Industry
Now in its seventh year, the soft market shows few signs of loosening its grip on commercial insurance pricing, according to the RIMS Benchmark Survey administered by Advisen Ltd. Average premiums in every line tracked by the survey fell in the first quarter. However, forecasts for an above-average hurricane season may signal rising premiums on […]
By Canadian Underwriter | April 15, 2010
2 min read
The huge popularity of comic mascots in social media has “paid dividends” to insurers who have invested in and executed them well, says Celent.In its report, Leveraging Social Networks: An In-Depth View for Insurers, Celent explores the applications of social media that have met, so far, with the most success by insurers. “Perhaps the most […]
The Office of the Superintendent of Financial Institutions (OSFI) has issued guidelines on implementing a new regulation that is designed to make sure that borrowers “do not pay a price for mortgage insurance that exceeds the true cost to the lender.”Under their governing statutes, federally regulated financial institutions (FRFI, including banks and P&C companies) are […]
By Canadian Underwriter | April 14, 2010
1 min read
Chris McKeown has been appointed president and CEO of North America broking operations at Guy Carpenter & Company LLC, effective May 1. McKeown will be responsible for Guy Carpenter’s treaty business in Canada and the United States. McKeown was previously CEO of Guy Carpenter’s global analytical and specialty practices. Also, Andrew Marcell has been appointed […]
Michael Bungert, CEO of the Americas for Aon Benfield, and Dominic Christian, CEO of Aon Benfield’s international division, will serve as co-CEOs of Aon Benfield. Bungert is based in Chicago. He joined Aon Re Inc. as an executive vice president in 1989. Before joining Aon, Christian, who is based in London, was a group board […]
After dominating U.S. securities litigation for three years, new securities lawsuit filings related to the global credit crisis all but disappeared in 2010 Q1, according to Advisen Ltd’s latest quarterly report on securities litigation, sponsored by ACE. “The securities litigation landscape now looks more like it did prior to 2007, before the meltdown of the […]
British Columbia has agreed to cover indefinitely the cost of liability insurance for search-and-rescue groups, according to the British Columbia Search and Rescue Association (BCSRA).The government has committed $180,000 in 2010 to ensure search-and-rescue teams in the province have liability coverage, a BCRSA release says.The issue of insurance arose in 2009 after the search-and-rescue society […]
Auto rates quoted in Ontario in 2010 Q1 increased by 11.6% over 2009 Q1 quoted rates, according to Kanetix’s quarterly review of auto insurance.The increase on the quoted rates “suggest that Ontario drivers are feeling the effects of rate increases approved in 2009,” said a Kanetix release. “Reforms have been announced which, it is anticipated, […]
By Canadian Underwriter | April 13, 2010
Start-up companies deserve special supervisory attention from solvency regulators, the Property and Casualty Insurance Compensation Corporation (PACICC) concluded in its assessment of the failure of Advocate General in the late 1980s.PACICC was on the hook for $45 million in claims to policyholders when Advocate General wound up in July 1989. The insurance company folded nine […]
The Property and Casualty Insurance Compensation Corporation (PACICC) has approached regulators about two possible funding mechanisms in response to the potential failure of a large insurance company or several small-to medium-sized insurance companies.PACICC identified these scenarios as part of its enterprise risk management plan.“While such scenarios are unlikely, the impact on PACICC, should they occur, […]
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