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The costs of insurance insolvency in Canada have been substantially lower than most countries, but the insolvency of insurance companies in this country has been on the rise over the past few decades, according to a report by the Property and Casualty Insurance Compensation Corporation (PACICC). PACICC’s 2007 report, Why Insurers Fail, was released at […]
April 30, 2007
1 min read
Industry
Newport Partners Income Fund (TSX: NPF.UN) has invested Cdn$18.2 million in cash for a 77.5% interest in the business of Toronto-based Baird MacGregor Insurance Brokers LP (BMI), an insurance broker specializing in the transportation and logistics industries in Ontario. Under the terms of the transaction, Newport is also providing Cdn$2.3 million through its credit facilities […]
A combination of increased capacity, more predictable premium rates and innovative program design is creating steady growth in the take up of stand-alone terrorism insurance, according to Aon’s Stand-alone Terrorism Market Update. Aon said there is an increasing interest in terrorism cover in Canada, Latin America, Eastern Europe, the United Kingdom, Germany, Southern Europe, India […]
A pandemic today is not likely to be as severe as that of the 1918 Spanish Flu, according to a report by Munich Re. “The conclusion drawn in the current issue of Topics (1/2007) is that today, due to medical and technical advances, the mortality rate in the event of a pandemic would be much […]
Claims
A panel of senior Canadian climate change experts, chaired by Dr. Gordon McBean of the Canadian Foundation for Climate and Atmospheric Sciences, called on the federal government to increase funding for research on the impact of global warming. “We need to factor climate risks into every area it is relevant,” Ian Burton, an international expert […]
Risk
Swiss Re has structured and placed US$150 million [approximately Cdn$172 million] of securities covering flood and earthquake catastrophic events in Canada, Great Britain, and the United States on behalf of Allianz Global Corporate & Specialty AG. The multi-peril issuance is part of a US$1-billion program designed to provide protection against high-severity losses incurred from earthquakes […]
The Autorit des marches financier (AMF) has reached an agreement with RBC General Insurance Company to close a file concerning the compliance of statistical data. The AMF recommended improve-ments to the procedure for the collection and transmission of the required information in order to ensure better supervision – particularly with regard to the reliability and […]
The Chubb Corporation [NYSE: CB] reported 2007 Q1 income of US$710 million, compared to a 2006 Q1 income of US$672 million. Net written premiums for 2007 Q1 declined 2% to US$2.9 billion. Premiums for the insurance business increased 1%; they decreased 1% in the United States and increased 7% outside the U.S. (1% in local […]
The Georgian Bay Chapter of the Insurance Institute of Ontario celebrated its 30th anniversary in Barrie, Ontario with a ’70s theme night. The chapter was formed on Apr. 20, 1977, at an inaugural meeting in Barrie. Members immediately set about organizing classes throughout a very large territory; the chapter now has more than 660 members. […]
2 min read
Insurers have improved their communications with the public and forged better relationships with consumers and governments, according to the Progress Report on Commercial Insurance in Atlantic Canada.In general, the insurance marketplace has improved over the past 16 months, the report notes. Respondents to a survey conducted to gather information for the Progress Report have indicated […]
By Canadian Underwriter | April 30, 2007
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