Industry
A 2006 “mega-hurricane” causing damages of more than US$100 billion would likely result in a failure rate of between 3% and 7% of insurers with related catastrophe exposure, according to an A.M. Best report. “A.M. Best’s statistical analysis of two hypothetical mega-hurricanes…suggests that anywhere from 20 to 40 insurers, or 3% to 7% of all […]
June 30, 2006
2 min read
Risk
The insurance industry must face up to the growing threat of climate change or risk being swept away, according to Lloyd’s of London. A new report, ‘Climate Change, Adapt or Bust,’ published by Lloyd’s, warns that insurers must act now to understand and actively manage risks from emerging threats such as greenhouse gases and rising […]
The Autorit des marchs financiers (AMF) has published a working document on the regulation of derivatives markets in Qubec. The document outlines the orientation the AMF is taking for the development of a proposed regulatory framework. The approach is for the regulator to identify several key “core principles” with which regulated entities will comply. The […]
Claims
AXA SA has signed a definitive agreement to cede the business of AXA Re to Paris Re Holdings Limited. The announcement follows the receipt of a binding offer on April 6, 2006, and after AXA SA consulted with the relevant workers’ councils. Paris Re Holdings is a newly created company with a capitalization of approximately […]
1 min read
Standard & Poor’s Ratings Services (S&P’s) has changed the criteria for its Enterprise Risk Management (ERM) assessment process. In its report entitled “Insurance Criteria: Refining The Focus Of Insurer Enterprise Risk Management Criteria,” S&P’s shows how the new criteria will become part of its counterparty credit and financial strength ratings. S&P’s says the new criteria […]
Desjardins reports premium, investment increases
At the Risk and Insurance Management Society (RIMS) 2006 Conference in Honolulu, HI, Roger Andrews, director of risk management for E.D. Bullard Co., accepted the society’s distinguished Harry and Dorothy Goodell Award. Andrews accepted the RIMS award for “furthering the goals of risk management and RIMS through outstanding achievement.” Andrews has been an active RIMS […]
4 min read
Standard & Poor’s (S&P’s) says the outlooks on both personal and commercial lines of the North American property and casualty insurance sector remain stable. The ratings agency based its assessment on two main observations: 1) more moderate price declines have been seen during the year and 2) hurricane claims activity will result in pricing increases. […]
Canadian Western Bank (CWB: TSX) has announced a 2006 Q2 net income of CD$16.7 million – including earnings of CD$1.6 million from the bank’s insurance subsidiary, Canadian Direct Insurance Inc. Established in 1996, Canadian Direct Insurance is a Canadian federally chartered property and casualty insurance company currently doing business in British Columbia and Alberta, Canada. […]
The Financial Services Commission of Ontario (FSCO) has issued a warning about two unlicensed companies advertising the sale of auto insurance in the province. “During an investigation recently completed, it came to the attention of FSCO that unlicensed entities Smart Switch and Amicable Insurance Company may have been involved in the sale of automobile insurance […]
By Canadian Underwriter | June 29, 2006
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