Claims
The four emerging risks facing insurers moving forward are nanotechnology, climate change, aging infrastructure and the unknown, Robert Landry, president and CEO of Zurichs Canadian operations told delegates of the Property Casualty Underwriters Club luncheon.While the science is still new, Landry compared the development and use of nanomaterials to that of asbestos. With so many […]
By Canadian Underwriter | November 22, 2007
2 min read
Industry
Pricing and claims trends in Canadas property and casualty industry over the past year suggest Canadian insurers will see a Cdn$1-billion drop in net income between 2006 and 2007, according to KPMG senior manager Blair Manktelow.Speaking at KPMGs 16th annual insurance conference in Toronto, Manktelow predicted Canadian insurers would collectively bring in a 2007 net […]
Risk
Canadas insurance industry may be looking for their own form of Basel 2 capital framework, but they are seriously underestimating the time and effort involved to achieve compliance with its capital standards, according to the Superintendent of Financial Institutions, Julie Dickson.Dickson spoke to property and casualty insurers attending KPMGs 16th annual insurance issues conference, entitled […]
When designing and implementing an enterprise risk management (ERM) program, risk managers need to avoid getting caught in a frenzy and approach the undertaking systematically, Paul Brehm, managing director of Guy Carpenter & Companys Instrat Unit, told delegates of the North American Insurance Conference in Tampa, Florida.According to A.M. Bests ERM framework, smaller companies with […]
By Canadian Underwriter | November 21, 2007
1 min read
The red-hot economy in Western Canada is posing challenges of increasing claims costs and talent retention issues for insurers, Diane Brickner, president and CEO of Peace Hills Insurance Company, told delegates of the North American Insurance Conference, in Tampa, Florida.While the current labour shortage in Alberta has made it difficult for insurers to find and […]
A.M. Best Co. has placed the A+ financial strength rating of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its similarly-rated subsidiaries under review with negative implications, following Swiss Res revelation that it took a loss linked to the subprime mortgage crisis in the United States.Concurrently A.M. Best has placed all debt issued or guaranteed by […]
The Insurance Corporation of British Columbia (ICBC) says neck pain is the most frequent type of injury reported in motor vehicle crashes.Citing statistics from 2002-06, John Gane, ICBCs manager of vehicle safety and research, says: “More than 70% of people injured in a crash report a soft tissue injury to their neck and/or back.One estimate […]
The surge in costly in protection and indemnity (P&I) pool claims in 2006 could be a sign of the times, as booming shipping operations become more expensive, according to Aons P&I Pre-renewal Report 2007. In anticipation, P&I clubs are already initiating increases of 10-20% in shipowners premiums at the next renewal, Aons report notes.The high […]
By Canadian Underwriter | November 20, 2007
The Canadian Collision Industry Forum (CCIF)s initiative to create a national accreditation program is proceeding apace, according to an update of the CCIFs October 2007 meeting in Calgary.Following on the heels of insurer-driven accreditation programs, the CCIF has established a working group to design a national accreditation program “by the industry, for the industry.” Thus […]
Gore Mutual Insurance Companys Gore Mutual Foundation donated in late October a total of more than Cdn$100,000 to 12 local charities.The charities included: United Way of Cambridge & North Dumfries; KidsAbility Foundation; Cambridge Shelter Corporation; Cambridge and District Humane Society; Bereaved Families of Ontario (Midwestern Region); Womens Crisis Services of Waterloo Region; Grand River Conservation […]
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