Industry
The World Health Organization (WHO) has raised the level of pandemic alert from Phase 5 to Phase 6 after scientific criteria for an influenza pandemic were met. “The world is now at the start of the 2009 influenza pandemic,” Margaret Chan, director-general of the WHO, said in a statement. She noted that the H1N1 strain […]
By Canadian Underwriter | June 11, 2009
1 min read
Fitch Ratings’ outlook remains negative for the U.S. property and casualty industry, for both personal and commercial lines insurers.”While a modest recovery of bond and equity markets may lead to a reduction in unrealized investment loss balances for the first half of 2009, considerable economic and investment uncertainty remains,” Fitch noted in its recent report, […]
None of the bumpers on the seven micro- or mini-car models tested by the Insurance Institute for Highway Safety (IIHS) earned a ‘good’ rating, and only one earned an ‘acceptable’ rating.While consumers look to these smaller models for cost and fuel savings, the repair costs of fender benders in these kinds of cars could translate […]
Nearly two-thirds of insurers have plans to grow outside their home market over the next year despite the global economy, according to an Accenture survey of 104 life and property insurance companies around the world. Three-quarters of the respondents believe the current economic and financial turmoil will offer more opportunities for growth outside their home […]
By Canadian Underwriter | June 10, 2009
SGI has provided funding for a thermal imaging camera system to be mounted in the Saskatoon police service air support unit. The camera will allow air support members to see what is occurring on the ground during the day or night, according to a company release. SGI anticipates the equipment will help reduce claims costs […]
An Ontario arbitrator has ruled that there is “no protected zone of privacy for adjusting a first-party insurance file,” and thus ordered an insurer to provide reserve information to a claimant pursuing a bad faith claim against it.Analysis of the decision appeared in the Summer 2009 edition of e-counsel, a quarterly newsletter published by Dutton […]
2 min read
Nova Scotia’s new government has indicated it does not consider amendments to the province’s auto insurance system to be a key priority, although it will conduct a review of the system in the future, says Bill Adams, Insurance Bureau of Canada’s vice president of the Atlantic Region.The New Democrat Party won Nova Scotia’s provincial election […]
Paul Johnstone has been appointed manager of Chubb Personal Insurance, Canadian zone, Chubb Insurance Company of Canada. He assumed the role effective May 11, 2009.Johnstone brings 15 years of industry experience to his post, having served in underwriting, marketing and management positions at Chubb, according to a company release.He first joined Chubb in 1994 as […]
By Canadian Underwriter | June 9, 2009
Ontario minister of finance Dwight Duncan stated in a June 4 Ontario Legislature session that he anticipates responding to the recommendations set out in the Ontario insurance regulator’s five-year auto review by the third or fourth week of June. “We are assessing the responses we’ve had from the public on a range of issues, and […]
Some U.S. property and casualty insurers could be under-reserving, despite the potential onset of a hard market, according to a panel of actuaries and analysts at a Standard & Poor (S&P)’s Ratings Services insurance conference on June 1-2 in New York.In a report about the conference, S&P’s suggested the oncoming hard market could cause insurers […]
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