Industry
Regulatory risk may be converging with reputation risk, with new regulatory penalties requiring a company to effectively advertise its own conviction through the sanction of a publicity order, a Lloyd’s specialist said.Anthony Fitzsimmons, chairman of London-based reputation risk specialists Reputability, said that regulators are more reputation-savvy and the United Kingdom is at an early stage […]
By Canadian Underwriter | December 3, 2009
1 min read
A number of financial risks — including collateral use, securitization and counterparty credit risks — have proven to require specific attention in light of the recent market turmoil, the Office of the Superintendent of Financial Institutions says in its recently posted guidelines on stress-testing.Guideline E-18 sets out OSFI’s expectations related to the use of stress […]
By Canadian Underwriter | December 2, 2009
2 min read
Claims
More than 1,800 ideas designed to improve Canadian communities were submitted to Aviva Canada Inc.’s ‘Aviva Community Fund’ competition.The Top 62 now move into the semi-final round.In the semi-final round, the ideas will continue to vie for votes until Dec. 16, 2009, when the 25 most popular entries will become finalists and move onto the […]
The end of 2009 presents a very different property market landscape than at the beginning of 2009, with the trend toward higher property rates largely disappearing in 2009 Q3, Aon reports.In its Quarterly Market Overview: Summary and Forecast, Aon examines the 2009 Q3 results for property, casualty and directors’ and officers’ lines in the United […]
The year 2009 will go on record as the quietest in the Noughties (the first decade of millennium) for windstorm activity, reports Lloyd’s.In total, there were only nine named storms, three hurricanes and two major hurricanes in 2009. This activity was far below the average for 1995-2008 (61%, 38% and 51% respectively). The benign storm […]
An apparent split between the federal and provincial jurisdictions over the question of “insuring in Canada a risk” may cause more provincial regulators to state divergent views from those of the Office of the Superintendent of Financial Institutions (OSFI), says a paper for the International Law Office published by Lang Michener LLP.Authored by Frank Palmay […]
By Canadian Underwriter | December 1, 2009
Three women in Canada’s property and casualty insurance industry have appeared on The Women’s Executive Network’s Top 100 list of “Canada’s Most Powerful Women.”Appearing on the list are:• Priscilla Ng, a marketing consultant at the Western division of Intact Insurance;• Susan Black, the chief human resources officer and senior vice president of planning at Intact […]
Swiss Re economists predict insurance and reinsurance will continue to recover in 2010, based on the assumption of a “U-shaped” recovery.But the increasingly positive results may be tempered by increasing losses due to natural catastrophes and low asset returns, Swiss Re warned.“The global economy grew in the second half of 2009, but the recovery is […]
The U.S. and Bermuda reinsurance markets are seeing a disciplined January renewal season despite the recession, according to BestWire. Reinsurers are benefiting from both an improved investment market and a quiet hurricane season, BestWire reported. Unless a ceded portfolio had experience a loss, most reinsurers noted they were seeing stable premium rates, terms and conditions. […]
Risk
For the better part of a year, insurance companies have been hinting that some form of product innovation is required to offset the heavy losses insurers have been taking in the personal property lines — in particular, water damage losses. Innovation is required, insurers say, because most homeowners’ policies have been underwritten on the assumption […]
By David Cambrill, Editor | November 30, 2009
3 min read
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