Risk
American International Group Inc. and Chubb Corp. may pay CD$50 million to cover a settlement involving a suit against past directors of Hollinger International Inc., Ontario Superior Court Judge Colin Campbell recently ruled.The minority Hollinger shareholder Cardinal Capital Management LLC said it would accept the CD$50 million payment and in exchange drop its suit which […]
By Canadian Underwriter | June 2, 2006
2 min read
Industry
Compu-Quote Inc. recently integrated its AutoRater and PropertyRater services with ING Insurance’s point-of-sale tool, Savers. The amalgamation of these products will allow brokers to submit new business to ING Insurance through Savers from within Compu-Quote’s rating services without double entry. “Reactions from the brokers have been very positive, as they now have another means of […]
1 min read
Standard & Poor’s Ratings Services is currently updating its risk-based capital model. S & P’s explains, in it report titled “Credit FAQ: An Advance Glimpse At The Upcoming Changes To The Insurer Capital Model,” that it is testing newly developed capital factors against the latest capital model used in its analytics for a large number […]
By Canadian Underwriter | June 1, 2006
Claims
Alberta experienced one of the worst flood seasons on record in the summer of 2005 due to severe weather conditions, according to the Government of Alberta.These unprecedented conditions which saw rainfall ranging from between 50 and 100 mm to more than 400 mm, influenced the Governments decision to create the Southern Alberta Disaster Recovery Program, […]
Canadian Western Bank (CWB on 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 Incorporated. 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.”Earnings […]
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-hurricanessuggests that anywhere from 20 to 40 insurers, or 3% to 7% of all insurers […]
In a post-CSIO Portal market, technology vendors are working to fill business process gaps between insurers and brokers. Some argue the mythical finish line of an industry-wide SEMCI platform is being replaced with the less ambitious goal of ensuring individual IT solutions conform to XML standards.
By Craig Harris | May 31, 2006
13 min read
Should auto insurance be personalized to reflect individual driving habits?
8 min read
Brokers, insurers, banks and foreign companies battle for market share
By Kevin McNeil, President and CEO, Gore Mutual Insurance Company | May 31, 2006
5 min read
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