Industry
It would take a further loss of $5 billion or greater in the energy insurance market to end the current flat – bordering on soft – market, according to an Aon survey.Aon polled delegates at its 10th Middle East Energy Conference and found that 41% expect premium prices in the energy insurance market to remain […]
By Canadian Underwriter | October 15, 2010
1 min read
Property and casualty insurers fared better than their banking counterparts during the 2008-09 financial crisis partly because the insurance industry learned its lessons from the soft market crisis in 1999-2002, the chairman of Ironshore Inc. said in an Oct. 15 speech in Toronto.Ron Sandler observed that after 2002, improved risk management became a focus and […]
Intense competition and overabundance of capacity continue to define the U.S. commercial insurance market, Marsh says in its report, U.S. Insurance Market Report 2010, Third Quarter Update: Insureds Net Benefits as Downward Rate Pressures Persist. Marsh’s report found that property rates declined an average of 6.1%, general liability rates declined an average of 6.7%, auto […]
By Canadian Underwriter | October 14, 2010
Claims
The credit crisis may have abated, but the pace of securities lawsuit filings in the United States has quickened, according to an Advisen report.The report, sponsored by Ace, notes 284 securities lawsuits have been filed so far in 2010 Q3. If this pace continues, the number of filings in 2010 will surpass the total of […]
Integro announced its acquisition of ReSource Intermediaries, a move that positions Integro to add reinsurance brokerage services to its U.S. roster.ReSource Intermediaries is a full-service reinsurance brokerage based in San Fransisco. Its client base includes insurance companies; alternative risk entities such as captives and risk retention groups; managing general agencies; and third party administrators.”ReSource Intermediaries […]
Deer-vehicle collisions are not just a rural problem: the province’s public auto insurer now deems Manitoba’s capital city to be a high-risk area for such collisions.Manitoba Public Insurance (MPI) has posted two maps showing high-risk areas for vehicle-deer crashes in an effort to educate motorists.Within the broader Capital Region of Winnipeg there were 1,766 deer-vehicle […]
The Guarantee Company of North America has increased its investment and is now a full partner in the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program (BIP) for 2010.Launched 22 years ago, the BIP program promotes the value and professionalism of the insurance broker to consumers, insurers and governments. It is a branding campaign […]
Canada’s federal government has named Monique Leroux, board chair, president and CEO of Desjardins Group, to an expert panel created to support business research and development in Canada.Leroux joins a six-member panel that will solicit advice from Canadians and businesses on how the federal government can better support business research and development.A member of Desjardins’ […]
Catlin Canada has added reinsurance to its underwriting appetite, and has hired Matthew Spensieri as vice president of reinsurance.Catlin Canada will be writing reinsurance business, both treaty and excess of loss, from its Toronto office.Spensieri will lead the reinsurance team. Prior to this post, he led the Canadian treaty underwriting at Gen Re Canada.”This is […]
By Canadian Underwriter | October 13, 2010
Ontario’s courts seem to be in a quandary about the timing of hearing a threshold motion in a jury trial. A threshold motion under s. 276.5(15) of the Insurance Act determines whether an auto injury is “serious or permanent.”The quandary is this: If the threshold motion is heard and decided before a jury renders a […]
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