Industry
Allianz SE will provide a US$2.5-billion capital investment in The Hartford Financial Services Group, purchasing roughly a quarter of Hartford’s outstanding common shares. In a second-quarter filing to the U.S. Securities Exchange Commission (SEC), The Hartford reported having slightly more than 300 million common shares for the first six months of 2008. Allianz will be […]
By Canadian Underwriter | October 8, 2008
1 min read
The Superintendent of the New York State Insurance Department has called on the United States federal government to regulate the credit default swap (CDS) market, after CDS played a major role in the financial unravelling of the American International Group (AIG).”In an interview with the New York Times, [New York] Governor [David] Paterson called credit […]
By Canadian Underwriter | October 7, 2008
2 min read
Ontario courts should consider if it would be best for a trial judge to determine whether or not an injury meets Ontario’s threshold test of a “permanent, serious impairment” prior to a jury deliberating on the outcome of the case, an Ontario Superior Court Justice has mused in Guerrero v. Fukuda.Ontario Superior Court Justice T. […]
FM Global has made some changes to its senior management team, effective Jan. 1, 2009. Brian J. Hurley, currently executive vice president of the North and South America operations, will retire. Ruud H. Bosman will assume the role of vice chairman, a newly created position. Jonathan W. Hall will assume the role of an executive […]
A.M. Best Co. has revised its year-end projections for the U.S. property and casualty industry, noting the adjusted combined ratios for the overall and individual segments of the industry will each likely break the 100% mark.A.M. Best believes the overall combined ratio will increase to 103.2%, up from the initial projection of 98.6% published in […]
Minor auto injury claimants suffering from temporary disabilities do not have the same “immutable” characteristics required to receive constitutional protection against discrimination, insurers’ counsel have argued on appeal in Alberta.Alan D’Silva, a partner at Stikeman Elliott LLP, presented to the National Insurance Conference of Canada the arguments the insurance industry has already made before the […]
By Canadian Underwriter | October 6, 2008
Claims
About 80% of Canadian houses today are undervalued by 27%, which hasn’t changed since 1995, according to Peter Wells, president of Marshall & Swift/Boeck (M&S/B), a provider of building cost technologies.In addition, 60% of commercial buildings are undervalued by 40%.In total, that would amount to Cdn$11 billion in lost premium for (re)insurers, based on the […]
The gap in customer satisfaction reported by home insurance policyholders and auto insurance policyholders has steadily widened since 2004, JD Power and Associates reports.Homeowners insurance customer satisfaction has remained essentially flat during the past five years, while satisfaction with auto insurers has steadily increased, JD Power found.The 2008 Homeowners Insurance Study is based on responses […]
In order to achieve market stability, insurers and brokers should consider non-cancellable broker-partner contracts, Paul Martin, president and chief operating officer of KRG Insurance Group, told delegates of the National Insurance Conference of Canada (NICC) in Ottawa-Gatineau, Que.Martin spoke as a member of panel discussing the outlook for the commercial market.Insurers should also guarantee price […]
There are a small percentage of bodily injury claims that represent a high exposure for an insurance company based solely on the credibility of the plaintiff, Marc Gorbet, lawyer, Gerald A. Swayne & Associates, told delegates at the Annual Toronto Fraud Forum on Oct.2. Dubbed H.A.R.M files, High Award Risk Matters they contain an underlying […]
By Canadian Underwriter | October 3, 2008
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