Industry
Warren Jestin, senior vice president and chief economist with Scotiabank Canada, and Glenn Gibson, global chief strategy officer with Crawford & Company, will be the keynote speakers at the CIP Society’s 2009 Symposium on Apr. 29.The event, ‘A Bridge Over Troubled Waters: Local, National and Global Perspectives,’ will be held at the Toronto Board of […]
By Canadian Underwriter | March 20, 2009
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Loss reserves for the U.S. property and casualty insurance industry may have depleted by up to US$14 billion in 2008, according to a new report by Moody’s Investors Service.In its report, U.S. P&C Insurers’ Reserve Adequacy Shrinks, Moody’s estimates the U.S. P&C industry carried about US$5 billion to US$12 billion in excess loss reserves entering […]
Increased regulatory scrutiny associated with the Solvency II regime will not make Standard & Poor’s financial strength ratings (FSR) obsolete, S&P’s maintains.In Interpreting Insurer Financial Strength Ratings in Light of Improving Insurer Supervision, S&P’s addresses frequently asked questions about its FSRs on insurers — particularly as the modernization of insurer supervision gains pace.One such question […]
The Autorité des marchés financiers (AMF) is warning consumers of an insurance fraud scheme that involves the misappropriation of premiums.There have been situations in which people have purported to be insurer representatives and misappropriated premiums for their own personal gain, the AMF says in a release.“These scammers pocketed the money without the consumer’s knowledge and […]
1 min read
Winnipeg recently achieved a seldom-achieved milestone: zero auto thefts reported over a 24-hour period.Manitoba Public Insurance (MPI) says the no-theft achievement on Mar. 3 speaks volumes about the reversal of auto theft trends in the province over the past two years. As recently as 2007, MPI reported that a car was stolen every hour, on […]
By Canadian Underwriter | March 19, 2009
An investigation into whether AIG has been using government aid to undercut competition in the commercial property and casualty market is inconclusive, the U.S. Government Accountability Office (GAO) said.In a presentation to the U.S. House of Representatives’ subcommittee on capital markets, insurance and government sponsored enterprises, the GAO offered its preliminary findings in an investigation […]
The majority of companies with an enterprise risk management program (ERM) in place operate their programs without the support of ERM software, a Risk and Insurance Management Society (RIMS) survey has found.RIMS’ Technical Advisory Council (TAC) surveyed 651 companies. It found that out of the 317 companies surveyed that had a formal ERM program in […]
Lead hull and liability premium increased on average by 7% in 2008, after five years of soft market conditions, according to an Aon report. Following an 11% decline in 2007, the market swung by 18% in the last two years, according to the report, Airline Insurance Market Outlook 2009.The report goes on to say that […]
Commercial insurance prices in the United States saw a slight decline of 3% during 2008 Q4 compared to the same quarter in 2007, according to Towers Perrin’s most recent commercial lines insurance pricing and profitability trends survey (CLIPS).”This price reduction is the smallest reported in the last eight quarters,” the survey notes.CLIPS found that in […]
By Canadian Underwriter | March 18, 2009
A B.C. man who deliberately set fire to his car in order to collect on his insurance policy has been ordered to repay firefighters for a portion of the costs incurred. The Maple Ridge, B.C. resident, Thomas James Fergusson, pleaded guilty in court to lying to ICBC. He had reported his car stolen on Mar. […]
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