Industry
Capital has come back to the global re/insurance market “with a vengeance” in 2009, and the debate is on as to whether companies will try to reduce some of their capital through share buybacks or mergers and acquisitions activity in 2010, speakers told a Guy Carpenter seminar held in Toronto.Whereas the recent volatility in the […]
By Canadian Underwriter | February 3, 2010
2 min read
The Risk and Insurance Management Society (RIMS) is publicly opposing two aspects of the Obama Administration’s budget blueprint.Specifically, RIMS opposes a budget proposal to roll back the government’s terrorism insurance backstop by $250 million.Secondly, it is concerned about a proposal to deny an existing tax deduction for domestic insurers that pay reinsurance premiums to foreign […]
By Canadian Underwriter | February 2, 2010
Munich Re increased its 2009 profit to €2.56 billion (about Cdn$3.78 billion), marking an increase from 2008’s profit of €1.58 billion, according to the reinsurer’s preliminary calculations.The profit for 2009 Q4 was €780 million (about Cdn$1.15 billion), marking an increase from 2008 Q4’s €110 million (about Cdn$163 million).The combined ratio in reinsurance was 95.3% for […]
1 min read
The Canadian Council of Insurance Regulators (CCIR) has revised its December 2009 voluntary consent and undertaking, eliminating portions that specified how insurers were to be conducting their business in Canada.“After consultations with industry stakeholders, regulators have revised the consent and undertaking (C&U) that was sent to you on Dec. 1, 2009,” the CCIR wrote to […]
By Canadian Underwriter | February 1, 2010
The 2009 Q3 results of the Canadian property and casualty industry represented a tale of two cities, including the “worst of times” for personal and multi-lines insurers and the “best of times” for commercial insurers, according to the latest data from the Q3-2009 MSA/Baron Outlook Report. “Personal and multi-lines insurers experienced an underwriting loss of […]
Insurance Bureau of Canada (IBC) has rebranded itself.The new logo prominently features a dark red maple leaf and identifies IBC as a national trade organization and as “Canada’s trusted voice in insurance,” a release says.Within the maple leaf are three rays, intended to represent Canada’s private home, car and business insurers and IBC’s “lasting commitment […]
The implementation of Solvency II could result in a minimum capital requirement increase of 62% for United Kingdom insurers, according to EMB, a UK-based actuarial consulting firm.EMB studied 49 companies, covering a broad range of non-life insurance sectors —including personal lines, commercial lines, Lloyd’s, P&I clubs (protection and indemnity insurers), and other London Market sectors […]
The insurance industry sorely needs a new, basic technology that will better quantify the industry's overall value to consumers.
By Dave Gambrill, Editor | January 31, 2010
3 min read
THREE SEPARATE WEATHER EVENTS CAUSE A TOTAL OF $637 MILLION IN INSURED DAMAGES: IBC Three separate severe weather events occurring in Alberta and Ontario in 2009 caused insured damages totalling $637 million, according to figures released by the Insurance Bureau of Canada (IBC) In Alberta, deadly windstorms tore through the province between Aug. 1 and […]
January 31, 2010
Carla Blackmore, the recipient of several awards in honour of her distinguished 34-year career, says the insurance industry must increase its investment in the development of its workforce to attract the top young decision-makers into its ranks.
By Vanessa Mariga, Associate Editor | January 31, 2010
5 min read
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