Industry
Swiss Re has issued a US$150-million cat bond for North Atlantic hurricanes, European windstorms and California earthquakes. Swiss Re has entered into a transaction with Successor X Ltd. to receive up to US$150 million of payments in the event of certain natural catastrophes, including those outlined above, a release says.The transaction covers a one-year risk […]
By Canadian Underwriter | December 10, 2009
1 min read
The 2000 Honda Civic made the top of Insurance Bureau of Canada (IBC)’s annual list of most stolen vehicles. However, the addition of high-end vehicles such as the Cadillac Escalade to the list reflects the increasing involvement of organized crime in auto theft, the IBC says. “We’re seeing two very different forms of auto theft,” […]
By Canadian Underwriter | December 9, 2009
PartnerRe is championing an integrated risk management and modelling method designed to take into account the cumulative effect of multiple perils, some of which cannot be modelled reliably, including floods and hail.”Not every type of risk and peril can be reliably modelled, PartnerRe says in its report, Catastrophe Portfolio Modeling: A Complete View of Risk. […]
2 min read
Consumers made 1,312 calls to the General Insurance OmbudService (GIO) with concerns regarding claims in 2010, according to statistics released in the GIO’s 2008-09 Annual Report. The GIO received 313 calls related to policy cancellation or non-renewal, 368 about coverage and policy rating, while the rest fell into availability, affordability, administration and billing problems and […]
FitchRatings expects the U.S. property and casualty industry to experience higher underwriting losses and below average returns on capital in 2010.The agency’s outlook on the industry remains negative. The negative rating outlook on the industry implies that downgrade actions are likely to outpace upgrades within the property and casualty sector going into 2010, although the […]
It may be a few years before the insurance industry sees a return to relative stability and certainty, according to PricewaterhouseCoopers LLP (PWC). This will occur as the industry reacts to the effects of regulatory reform, increased government intervention and potential tax law changes in the aftermath of the financial crisis, according to a PWC […]
By Canadian Underwriter | December 8, 2009
Claims
The Canadian Bankers Association (CBA) is cautioning Canadian legislators not to “get caught up in a wave of ‘regulation-mania’” in the wake of the financial crisis, later telling the media that one example would be Finance Minister Jim Flaherty’s efforts to prohibit banks from selling insurance products on their Web sites.CBA president Nancy Hughes Anthony […]
The composite rate for commercial property and casualty insurance in the United States was down 5% for Nov. 2009, MarketScout reports.The soft market may be prolonged if mega-brokers begin to acquire small- and middle-market brokerages, MarketScout says in its online index ‘Market Barometre.’“If all of the mega-brokers start acquiring independent retail agencies, they could easily […]
The lowest rate of car crashes in Ontario is in St. Thomas, according to an Ontario Safe Driving Study conducted by Allstate Insurance Company of Canada. The highest crash rates by community went to Thornhill, Ajax, Maple, Brampton and Bolton. Communities in the Greater Toronto Area have collision rates more than twice as high as […]
Ontario banks that promote or accept applications for insurance products are subject to the provincial Insurance Act, Ontario’s Superior Court of Justice has ruled.In Royal Bank of Canada v. Salih and Mirsada Mujagic, Salih and Mirsada Mujagic alleged that RBC made “negligence misrepresentations as to the nature and quality of the insurance promoted at the […]
By Canadian Underwriter | December 7, 2009
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