Industry
Insurers in the United Kingdom are obligated to adopt multi-channel strategies as consumer preferences for interaction with insurers continues to shift, and tough economic times require lean operations, Celent reports.In its latest findings, ‘Top Trends in UK Distribution: A General Insurance View,’ Celent notes the company agent channel has halved since 2000, while banks and […]
By Canadian Underwriter | October 20, 2008
1 min read
The Dutch government has bolstered ING’s capital position with a EUR10-billion (Cdn$15.9-billion) injection into the parent company. ING will issue non-voting, core Tier-1 securities to the Dutch state for a total consideration of EUR10 billion, according to an ING release. The state will rank exactly the same as common shareholders. ING Bank’s core Tier-1 capital […]
Claims
Updated earthquake research by the United States Geological Survey is reporting that expected damage to buildings as a result of a Pacific Northwest earthquake in the Cascadia Subduction Region (which also affects B.C.) could be lower than initially assumed.The research includes the use of “Next-Generation Attenuation (NGA) Equations,” which predict how ground motion decays with […]
2 min read
Speculation that ING Canada will be sold grows as ING Groep, the parent company, works to shore up its balance sheet, according to the Globe and Mail’s Streetwise Blog. Two years ago, ING Groep began selling off insurance subsidiaries in various countries after declaring property and casualty insurance was not part of its core business, […]
By Canadian Underwriter | October 17, 2008
A Designated Assessment Centre (DAC) assessor may meet privately with counsel for either a claimant or an insurer prior to testifying at a hearing, and that meeting will not necessarily affect the neutrality of the DAC assessor’s evidence presented at the hearing, an Ontario arbitrator has ruled.In Miller and Optimum, Financial Services Commission of Ontario […]
Despite the possibility of an economic recession in the future, the insurance industry still needs to find ways to recruit top talent, an insurance specialty recruiter notes. During a breakfast seminar held this month, DGA Careers management and other industry professionals discussed the increased number of opportunities in insurance leadership and jobs for qualified candidates. […]
U.S. bond insurers, which collectively underwrote at least US$1 billion of par in the first half of 2008, are refocusing their strategies towards the lower-risk public finance market in the wake of the U.S. financial crisis, according to Standard & Poor’s.In doing so, bond insurers have moved away from the higher-risk structured finance market, S&P’s […]
State Farm scored highest in customer satisfaction among private full-coverage automotive service providers that were ranked in an inaugural customer satisfaction survey conducted by J.D. Power and Associates.Runners-up for customer service in private auto insurance included belairdirect and Johnson Insurance.J.D. Power and Associates’ 2008 Canadian Home and Auto Insurance Customer Satisfaction Study measured auto and […]
By Canadian Underwriter | October 16, 2008
The issuance of catastrophe bonds has decreased to US$2.73 billion in the first nine months of 2008, compared to US$5.38 billion in the same period of 2007, BestWire reported.The dip can primarily be attributed to the softening of the reinsurance market, Emmanuel Modu, managing director and global head of structured finance of A.M. Best, said […]
The Insurance Brokers Association of Canada (IBAC) has contacted the RCMP to investigate a conference marketed towards Canadian insurance professionals.An organization naming itself ‘The Canadian Insurance Brokers & Risk Managers’ has recently distributed an advertisement announcing a conference that is purported to be taking place at the Toronto Congress Centre from Nov. 9-11, 2009, an […]
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