Industry
The Hyundai Elantra, Toyota Prius and Volkswagen Rabbit were the worst performers in a series of “fender bender” crash tests performed by the Insurance Institute for Highway Safety (IIHS).The IIHS assessed how well the bumpers of 20 small car models would protect the vehicles from damage in low-speed collisions.The Ford Focus was the best performer, […]
By Canadian Underwriter | September 5, 2008
1 min read
The Women in Insurance Cancer Crusade (WICC) Golden Horseshoe Committee is hosting its second annual pub night. The ’70s-inspired evening will be held on Oct. 2 at the Arnie Pub at Mohawk College. The fundraiser will be a “groovy” evening that’s “too cool” to miss, according to the committee. Food, fun and music will be […]
By Canadian Underwriter | September 4, 2008
Claims
Hurricane Gustav may be on his way out, but more company is due to arrive. Up to five named storms are expected in September, according to the Colorado State University forecast team. Four of those will become hurricanes; two will become major (Category 3-5) hurricanes. Overall, the forecast team expects activity at about 190% of […]
At the midpoint of an active 2008 hurricane season, AIR Worldwide Corporation (AIR) has issued a white paper updating its research on climatological influences on hurricane landfall risk. In particular, the white paper suggests that, “during years in which [Sea Surface Temperatures] SSTs are warmer than the long-term average, the U.S. Gulf and East Coasts […]
2 min read
The Reinsurance Association of America (RAA) reported a policyholder surplus of US$72.8 billion for a group of 20 U.S. property and casualty reinsurers for the first six months of 2008.This compares to a US$77.3 billion surplus for the same period in 2007.Net income for the reinsurers for the first six months of this year was […]
Glenn Penny has been appointed vice president of claims at Kingsway Financial Services, Inc. In the newly created role, Penny will be responsible for the oversight of claims functions, including building claims capabilities and common practices throughout the Kingsway Group. Penny has 24 years of claims experience, most recently as vice president of claims with […]
By Canadian Underwriter | September 3, 2008
An increase in small hurricanes making landfall this season, in addition to the high level of catastrophe losses insurers have already absorbed during the first half of 2008, will likely bring a dose of reality to the competitive property cat markets and halt further price declines in 2009 according to A.M. Best. “A.M. Best expects […]
Pricing risks, particularly the rising cost of energy, is currently the most pressing supply chain risk, a Marsh survey of 110 risk managers has found. With oil topping US$139 a barrel in mid-June, energy prices are creating significant margin pressures on all companies that make, move or sell physical goods, Marsh says in its report, […]
Standard & Poor’s [S&P’s] is maintaining its stable ratings outlook for the global reinsurance sector, albeit with considerable caution.”Given the macroeconomic headwind now confronting reinsurers, a continuation of the downward trend in pricing seen thus far in 2008 would likely cause us to revise the sector outlook to negative,” S&P’s commented in a recent report […]
Fitch Ratings’ has given the global reinsurance sector a “stable” rating outlook.The agency says it “believes individual companies’ operating performance, capitalization and anticipated market conditions, despite their deterioration over the past year, will continue to support current ratings over the next 12-18 months.”Fitch predicted the non-life reinsurance sector would generate an underwriting profit in 2008, […]
By Canadian Underwriter | September 2, 2008
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