Industry
European organizations that had not previously thought of themselves as being at high risk of causing environmental damage may need to reconsider whether to buy specialist environmental impairment insurance as a result of new regulations.The Environmental Damage (Prevention and Remediation) Regulations 2009, which came into force in England on Mar. 1, 2009 implements the EU’s […]
By Canadian Underwriter | March 9, 2009
2 min read
Canadian Western Bank, of which Canadian Direct Insurance Incorporated is a subsidiary, announced a 2009 Q1 profit of Cdn$25.6 million, down 1% from the same period of the prior year.”First quarter net income from insurance operations of [Cdn$800,000] represented a 46% decline compared to a year earlier, reflecting high frequency and severity of claims in […]
1 min read
Insurance Corporation of British Columbia (ICBC), the province of British Columbia and police will deploy red-light cameras at 140 of the province’s most crash- and casualty-prone intersections.The most recent study of B.C.’s decade-old camera program, conducted by ICBC in 2006, shows crashes involving death or injury declined 6.4% at sites with red-light cameras, and overall […]
By Canadian Underwriter | March 6, 2009
The threat of global recession and the current financial turbulence will result in an increase in white-collar crime, coupled with significant changes in how fraudsters operate, according to the Kroll Global Fraud Report. An increase in full-scale fraud investigations involving legal disputes, regulatory action and prosecution is expected in 2009 as whistle blowing becomes more […]
Guy Carpenter & Company LLC, a global risk and reinsurance specialist, has agreed to acquire John B. Collins Associates Inc. (Collins), a privately held company and the seventh largest reinsurance intermediary in the world. Established in 1987, Collins is a privately held company that places reinsurance coverage for companies in the property-casualty, life, and accident […]
By Canadian Underwriter | March 5, 2009
Problems in the company’s server room can easily spread like a virus into the boardroom, and companies should make sure a proper risk management strategy for cyber risk is in place for a company’s directors and officers, BFL observes in the Spring 2009 version of its online publication, The Cover Note. “With the tightening of […]
Claims
Environmental risk has dropped from the Top 10 risks facing the insurance industry and has been replaced by concerns related to investment returns, equity performance and access to capital, a joint survey between the Centre for the Study of Financial Innovation and PriceWaterhouse Coopers found.The latest Insurance Banana Skins survey includes 400 responses from 39 […]
By focusing only on the cost of insurance, companies ignore the opportunity to strike the right balance between transferring risk to an insurer and financing a degree of risk themselves, according to a Marsh report, Managing through the downturn. Should organizations opt for higher deductibles, thereby retaining more risk and lowering the cost of insurance, […]
The Munich Re Group recorded an operating result of EUR3.3 billion (Cdn$5.3 billion) in 2008 (compared to EUR$5.1 billion, or Cdn$8.2 billion, in 2007), a decrease of 35.5%. “The marked price losses on the stock markets impacted the investment result, which fell by 36.8% to EUR5.8 billion,” Munich Re reported in a statement.Gross premiums written […]
By Canadian Underwriter | March 4, 2009
A.M. Best’s outlook on the U.S. commercial market is stable despite the ongoing soft period in the cycle, a contracting economy and the financial market crisis. In commercial lines, most key indicators suggest rates will continue to be soft and competitive well into 2009, A.M. Best reports. However, continued turmoil in the financial markets, combined […]
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