Industry
Opposition Liberals in New Brunswick have called for a public insurance system, criticizing rate increases for owners of recreational vehicles, Canadian Press (CP) has reported.According to CP, Insurance Critic Denis Landry says some people with motorcycles, snowmobiles and all-terrain vehicles have seen their rates increase by as much as 233% this year. Landry is reported […]
By Canadian Underwriter | July 20, 2006
1 min read
Claims
The incredible complexity of risk for large, multi-national companies is driving managers and board to embrace enterprise risk management (ERM), A.M. Best notes, although ERM techniques often require incomplete data and board-level commitment that isn’t always there.Speaking at the 42nd annual seminar of the International Insurance Society in Chicago, Gregory C. Case, president and CEO […]
By Canadian Underwriter | July 19, 2006
2 min read
Average insured homeowners throughout Gulf and Atlantic coastal communities have taken only half the steps that would best position them to recover from a major storm, according to a new Hurricane Readiness Index released in July.The Index is based on a survey that asked 4,200 people who live in the Gulf and Atlantic coastal regions […]
By Canadian Underwriter | July 18, 2006
The B.C. Utilities Commission has confirmed a 6.5% increase that came into effect on an interim basis on Mar. 15, 2006.”ICBC is committed to keeping auto insurance rates low and stable,” Donnie Wing, ICBC’s senior vice president of insurance, marketing and underwriting, said. “But the fact of the matter is that the cost of claims […]
As a result of enhanced risk management and three consecutive years of significant profit, Lloyd’s was well positioned to absorb the substantial claims arising from a second year of unprecedented natural catastrophes in 2005, according to an overview of the Lloyd’s Market by Guy Carpenter & Company, Inc.”Lloyd’s underlying performance continued to be strong in […]
By Canadian Underwriter | July 17, 2006
When it comes to insuring against terrorism, getting the right intelligence is key, Lloyd’s says. That’s why Lloyd’s has partnered with a company that uses ex-Special Forces operatives, the insurer posted on its Web site. To do their job effectively, underwriters need to know the threat levels associated with a risk so that they can […]
The terrorism risk catastrophe bond written by Golden Goal Finance Ltd. To cover the cancellation of the 2006 FIFA World Cup was recently applauded by Risk Management Solutions (RMS).RMS, a provider of products and services for the management of natural hazard risk, says the bond stayed the tournament without incident, proving to be successful for […]
By Canadian Underwriter | July 14, 2006
Auto
Solid investment income helped Manitoba Public Insurance (MPI) offset a significant rise in claims costs for the first quarter of 2006, MPI has reported.For the three months ended May 31, 2006, MPI’s claims costs were up CD$17.1 million, or 11.5%, over the same period a year earlier. The corporation’s investment income grew almost as quickly, […]
Life and non-life insurance sectors showed entirely different developments in 2005, a Swiss Re annual study of the global insurance market found.In 2005, the worldwide insurance industry wrote premiums to the tune of US$3.4 billion. According to a Swiss Re sigma study, life insurance grew by 3.9% whereas non-life insurance grew by only 0.6%.The report […]
By Canadian Underwriter | July 13, 2006
Risk
Standard & Poor’s Ratings Services has affirmed its ratings and stable outlook on U.K.-based insurer Aviva PLC and related core operating entities of the group, including CGU International Insurance PLC. At the same time, S & P’s revised its outlook on U.S.-based life insurer AmerUs Group Co. (AMH), the holding company of AmerUs Group, to […]
3 min read
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