Industry
Although increasing competition for business is likely to promote further deterioration of U.S. property and casualty rates in 2008, Fitch Ratings “expects insurers to post a more modest underwriting profit in 2008 [compared to 2007].”Even so, Fitch also “anticipatesinsurers’ overall profits will decline in 2008, and that the industry will struggle to produce an adequate […]
By Canadian Underwriter | March 26, 2008
1 min read
Claims
In a business interruption claim, an insurer is not entitled to a “credit” in the form of a deductible if an insured business gains a collateral benefit during the shutdown of its operations, Alberta’s Court of Appeal has ruled.In Neste Canada Inc. v. Allianz Insurance Company of Canada, Allianz insured Neste for contingent business interruption […]
2 min read
Many companies remain under-prepared for a terrorist attack in London, England according to a Marsh survey. Roughly one-third of 80 delegates attending a Marsh seminar on terrorism, representing large and mid-size firms in the Greater London area, noted they did not have emergency response, crisis management and business recovery plans integrated within their business continuity […]
Federally regulated property and casualty insurance companies in Canada reported a total profit of Cdn$3.284 billion in 2007 Q4, a slight increase over the same period last year.Information posted by the Office of the Superintendent of Financial Institutions (OSFI) shows Canadian P&C insurers reported earning a net income of Cdn$3.256 billion in 2006 Q4, and […]
By Canadian Underwriter | March 25, 2008
Various disclosure regulations put forth by the U.S. Securities and Exchange Commission (SEC) in 2007 have created challenges in boardrooms nationwide during this proxy season, according to Aon Consulting’s Radford Surveys + Consulting.At issue is pay-for-performance, a major area of interest and concern for investors. For years, investors have pushed companies for more performance-oriented programs […]
Nearly half of the global insurers surveyed by KPMG predict the rate of consolidation to accelerate in the international insurance market.In “Globalizing the Risk Business: Surviving and competing in the global insurance industry,” 49% of the 148 insurers surveyed believed that the rate of consolidation will increase, and only 9% reported the opposite.In a parallel […]
The insurance industry will likely follow general industry trends towards embedding sustainability within governance, management and operations structures, according to a study commissioned by The Co-operators. The report, “The Future of Sustainable Insurance: A Thought Leaders Study,” includes input from 10 experts on trends in sustainable insurance over the coming decade. Sustainability reporting and carbon-neutral […]
In an effort to better manage risks during a period of large-scale catastrophes, insurers should consider offering long-term policies to homeowners in hazard-prone areas.”Such a long-term policy could be tied to a mortgage, and home improvement loans can encourage the adoption of cost-effective mitigation measures,” says a report co-authored by the Wharton University of Pennsylvania, […]
By Canadian Underwriter | March 24, 2008
Insurers are optimistic about the future role of enterprise risk management (ERM), according to a survey of chief risk officers (CROs) by Ernst & Young LLP. However, while the ERM building blocks are in place, the industry faces significant challenges as it prepares to move to the next level, according to Ernst & Young’s 2008 […]
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