Industry
The insurance-linked securities (ILS) sector outperformed most asset-backed securities and provided positive returns for investors over the past year despite an extraordinarily challenging environment, according to ILS Review 2009 – Adapting to an Evolving Market, an Aon Benfield review of the ILS market. ILS products provided a total investment return of 3.89% for the year […]
By Canadian Underwriter | September 8, 2009
1 min read
The global insurance industry will see a pick up in mergers & acquisitions (M&A) activity in 2010, according to Tony Ursano, CEO of Willis Capital Markets & Advisory.Ursano made the comment at an industry event in London on Sept. 8, 2009, a Willis release says. So far in 2009, insurance M&A volume has been light, […]
Federally regulated Canadian property and casualty insurers reported a decline in 2009 Q2 profits — sliding from a net income of Cdn$1.42 billion in 2008 Q2 to a profit of Cdn$1.07 billion during the same period this year.Recent figures posted by Canada’s federal solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), show […]
By Canadian Underwriter | September 4, 2009
2 min read
Insurance premiums are predicted to remain flat for offshore energy business for October’s renewals, dependent on location, loss history and limit sought, according to Aon. At the beginning of 2009, rates were expected to rise between 15% and 20%, according to an Aon release. “For companies looking to insure large and/or complex risks, insurers are […]
A 22-year-old Beeton, Ontario woman who suffered a serious brain injury in a 2002 auto accident has received a court award of Cdn$18.4 million. The sum, awarded by the Ontario Superior Court, is thought to be the highest-ever damage award in Canada for injuries suffered in a car accident. Katherine-Paige (KP) MacNeil, 15 years old […]
By Canadian Underwriter | September 3, 2009
The outlook on the global reinsurance sector remains negative, due to potential inability of reinsurers in the current economic environment to replenish capital if they suffered large catastrophe losses, according to Fitch Ratings. Historically, this heightened vulnerability for the reinsurance sector has not existed to the same extent, says Fitch’s 2009-2010 Global Reinsurance Review and […]
Manitoba Public Insurance (MPI)’s Driver Safety Rating (DSR) system will begin on Mar. 1, 2010. The objective of DSR is to reward safe driving based on a system of premium decreases or increases tied to safe and risky driving behaviours, respectively.A driver’s risk will be rated on a sliding scale of between +15 and -20, […]
By Canadian Underwriter | September 2, 2009
Although global financial markets have improved substantially since March 2009, earnings and capitalizations in the Canadian property and casualty insurance market are expected to remain under some pressure, according to a special report by A.M. Best.The full report, Canadian Insurers Face Significant Challenges Following Difficult 2008, will be made available on A.M. Best’s Web site […]
Canadian property and casualty insurers continued to suffer from recessionary conditions in 2009 Q1, with underwriting profitability continuing to deteriorate, Swiss Re observed in its July 2009 edition of Canadian Property & Casualty Quarterly.Overall, the Canadian property and casualty industry recorded underwriting losses of Cdn$84.3 million in 2009 Q1, “an improvement from Cdn$319 million [in […]
By Canadian Underwriter | September 1, 2009
Private auto insurers’ claims costs have increased demonstrably over the past few years in both Alberta and Ontario. It therefore seems axiomatic — as obvious as saying “two plus two equals four” — that insurers must raise their rates. All the more puzzling, then, why the Alberta Automobile Insurance Rate Board (AIRB) recently signed off […]
By David Gambrill, Editor | August 31, 2009
3 min read
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