Industry
Three P&C chief financial officers – representing Intact Financial Corporation, Northbridge Financial Corporation and RSA Canada Group – see Canada’s Top 10 property and casualty insurance companies controlling about 8% more of the market sometime over the next five years.Speaking as panelists at the Canadian Insurance Financial Forum (CIFF) held in Toronto on May19, the […]
By Canadian Underwriter | May 20, 2010
2 min read
Claims
The Insurance Corporation of British Columbia (ICBC) has been ordered by B.C.’s provincial court to assume the liability of a hit-and-run accident when an investigation failed to determine the identity of the driver.In Spitman v ICBC, Jen Spitman was at a house party in October 2005. In the wee hours of the morning, uninvited guests […]
3 min read
Insured natural catastrophe losses in 2010 Q1 totalled $9.5 billion, the highest since 1994 Q1.Insured damages in 2004 Q1 reached $26.4 billion (in 2010 dollars) when the Northridge (U.S.) earthquake occurred, reports the Insurance Information Institute.Total insured losses arising from natural catastrophes in 2009 Q1 equalled $7.2 billion.The 2010 Q1 results reflect the earthquake and […]
1 min read
One more catastrophic event in 2010 could tip the insurance industry into a loss position, guardian.co.uk quoted Richard Ward, Lloyd’s CEO, as saying.Ward spoke at the Insurance Day Summit in London on May 18. He described 2010 as the “worst and most challenging year” that Lloyd’s has faced since he became CEO in 2006, a […]
By Canadian Underwriter | May 19, 2010
The soft market in the Canadian commercial property and casualty sector will likely not bottom out until late 2010, possibly early 2011, Marsh reports.In its report, Competition Nets Rewards – Multinational Client Service Insurance Market Report 2010, Marsh examines trends in insurance markets around the world. In Canada, rate reductions on low hazard and high […]
An online moving and storage insurance program – CapMove.com – has been introduced by XN Financial Services Inc. in partnership with Capacity Coverage of New Jersey, Inc. The new moving insurance program combines Capacity’s moving and storage industry expertise with XN Financial’s online technology, an XN release says. The online insurance program streamlines the process […]
The quality of a broker’s presentation of risk is the most important factor considered by underwriters when deciding whether or not to take on a risk, according to a Marsh survey.An independent research firm polled underwriters in seven global insurance centres. Almost half of the underwriters surveyed said the quality of a broker’s presentation of […]
ICBC reported a net income of $155 million for 2010 Q1, an increase from $117 million in 2009 Q1. An increase in premiums written – up to $860 million in 2010 Q1 from $843 million 2009 Q1 – was a contributing factor to the corporation’s improved results. The insurer’s underwriting income, however, decreased from $19 […]
St. John’s Downtown Development Commission recognized The 2009 RIMS Canada Conference Committee with an Award of Distinction. The ‘Destination St. John’s Award of Distinction’ is presented to a conference chair/committee who, through the hosting of a conference in St. John’s, has generated significant economic benefits and increased the profile of the city. During the RIMS […]
Canadian property and casualty insurers’ over-capitalization and low return on investment mitigates against new capital being invested into the industry, said Philip Cook, CEO of Omega Insurance Holdings. Cook spoke as a panel member at the Property and Casualty Underwriters’ Club (PCUC) luncheon in Toronto on May 18. The panel discussed the current global economy […]
By Canadian Underwriter | May 18, 2010
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