Industry
Insurance supervisors worldwide have committed themselves to enhancing coordination efforts in an move to contain any contagious effects of global market volatility, the International Association of Insurance Supervisors (IAIS) has announced.The IAIS concluded its annual conference and general meeting in Budapest, Hungary, where it discussed several regulatory issues against the backdrop of market turmoil. “The […]
By Canadian Underwriter | October 23, 2008
1 min read
The use of antilock brakes on motorcycles reduces the frequency of crashes for which insurance claims are filed and the rate of fatal motorcycle crashes, according to research by the Insurance Institute for Highway Safety (IIHS).The Highway Loss Data Institute (an affiliate of the IIHS) compared insurance losses under collision coverage for 12 motorcycle models […]
By Canadian Underwriter | October 22, 2008
2 min read
Insurers in Canada and the U.S. are increasingly turning to external actuarial firms, A.M. Best’s annual review of the auditor and actuarial markets found.The study encompasses 2007 statutory filings submitted to A.M. Best for nearly 4,000 Canadian and U.S. insurance companies.A.M. Best found that 319 independent accounting firms provided annual audits for approximately 98% of […]
Keal Technology’s commercial management system (CMS), comXP, will be integrated with Aviva Canada’s Fastrax, a web-based commercial insurance application. The partnership will enable brokers to upload small commercial package information including client, risk and coverage details from comXP to Fastrax, eliminating the need for dual entry, according to a release. Affiliated FM has introduced a […]
**CORRECTION**ING Canada’s subsidiaries were not downgraded as initially reported. Canadian Underwriter regrets and apologizes for this error. Moody’s Investors Service has affirmed ING Canada Inc.’s ratings and those of its operating subsidiaries, following the downgrade of ING Groep to Aa3 for senior debt from Aa2. The outlook for ING Canada remains stable. The rating affirmation […]
Lloyd’s is expected to face net claims of US$2.34 billion for Hurricanes Gustav and Ike, representing both onshore and offshore claims, according to a provisional estimate. This is in line with analysts’ estimates of an aggregate US$20-25 billion industry loss, Lloyd’s notes in a press release announcing its projected losses. Based on current estimates, there […]
By Canadian Underwriter | October 21, 2008
In response to the global financial crisis, Fitch has revised its rating outlook from ‘stable’ to ‘negative’ for 12 (re)insurance sectors globally.In addition, it has confirmed its previous negative outlook on six insurance sectors.”The negative outlooks reflect the significant falls in global credit and equity markets, and unprecedented market volatility and uncertainty,” according to a […]
Insurance companies were the Number 1 target of new litigation in the past year, with two-thirds of insurers surveyed by Fulbright & Jaworski LLP facing at least six new lawsuits.Out of those insurers listed above, 29% faced more than 50 new actions.In its annual U.S. Litigation Trends Survey, 251 in-house counsel from various industries in […]
A significant portion of the Ontario private auto insurance market went to the regulator to ask for rate increases in 2008 Q3.”In the third quarter of 2008, for the 77.97% of the market that had rate changes approved, the average rate change was +1.12%, when weighted by market share,” the Financial Services Commission of Ontario […]
Russell Brownlee has been appointed head of Giffin Koerth’s Road Factors practice. Brownlee has worked in the field of road safety for 14 years, most recently as associate and senior transportation engineer with IBI Group. His areas of concentration include: pedestrian facilities and safety; assessment of roadway design, traffic control devices, signage and maintenance; roadside […]
By Canadian Underwriter | October 20, 2008
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