Previously, only insurance brokers holding contracts with SGI could sell or renew vehicle licences. Saskatchewan’s policy change will allow insurers with agency distribution models, direct writers or banks with insurance operations […]
It would take a further loss of $5 billion or greater in the energy insurance market to end the current flat – bordering on soft – market, according to an Aon survey.Aon polled delegates at its 10th Middle East Energy Conference and found that 41% expect premium prices in the energy insurance market to remain […]
Property and casualty insurers fared better than their banking counterparts during the 2008-09 financial crisis partly because the insurance industry learned its lessons from the soft market crisis in 1999-2002, the chairman of Ironshore Inc. said in an Oct. 15 speech in Toronto.Ron Sandler observed that after 2002, improved risk management became a focus and […]
Intense competition and overabundance of capacity continue to define the U.S. commercial insurance market, Marsh says in its report, U.S. Insurance Market Report 2010, Third Quarter Update: Insureds Net Benefits as Downward Rate Pressures Persist. Marsh’s report found that property rates declined an average of 6.1%, general liability rates declined an average of 6.7%, auto […]
By Canadian Underwriter | October 14, 2010
Integro announced its acquisition of ReSource Intermediaries, a move that positions Integro to add reinsurance brokerage services to its U.S. roster.ReSource Intermediaries is a full-service reinsurance brokerage based in San Fransisco. Its client base includes insurance companies; alternative risk entities such as captives and risk retention groups; managing general agencies; and third party administrators.”ReSource Intermediaries […]
Deer-vehicle collisions are not just a rural problem: the province’s public auto insurer now deems Manitoba’s capital city to be a high-risk area for such collisions.Manitoba Public Insurance (MPI) has posted two maps showing high-risk areas for vehicle-deer crashes in an effort to educate motorists.Within the broader Capital Region of Winnipeg there were 1,766 deer-vehicle […]
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