Industry
Front-to-front crash tests, each involving a mini-car or a micro-car colliding with a mid-size model made by the same manufacturer, show how extra vehicle size and weight enhance occupant protection in collisions, the Insurance Institute for Highway Safety (IIHS) reports.The IIHS recently conducted crash tests that don’t crash cars against a standard barrier, as is […]
By Canadian Underwriter | April 14, 2009
2 min read
The Province of New Brunswick has announced a formal collaboration with insurers and insurance brokers to help find the most appropriate insurance coverage for non-profit organizations at the most competitive rates available.Partners in the collaboration are the province’s Community Non-Profit Organizations Secretariat, the Insurance Brokers’ Association of New Brunswick (IBANB) and the Insurance Bureau of […]
Negative or stagnant premium growth will be a key issue for property and casualty insurers in industrialized countries, including Canada, during the next 10 years, says Standard & Poor’s.In its report, The Key Issues for Property/Casualty Insurers During the Next 10 Years, S&P’s points to a Swiss Re sigma study that found industrialized countries exhibited […]
The net income of private U.S. property and casualty insurers tumbled 96.2% in 2008 — from US$62.5 billion in 2007 to US$2.4 billion in 2008, according to the Property Casualty Insurers Association of America (PCI) and Insurance Services Organization (ISO).The figures are consolidated estimates for all private U.S. property and casualty insurers, based on reports […]
By Canadian Underwriter | April 13, 2009
Claims
2008 was the worst year for catastrophe losses stemming from U.S.-based tornadoes, as well as among the worst years on record for the frequency of tornadoes, reports A.M. Best Company Inc.In its special report, Another Year, Another Record: Tornado Threat Keeps Escalating, A.M. Best notes preliminary figures that show 1,691 tornadoes touched down in the […]
1 min read
The online publication of personal medical information contained in a tribunal decision concerning an auto insurance claimant’s case is not a violation of the claimant’s statutory privacy rights, the Court of Queen’s Bench for Saskatchewan has ruled.Elaine Germain asked the court to prevent the online publication of medical information and other personal information about her […]
Increasing demand for directors’ and officers’ (D&O) insurance is being fuelled by concerns about the economy, shareholder action, litigation and the increasing engagement by regulators, according to Marsh. FTSE 100 companies are buying 20% more D&O insurance than 12 months ago, the company notes in a statement. This is in a bid to protect directors […]
Catastrophe reinsurance in Canada is expected to show a rate on line (ROL) change of between zero and 5% at the June and July 2009 renewals, according to a Reinsurance Market Outlook published by Aon Benfield.ROL is a calculation of reinsurance premium divided by reinsurance limit. Aon Benfield said it further expects reinsurance capacity and […]
By Canadian Underwriter | April 9, 2009
The Registered Insurance Brokers of Ontario (RIBO) says it has received an increasing number of new complaints in which the privacy of brokers’ clients has been breached.In its spring newsletter, RIBO notes a large portion of these complaints come from clients that are going through a divorce. The regulator cautions brokers to treat these files […]
Carla Blackmore, director of commercial programs at Zurich North America Canada, has announced her retirement as of Apr. 30, 2009.Blackmore joined Zurich in 1975. Her career spanned many areas of the organization, including sales and marketing, commercial regional manager and Canada segments, where she is currently a programs manager. “In addition to her many Zurich […]
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