Industry
Pricing for directors’ and officers’ liability insurance decreased 2.7% in 2009 Q3 compared to the rates seen in the same quarter of 2008, according to Aon’s Q3 Quarterly D&O Pricing Index. In Standard & Poor’s financial institutions (FI) sector, D&O pricing for the previous four quarters showed double-digit increases, but only a 3.2% increase in […]
By Canadian Underwriter | December 18, 2009
1 min read
Marsh has reached an agreement to acquire HSBC Insurance Brokers Ltd (HIBL), a wholly owned subsidiary of HSBC Bank. Under the terms of the agreement, Marsh will acquire HIBL in consideration of £135 million, comprising a mixture of Marsh & McLennan Companies Inc. stock and cash.The transaction, which is subject to all relevant regulatory approvals, […]
2 min read
The best products and best underwriting methodology for liability risk are no substitutes for adequate pricing, according to a Swiss Re sigma study. Prices should reflect escalating claims trends and the uncertainties of a rapidly changing technological and legal environment, says the study entitled Commercial liability: a challenge for businesses and their insurers. Businesses spent […]
By Canadian Underwriter | December 17, 2009
All passenger vehicles registered in Quebec, including taxis and rentals, must be equipped with winter tires between Dec. 15 to Mar. 15, said the Société de l’assurance automobile. Drivers can obtain a winter tire exemption certificate that will allow them to be authorized to drive without winter tires for seven days. The criteria to obtain […]
The Nova Scotia Court of Appeal has upheld the province’s Cdn$2,500 cap on minor injuries, finding on Dec. 15 that the cap is not discriminatory.In Hartling v. Nova Scotia (Attorney General), the Court of Appeal determined that “while the cap represents a new disadvantage, there is no evidence of an historic disadvantage and very sparse […]
By Canadian Underwriter | December 16, 2009
Alberta’s minor injury amount will increase 0.3% on Jan. 1, 2010, in relation to the annual change in the Alberta Consumer Price Index.The minor injury amount of $4,504 will be adjusted to $4,518. The new amount relates to minor injuries caused in motor vehicle accidents that occur in Alberta on or after Jan. 1, 2010, […]
CNA Canada has appointed Gary Owcar president and chief operating officer. Owcar will be responsible for executing profitable growth strategies in the global insurer’s Canadian operations.He entered the insurance industry straight from university and began his career in the claims side of the business, progressing through supervisory and management positions. He took on his first […]
By Canadian Underwriter | December 15, 2009
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of Swiss Reinsurance Company Ltd (Swiss Re) (Switzerland) and its subsidiaries. “The ratings reflect Swiss Re’s strong risk-adjusted capitalization, very strong core operating results and resilient business profile as a globally diversified provider of reinsurance products,” A.M. Best says in a release.”Somewhat […]
Provincially regulated property and casualty insurers in Alberta wrote Cdn$8.04 billion in premium in 2008, marking an increase from 2007’s Cdn$7.5 billion, according to the Superintendent of Insurance’s Annual Report.The direct claims ratio in 2008 rose to 61.3% from 56.9% in 2007.The fidelity line had the highest claims ratio in 2008, at 124%, marking a […]
The current hard market for financial institutions (FI) insurance is unlikely to last until the end of 2010, according to the latest Willis FI Index from Willis Group Holdings (NYSE: WSH), a global insurance broker.Willis’ 2009 Q4 FI market update, published by FINEX Global, notes the current FI hard market saw premiums go up at […]
By Canadian Underwriter | December 14, 2009
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