Industry
An active hurricane season could pose significant challenges with respect to the energy sector, according to Bertil Olsson, energy leader for Marsh’s US energy, mining and power practice. “Last year, many oil companies operating in the Gulf of Mexico had adequate insurance coverage and cash to cover the cost of — and quickly make — […]
By Canadian Underwriter | June 2, 2009
1 min read
If the eventual Supreme Court decision confirms the strike down of Alberta’s minor injury regulation (MIR) Insurance Bureau of Canada (IBC) has recommended a 40.2% rate increase for basic personal auto coverage.IBC retained a consulting actuary, Ron Miller, to prepare an analysis of the indicated adjustment to premiums for the basic auto insurance product as […]
2 min read
Catastrophe renewal pricing covering risks in Florida increased by between 10% and 15% as of June 1, according to Aon Benfield’s Reinsurance Market Update and Outlook Report. This is at the middle-to-lower end of the ranges estimated in the Apr.1 report. The less severe increases occurred for a few reasons, according to the report: • […]
By Canadian Underwriter | June 1, 2009
Events of the past year have “uncovered significant deficiencies in the way financial institutions manage risk,” according to a report by the Economist Intelligence Unit and sponsored by ACE, KPMG, SAP and Towers Perrin.The report, Managing risk in perilous times: Practical steps to accelerate recovery, is based on a series of interviews with senior risk […]
When it comes to evaluating pecuniary (which can be counted) and non-pecuniary (which can’t be counted) housekeeping losses in a personal injury action, Canadian courts have “developed an unnecessarily complex approach” since Fobel v. Dean in 1991, the Ontario Court of Appeal has observed.In McIntyre v. Docherty, released May 29, 2009, the Ontario Court of […]
Claims
The threat of Northeast hurricanes could be the most overlooked of all the risks, BestWeek’s U.S. Canada edition reports.BestWeek points to modeller AIR Worldwide’s suggestion that if a Category 3 or 4 storm hits the metropolitan area along the U.S.’s Northeast coast, insured losses could reach US$110 billion from Rhode Island to New Hampshire.A similar […]
Risk
Opportunistic underwriters may want to start looking at whether language in standard business interruption policies is tailored to cover off the exact nature of the economic damage wrought by a pandemic.
By David Gambrill, Editor | May 31, 2009
3 min read
GOOD BYE M&A, HELLO IPO The “big players” in Canada’s insurance market will likely take the IPO (initial public offering) route to expansion rather than the merger and acquisition route, says Jack Lee, vice president of BFL Canada. Lee was a speaker at the Property Casualty Underwriters Club luncheon in Toronto on May 20. He […]
May 31, 2009
2009 HURRICANE SEASON IS A 50-50 CHANCE OF BEING NORMAL: NOAA The National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center (CPC) has called for a 50% chance of a near-normal hurricane season, according to the 2009 Atlantic Hurricane Season Outlook. The outlook indicates as well a 25% chance of an above -normal season and […]
MUTATED VERSION OF H1N1 POSSIBLE BY END OF THE YEAR: MARSH Global insurance broker and risk advisor Marsh is warning businesses to be prepared for the possible outbreak of a second, more severe mutation of influenza A (H1N1) later this year. Toby L. Merlin, M. D., deputy director of the influenza coordination unit at the […]
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