Industry
Following detailed analysis of property damage from the New Zealand earthquake, Risk Management Solutions (RMS), estimates total insured damages will range between NZD 2.1 billion ($1.5 billion) and NZD $3.5 billion ($2.5 billion).RMS estimates two-thirds of the total insured loss will fall to the Earthquake Commission (EQC), which automatically covers all residential property owners who […]
By Canadian Underwriter | September 17, 2010
1 min read
Canadian consumers aren’t as pleased with their home insurers as last year, citing a combination of premium increases and less-frequent communication with their insurers, reports J.D. Power and Associates.In its 2010 Canadian Home Insurance Customer Satisfaction Study, J.D. Power measures home insurance policyholder satisfaction with five factors: • interaction• price/premium• policy offerings• billing/payment • claimsOverall […]
By Canadian Underwriter | September 16, 2010
2 min read
Private U.S. property and casualty insurers’ net income surged to $16.5 billion in 2010 H1 from $6 billion in 2009 H1, reports Insurance Services Office Limited (ISO).Insurers’ net investment profit grew to $25.8 billion in 2010 H1 from $12.5 billion in 2009 H1.Underwriting results offset the investment gains though, with the $2.1 billion underwriting loss […]
Assurances Evolution Inc. has agreed to offer Ironshore Canada Ltd.’s specialty casualty risk to the Quebec market.This is in addition to offering Ironshore’s financial and professional lines, environmental liability and specialty property and marine products to the Quebec market.”This agreement enables us to expand our product base beyond our current casualty focus and broaden our […]
For the first time in more than 80 years, two category four hurricanes – one of which is of monster proportions – were active in the Atlantic at the same time. The last time this phenomenon was seen was September 1926, reports The Montreal Gazette.Hurricane Julia, in the middle of the Atlantic, increased to a […]
Report Impaired Drivers (RID), a program that encourages residents to call 9-1-1 to report suspected impaired drivers to the police, has been expanded from Saskatoon to Regina. “Drinking and driving is the number one contributing factor in fatal collisions in Saskatchewan,” Tim McMillan, minister responsible for SGI said. “RID empowers the public to help Regina […]
Growth in reinsurer capital and capacity will exceed client demand for January 2011 renewals, absent any significant reinsurer losses for the remainder of the year, Aon Benfield reports. “As a result, market forces will drive a global softening of rates, terms and conditions in the reinsurance market,” according to the company’s Reinsurance Market Outlook: Abundant […]
Nurse practitioners, physician assistants and clinical assistants are now able to administer benefits under Manitoba Public Insurance (MPI)’s Personal Injury Protection Plan.”These enhancements will be particularly beneficial to Manitobans living in rural and northern regions where these practitioners may be the most readily available medical personnel,” said Andrew Swan, Manitoba’s attorney general.”This amendment will allow […]
By Canadian Underwriter | September 15, 2010
Lemur Vehicle Monitors, a Newfoundland-based engineering firm, has launched a tool that helps parents to monitor erratic and dangerous driving by their teens. Lemur Vehicle Monitors launched ‘SafeDriver,’ a device that records the top speed, distance travelled and the number of hard brakes per trip. A recent Aviva Canada study found that new/young drivers have […]
Municipalities across Canada are cutting budgets for fire services to levels that insurers would consider “dangerous,” and insurers should consider using their premium clout to help put a brake on the cuts, insurance representatives heard at a Fire Underwriters Survey (FUS) meeting in Toronto.”You have so much influence on the fire services, it’s incredible,” said […]
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