Risk
The Financial Services Commission of Ontario (FSCO) approved Ontario private passenger auto insurance rates decreases that averaged -.071% during the first quarter of 2006.In contrast, the average rate changes approved for the first, second, third and fourth quarters of 2005 were -1.12% (representing 7.50% of the market), -1.62% (representing 45.79% of the market), -1.62% (representing […]
By Canadian Underwriter | April 20, 2006
2 min read
Claims
Pethealth Inc. (TSX VENTURE:PTZ) pet insurance programs have been accepted in Massachusetts.Subsequent to the end of Q1, the Massachusetts Department of Insurance approved the Company’s programs for sale in the state, effective April 3, 2006. The PetCare programs now available to residents of Massachusetts are being underwritten by the Insurance Corporation of Hannover. On February […]
By Canadian Underwriter | April 19, 2006
1 min read
Munich Reinsurance Company has reported a 2.7 billion (US$3.34 billion) profit for 2005, paving the way for a record dividend payout of 707 million (US$875.3 million).”Given its outstanding result for the business year 2005, Munich Re is paying out a record dividend amount totalling 707 million,” Munich Re board chairman Nikolaus von Bomhard announced in […]
Buoyed by improved underwriting numbers, Allstate Corp reported an “excellent start to 2006″ with strong 2006 1Q results.Allstate’s 1Q property liability premiums written grew 2.2% over the first quarter of 2005, driven by Allstate brand standard auto and homeowners increases of 4.1% and 2.4%, respectively. Excluding the cost of catastrophe reinsurance, premiums written grew 2.7% […]
Aon Re recently developed a comprehensive Earthquake Viewing Guide following the success of its Hurricane Viewing Guide, which was utilized during the 2004/2005 hurricane seasons.The viewing guide provides a range of potential loss outcomes based on possible earthquake events throughout the U.S.. The guide provides exposure summaries and probable maximum-loss outcomes for given ranges of […]
By Canadian Underwriter | April 18, 2006
Industry
Canada’s largest banks have asked the Supreme Court of Canada to rule the Alberta Insurance Act be ruled “constitutionally inoperable or inapplicable to federally-regulated banks that promote the sale of insurance to their customers,” A.M. BestWire reports.At the Alberta Court of Appeal, the court has recently ruled in favour of the Alberta Insurance Council, which […]
The Professional Liability Underwriting Society (PLUS) Foundation recently granted over US$90,000 to support its members and other insurance related hurricane relief efforts. The PLUS Foundation identified all members residing in the federally designated disaster areas following the hurricanes of 2005 and offered an application for assistance. Those indicating significant uninsured loss were provided support through […]
Martin Ouellet has been named regional sales manager for Canada at Applied Systems, Inc. Most recently, Ouellet was a senior sales consultant for Applied Systems Canada, devoting eight of his 12 years in technology sales and sales management to growing the company’s client base in a number of provinces.He holds a bachelor’s degree in business […]
3 min read
Regulation and supervision of micro-insurance is a key factor for the further development of the insurance market, according to the International Association of Insurance Supervisors (IAIS).Micro-insurance is the provision of insurance to low-income households following basic insurance standards. These standards include economically affordable premiums, measurable losses that are not catastrophic, existence of an insurable risk, […]
By Canadian Underwriter | April 17, 2006
Commonwealth Insurance Company, a Canadian-based insurance company, has signed a licensing agreement to create an integrated catastrophe management system using EQECAT’s WORLDCATenterprise(TM) platform and XML interface technology. Financial terms of the agreement were not disclosed.”To give our underwriters the most up-to-date technology in selecting the appropriate risk and delivering superior service to clients, we sought […]
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