Risk
Natural and man-made catastrophes triggered total economic losses worldwide of approximately US$40 billion, and cost property insurers US$15 billion in 2006, according to Swiss Re. This compares favourably to 2005 insured losses totaling US$78 billion. The significantly smaller amount of losses in 2006 will allow property insurers to replenish risk capital that was depleted by […]
January 31, 2007
1 min read
PartnerRe Ltd. (NYSE: PRE) is reporting a slight decline of premium as of the Jan. 1, 2007 renewal season because insurers are continuing a trend of retaining more risk. PartnerRe has indicated on its Web site that during the Jan.1, 2007 renewal season, it had written and bound approx-imately US$1.8 billion of estimated non-life premium. […]
Insurance Bureau of Canada (IBC) is bringing its Emergency Ice and Cold Water Rescue demonstration to four Alberta cities this winter as part of a 10 city tour. The industry wants hockey players, skaters, snowmobilers and outdoor enthusiasts to know the cold, hard facts about ice safety, and to be aware of ice rescue tips […]
By Canadian Underwriter | January 31, 2007
2 min read
Arthur J. Gallagher & Co. recently announced the signing of a definitive agreement to acquire the Lowndes Lambert Group Canada, Ltd. headquartered in Toronto, Ontario.The transaction is expected to close mid-February, 2007. Terms of the transaction were not disclosed.Philip G. Kane and his associates will continue to operate from their eight Canadian locations under the […]
By Canadian Underwriter | January 29, 2007
Agricultural insurance schemes can provide more economic security to the agricultural community and support the sector’s development, according to Swiss Re.Agricultural insurance is largely underdeveloped, even though agriculture remains a key sector in many emerging economies. Emerging market economies continued their strong growth in 2005, despite rising global interest rates and commodity prices. According to […]
By Canadian Underwriter | January 26, 2007
PartnerRe Ltd. (NYSE: PRE) is reporting a slight decline of premium as of the Jan. 1, 2007 renewal season because insurers are continuing a trend of retaining more risk.PartnerRe has indicated on its Web site that during the Jan.1, 2007 renewal season, it had written and bound approximately US$1.8 billion of estimated non-life premium.”On a […]
By Canadian Underwriter | January 25, 2007
The owners of 47,000 vehicles insured through the Aviva Canada group in Nova Scotia will start paying lower automobile insurance rates starting February 1, 2007 according to a press release.Approval has been received by the Nova Scotia Insurance Review Board for Aviva to reduce its rates for drivers in the province, effective January 1, 2007 […]
By Canadian Underwriter | January 24, 2007
Despite the insurance industry’s efforts to predict potential risks with a view to preparing for the worst, political risks remain a highly unpredictable area according to a recent posting on Lloyd’s Web site.Lloyd’s online article, “Preparing for Political Risk,” is an analysis of Aon’s recently-published 2007 “Political and Economic Risk Map.” According to Aon’s map, […]
By Canadian Underwriter | January 23, 2007
Aon has announced the creation of a new business unit to be called Aon Global. Aon Global will consist of the company’s former Global Large Corporate business unit, Captives Services Group, International Risk Management Group (IRMG), Risk Consulting and Risk Engineering business units among others. Dennis Mahoney will assume the role of chairman for Aon […]
British Columbia has announced a change to its graduated licensing program (GLP) that would eliminate the three-month time reduction in the learner stage currently afforded to those who complete an approved course through a designated driver training school.After March 31, 2007, any new driver who starts and completes an approved course will no longer be […]
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