Auto
Canadian Direct Insurance, a wholly-owned subsidiary ofCanadian Western Bank, says the ICBC’s recent proposed 6.5% increase in mandatory basic auto insurance premiums is an “unsupportable raid on consumers.”An ICBC competitor, Canadian Direct says the BC Utilities Commission (BCUC) should review the government insurer’s proposed rate hike before any action is taken. In late January, according […]
By Canadian Underwriter | February 2, 2006
2 min read
Home
Sheldon Rankin, 69, former chairman and CEO of Marsh Canada, has been named chairman of Integro Canada Ltd.Rankin has 50 years of experience in the insurance industry. He progressed through the ranks of Marsh to become CEO and later chairman and CEO. Following his long tenure at Marsh, Rankin served as chief agent and CEO […]
Risk
European regulations are establishing more common insurance industry standards and this is instigating an international push that’s moving insurers towards economic capital even in North American where there is currently no standard economic capital methodology, according to a report recently released by the Insurance and Actuarial Service (IAAS) practice of Ernst & Young LLP.The study […]
By Canadian Underwriter | February 1, 2006
Claims
Unprecedented catastrophe losses in 2005 were true ‘market-changing’ events for the property segment, with substantial short- and long-term consequences for pricing, capitalization, reinsurance and insurance ratings, according to Guy Carpenter & Company Inc.The 2005 catastrophes “have led reinsurers to readjust historical catastrophe reinsurance ratings, which in their view had underestimated both the frequency and severity […]
Industry
ICBC and its employees broke a record for contributing funds towards the United Way, raising $641,000 in 2005.The total is almost $100,000 more than the ICBC’s 2005 campaign goal and a record amount for the corporation.Almost 30% of managers, executive and unionized employees made a contribution this past year. More than 100 new people donated […]
1 min read
Last year’s unprecedented catastrophe losses had an uneven impact on pricing and capacity for 2006 reinsurance renewals, according to Benfield’s recently published renewal report, ‘Reinsurance Market and Renewals Review – Swings and Roundabouts.’ Benfield’s 82-page report indicates that hurricanes occurring in 2005 caused dramatic increases in U.S. reinsurance rates, particularly in the property catastrophe business […]
January 31, 2006
Upon recent monitoring of the terms and conditions regarding the global property catastrophe insurance renewals for Jan. 1, 2006, Standard & Poor’s Ratings Services says it is concerned that improvements in pricing and coverage terms might not be as significant as previously anticipated. “Material improvements in pricing and coverage provisions in lines of business most […]
January renewals in the U.S. and Europe are telling a “tale of two markets,” according to Grahame Millwater, the chairman and CEO of Willis Re. In its Jan. 23, 2006 newsletter, A.M. Best notes “a few months after the record-breaking losses suffered from last year’s hurricanes, speculation has been rife in the property/casualty markets about […]
The Financial Services Commission of Ontario (FSCO) has approved an average fourth-quarter rate decrease of 2.56% for 12 companies representing almost a quarter of the Ontario private passenger auto insurance market. The average rate decreases for the first, second, and third quarters were 1.12% (7.5% of the market), 1.62% (45.79% of the market) and 1.62% […]
The Insurance Brokers Association of Canada (IBAC) has voiced its support of the Conservative Party’s position on the Bank Act review, which endorses the maintainance of current regulations that deals with banks and insurance. IBAC urged Canada’s other federal party leaders to follow suit with Stephen Harper on this issue, so that “fair and healthy […]
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