Industry
Property catastrophe rates were pushed up 8% due to high catastrophe losses and the continuing international credit crisis, according to a briefing published by Guy Carpenter & Company. Major findings in the briefing, Cats and Credit Push Prices Up: Global Reinsurance Review January 2009, include: • Despite the magnitude of catastrophes and financial losses, the […]
By Canadian Underwriter | January 6, 2009
2 min read
Insurers are rapidly replacing legacy systems with upgraded core claims technology, and vendors should differentiate themselves by focusing on improving usability, making implementation faster and less expensive and documenting the value propositions of new technologies, a recent Celent report notes.The 96-page report, ‘Core Claims Systems Vendors 2008,’ provides a detailed survey and assessment of core […]
Although the risks of outsourcing during an economic downturn increase, organizations can still benefit if they revisit and revise their risk management practices, PricewaterhouseCoopers (PwC) says. “Even in the best of times, outsourcing requires careful planning and structuring to deliver full value,” says Madhav Murti, a PwC vice president specializing in offshoring and outsourcing advisory […]
David Huebel has joined Catlin Canada Inc. as its chief underwriting officer.Huebel will be responsible for the implementation and execution of the Catlin Group’s underwriting plan for all lines of business across Canada.He was most recently the president and CEO of GCAN. Collision repairers, insurers, suppliers and service providers will gather for the Canadian Collision […]
1 min read
The deteriorating global economy could delay the hardening of the commercial insurance market until the end of this year, but the coming hard market may be more prolonged than past cycles, Advisen Ltd. predicts.Average rate levels for commercial insurance will level off by 2009 Q2 and will begin to creep higher beginning in 2009 Q4 […]
By Canadian Underwriter | January 5, 2009
The manner in which cedants select reinsurance partners has shifted as the demand for reinsurance capacity increases, according to a Willis Re report.In 1st View; Capital Rules, Willis Re examines global trends that emerged during the Jan. 1, 2009 renewal season. The turmoil in the global capital markets during the second half of 2008 created […]
Investment and capital losses associated with Canada’s economic recession are happening at a time when the country’s industry is in need of capital to offset claims costs, a Swiss Re online newsletter reports.In its report, “Implications of the Financial Crisis on the Canadian P&C Industry,” Swiss Re figures show that as of nine months’ end […]
ACE Canada has expanded its International Executive Assistance Services product to include emergency political evacuation and concierge services. Political evacuation coverage is automatically provided to reimburse an insured’s covered costs up to a policy limit, according to ACE. Additionally, a new online portal for travel preparation information is available. These enhancements are available at no […]
As we transition into the New Year, we observe that these are indeed transitional times for Canada’s property and casualty insurance industry. Right now, the industry’s story appears very much to be a grey zone between two market cycles. Insurance company CEOs have noted at various conferences throughout the latter part of 2008 that by […]
By David Gambrill, Editor | December 31, 2008
3 min read
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MSA UPDATE: INDUSTRY’S UNDERWRITING INCOME FALLS 32.7% Canada’s property and casualty industry (excluding most AMF-regulated companies) has seen its 2008 ninemonth underwriting net income fall 32.7% over the same period last year, according to MSA Research Inc. MSA’s numbers show the industry reporting an overall net income of Cdn$2.3 billion in the first nine months […]
December 31, 2008
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