Industry
Dee Caffari, the first woman to circumnavigate the world against the prevailing winds and currents, solo, non-stop, will be a keynote speaker at the Toronto International Boat Show. Presented by Robertson & Robertson Yacht Insurance Skippers’ Plan and Aviva Canada, Caffari will speak on Saturday, January 20 at 12:00 p.m. and 4:00 p.m.”Dee Caffari is […]
By Canadian Underwriter | January 15, 2007
2 min read
Risk
Canadian Securities Administrators (CSA) will be requiring the registration of hedge fund managers and will also be looking to improve referral arrangements to hedge funds and the distribution and sale of Principle Protected Notes (PPNs).Its proposals are a result of the regulators’ review of hedge funds in Canada, which began in early 2005 and continued […]
By Canadian Underwriter | January 12, 2007
Claims
State Farm Insurance reacted with “surprise and concern” when a U.S. court ruled against the firm in a suit launched by a family who lost their home in Hurricane Katrina.U.S. District Court Justice L.T. Senter ruled that in the case of Broussard v. State Farm the company did not present sufficient evidence to prove what […]
1 min read
Insurers need to address global climate change as they are faced with the growing cost of extreme natural disasters, advised Lord Peter Levene, chairman of Lloyd’s of London.”We cannot risk being in denial on catastrophe trends,” he recently said in a speech to the World Affairs Council. “We urgently need a radical rethink of public […]
Marsh Inc. announced the creation of MaRI (Marsh Risk Innovations), a reinsurance sidecar that will provide additional capacity to the depleted property catastrophe insurance market.Sidecars have gained popularity in the wake of Hurrican Katrina and are essentially financial structures created to allow investors to take on the risk and return of a group of insurance […]
By Canadian Underwriter | January 11, 2007
Insurance companies in Mississippi might in the future be required to provide an outline of coverage that will help policyholders better understand the principal benefits and coverage provided in their policy.The possibility is contained in a new proposed regulation by the Secretary of States’ Office and the Mississippi InsuranceDepartment (MID).Two major components of the proposed […]
The Insurance Bureau of Canada [IBC] has launched a Cdn$4-million public education campaign reminding drivers to keep their eyes on the road and avoid distractions such as cell phone use, text messaging, eating, personal grooming, queuing up CDs, keeping kids quiet in the backseat and even changing clothes while they drive.”Driving is a full-time job,” […]
Leaders of the U.S. property and casualty insurance industry expect Congress to extend the Terrorism Risk and Insurance Act this year, according to an Insurance Information Institute (I.I.I.) survey.Of the executives polled, 89% are confident that the government will move quickly to extend the law for a significant period or to provide a permanent backstop, […]
The Insurance Information Institute (I.I.I.) estimates U.S. property and casualty insurers boosted by US$55.7 billion its cumulative claims-paying resources in 2006, a number equal to 93% of the US$59.8 billion in expected net income. The US$55.7-billion figure was a near record, second only to the US$62-billion increase in 2003, as insurers worked to recover from […]
By Canadian Underwriter | January 10, 2007
Nearly one out of five customers considers switching insurance companies after experiencing the collision claim process, according to a new U.S. study.J.D. Power and Associates’ 2006 Collision Repair Satisfaction Study found that 7% of customers chose not to file a claim with their insurer after their most recent collision.And while more than 30% of auto […]
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