Industry
Primary errors and omissions rate reductions averaged declines of between 5% and 10% in 2009, according to Guy Carpenter. This was true for insureds exhibiting no material change in exposure and loss activity, the GC Capital Ideas report finds. Primary insurers sought rate increases in anticipation of increased claims activity due to the recent economic […]
By Canadian Underwriter | March 2, 2010
1 min read
The CG&B Group Inc. has acquired Robertson & Robertson Yacht Insurance Ltd.This brings CG&B into the yacht insurance business, expanding their current product and service line. Robertson & Robertson Yacht Insurance Ltd. provides customized insurance coverage to meet the needs of individual boat owners. The Robertson & Robertson operation will be integrated into CG&B’s Markham, […]
The insurance industry is changing its approach to product pricing, increasingly using price optimization to differentiate themselves from competitors, according to Celent, a Boston-based financial research and consulting firm.Celent’s recent report, Price Optimization in Insurance: A Revolution in Progress, defines “price optimization” as multi-dimensional method of pricing.”It brings other dimensions into the pricing calculation, balancing […]
By Canadian Underwriter | March 1, 2010
American International Group, Inc. (AIG) reported a 2009 Q4 net loss of $8.9 billion, compared to a net loss of $61.7 billion in 2008 Q4. According to AIG, the quarterly net loss can be primarily attributed to: • $6.2 billion of interest and amortization expense, including $5.2 billion of accelerated amortization expense on the prepaid […]
2 min read
An 8.8-magnitude earthquake struck central Chile on Feb. 27, leaving behind more than $2 billion in insured losses, according to AIR Worldwide. Total economic damages are anticipated to be between $15 and $20 billion — roughly 10% to 15% of Chile’s read GDP, AIR Worldwide and EQECAT estimate. The area affected by the quake, from […]
The Co-operators has ultimately raised $298,270 for the Canadian Red Cross in support of the organization’s relief efforts for victims of the January 2010 earthquake in Haiti. A total of $149,135 was donated personally by Co-operators employees, agents and their staff, directors, delegates, members of its community advisory panels, as well as by students who […]
Nova Scotia's kangaroo court on the province's auto insurance cap appears to be following the predetermined fate of a conviction.
By David Gambrill, Editor | February 28, 2010
3 min read
PC FINANCIAL RE-LAUNCHES AS FULL SERVICE BROKERAGE Loblaw Companies Ltd. has launched PC Financial Insurance Broker Inc., a “large-scale full service brokerage” for home and auto insurance. The service is available in Ontario and Alberta. Currently it represents the following markets: The Dominion of Canada General Insurance Company; Aviva Insurance Company of Canada; Elite Insurance […]
February 28, 2010
GLOBAL INSURED LOSSES IN 2009 LOWEST SINCE 2006 At $24 billion, global insured losses in 2009 were the lowest they have been since 2006, in part due to relatively low losses for weather events and a quiet hurricane season, according to Guy Carpenter. This is a large drop from $52.5 billion in 2008, the company […]
Although a few companies have accumulated war chests suitable for entering Canada's M&A game, current multiples may be enough to chase potential buyers away.
By Joel Baker | February 28, 2010
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