Claims
“Has the pricing cycle turned?” Benfield asks in a new report. And, if so, “For how long and by how much?” In its October 2008 Global Reinsurance report, ‘Capital ConsequencesBillion Dollar Question,’ Benfield has a detailed analysis of many factors that, taken individually, are not large enough in and of themselves to swing a market […]
By Canadian Underwriter | October 30, 2008
2 min read
U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated US$11.5 billion for Q3 property losses, marking the fourth-largest insured property loss in a Q3 since 1998, according to ISO’s Property Claims Services.PCS estimates the 11 catastrophes of Q3 2008 generated 1.7 million claims. Of the 11 catastrophes, six were caused by severe […]
By Canadian Underwriter | October 29, 2008
1 min read
Industry
Earl Cameron has been appointed acting president and CEO of SGI, effective Nov.1.Cameron is currently the vice president, claims and salvage, with SGI. He has been with the insurer for 35 years.He moves into the position following the resignation of current SGI president and CEO Jon Schubert, effective Oct. 31. Schubert has accepted the title […]
Saskatchewan Crown Corporations Minister Ken Cheveldayoff has announced the province’s Crown corporations are moving towards a “Saskatchewan First” investment policy, with the province’s Crown corporations divesting from certain out-of-province investments.Cheveldayoff told CanWest the policy would not affect SGI Canada’s out-of-province insurance subsidiaries in Alberta, Manitoba, Ontario and Prince Edward Island. He said SGI’s out-of-province insurance […]
The American Insurance Association (AIA) says its property and casualty insurance members don’t need the money available in the U.S. Treasury’s US$700-billion emergency market stabilization package, passed by Congress.The Treasury’s Capital Purchase Program (CPP) was created to inject capital into the credit markets and to prevent counterparty failure of such a magnitude as to pose […]
Only 22% of 769 North American companies surveyed had employment practice liability policies, even though 34% of firms experienced and 25% expected to face in the future a management liability event, a Chubb survey found.The ‘2007 Chubb Private Company Risk Survey’ canvassed 300 private companies in Canada and 469 in the U.S. on:the frequency and […]
By Canadian Underwriter | October 28, 2008
A private member’s bill proposing a ban on the use of cellular devices and other handheld equipment while driving on a highway received second reading in Ontario’s Legislative Assembly on Oct. 28.Bill 40 would amend the Highway Traffic Act to prohibit the use of a cellular phone, car phone, pager, personal data assistant, portable computer, […]
Legislative changes may be required in some provinces to harmonize provincial insurance regulation with amendments to Part XIII of the federal Insurance Companies Act (ICA), the Canadian Council of Insurance Regulators (CCIR) noted in an online update of its activities. The CCIR discussed in its September 2008 Fall meeting the potential implications of bringing into […]
The Canadian Council of Insurance Regulators (CCIR) has posted online the final version of its approach to risk-based market conduct regulation.In the process, the insurance regulator has let it be known that it is now up to individual provincial regulators to choose whether or not they wish to adopt the principles outlined in the CCIR’s […]
Consumers are facing a global fiscal crisis featuring a severity of the type that only their grandparents have seen, and the current reigning soft market should be the first casualty, insurance brokers heard at the 88th annual convention of the Insurance Brokers Association of Ontario (IBAO).In reacting to the crisis, insurance companies should take appropriate […]
By Canadian Underwriter | October 27, 2008
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