Industry
Although U.S. commercial insurance prices continue to remain relatively flat for the sixth consecutive quarter, insurers using predictive modeling in their pricing and risk selection process reported that they were better able to hold price levels, according to a Towers Watson survey.Overall, commercial insurance prices in aggregate declined by 1% during the second quarter of […]
By Canadian Underwriter | September 15, 2010
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ACE Limited has acquired, subject to regulatory and shareholder approvals, Rain and Hail Insurance Services Inc. for approximately $1.1 billion in cash.Rain and Hail is headquartered in Johnston, Iowa and is the second-largest crop insurance underwriter in the United States and Canada.ACE says the transaction is expected to be complete by the end of 2010. […]
By Canadian Underwriter | September 14, 2010
Following the Deepwater Horizon oil spill in the Gulf of Mexico, Munich Re has developed a new concept for insuring offshore oil drilling — a concept touted to create cover of $10 billion to $20 billion per drilling operation in the international insurance market.As it stands now, operators, generally drilling joint ventures, may be held […]
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Young and new drivers have a 41% higher rate of claims, according to Aviva Canada’s insurance claims data.Aviva data also show that young and new drivers who received certified driver education are involved in 26% fewer accidents in the three years following the training.”This is perhaps even more significant, considering the average claim cost for […]
The CIP Society has announced its 2010 National Leadership Award Recipients.The ‘Established Leader’ category of awards recognizes CIP Society members who have achieved sustained success through their demonstrated leadership qualities and the significant impact they have made on their organization, their community and the industry. The 2010 ‘Established Leader’ distinction has been awarded to:•Raymond White, […]
Insurance defence counsel should opt for a trial before a jury instead of a judge in occupier’s liability cases, according to a Dutton Brock lawyer commenting on an Ontario court decision in Lawson v. Costco Wholesale Canada Ltd.The case “can be taken for the proposition that, in trying occupiers’ liability cases, defence counsel should opt […]
ISO has launched a device that allows insurers to analyze driving location risk using GPS data from navigation systems in automobiles. The ‘GeoMetric’ vehicle decision tool will allow insurers to assess the risk of an insured based on actual driving locations, while also keeping the insured’s driving locations private, an ISO release says.Some consumers and […]
By Canadian Underwriter | September 13, 2010
Canada’s federal and provincial governments are providing a total of $20 million towards the planned 2011 launch of the Global Risk Institute in Financial Services (GRi) in Toronto. The institute has links with four Canadian universities — Queen’s University, University of Toronto, University of Western Ontario and the University of Waterloo — as well as […]
The Insurance Council of B.C. is ready to crack down on licensees who fail to report changes to their address, email addresses or phone numbers.Since 2006, the council’s licensing model has placed a greater responsibility on brokers and agents in the province to comply with council rules, including a rule to notify the council of […]
A.M. Best Co. has upgraded the financial strength rating to ‘A’ (Excellent) from ‘A-‘ (Excellent) of SCOR S.E. (SCOR) (La Defense, France).In addition, A.M. Best increased the issuer credit rating to ‘a’ from ‘a-‘ for SCOR’s life and non-life North American operating subsidiaries.The rating actions apply to SCOR Canada Reinsurance Company (Toronto, Ontario), as well […]
By Canadian Underwriter | September 10, 2010
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