Risk
Canadian p&c insurers recently joined forces with SMARTRISK and other consultative partners, in calling on the federal government to implement the recommendations contained in their National Injury Prevention Strategy “Ending Canada’s Invisible Epidemic: A Strategy for Injury Prevention.”The research released by Canada’s insurance industry and prevention groups is meant to help save thousands of lives, […]
By Canadian Underwriter | October 25, 2005
3 min read
The full body of the National Association of Insurance Commissioners (NAIC) recently approved enhanced disclosure requirements for US insurers that utilize finite reinsurance reinsurance with limited risk transfer features. The recent misuse of finite reinsurance by a few major insurers has place its use in the media spotlight and as such insurance regulators have been […]
By Canadian Underwriter | October 18, 2005
1 min read
The U.S. p&c industry recorded an underwriting profit of US$13.2 billion during the first six months of 2005, according to A.M. Best Company.Robust operating results drove the industry’s surplus base upwards despite unrealized capital losses, increased shareholder dividends and other losses in surplus as insurers continued to benefit from the hard market. However, these results […]
By Canadian Underwriter | October 17, 2005
Standard & Poor’s Ratings Services has developed a separate enterprise risk management (ERM) category for insurers and other financial institutions, the ratings service has announced. “What the new ERM category delivers to investors is greater transparency, in that users of ratings will be able to more readily access Standard & Poor’s views on risk management […]
2 min read
Ontario private passenger auto insurance approved rates decreased during the third quarter of 2005, the Financial Services Commission of Ontario (FSCO) reports. “The rate changes posted reflect cost saving measures arising from recent reforms to the automobile insurance system, which are being passed on to consumers in the form of lower rates,” FSCO says on […]
Britain’s insurance regulator, the Financial Services Authority, says British insurance companies are underestimating how much capital “they need to maintain so that there is no significant risk that they are unable to pay liabilities as they fall due.”Furthermore, he added, some firms are relying too much on management actions to mitigate risk of reduced capital. […]
By Canadian Underwriter | October 14, 2005
Hub International Limited (NYSE/TSX: HBG) has completed the fold-in acquisition of CEB Business Insurance Services (“CEB”) by the company’s California-based regional group, Hub International of California Insurance Services, Inc.CEB is a retail employee benefits brokerage specializing in serving the benefits needs of school districts, municipalities and private sector clients. Terms of the acquisition were not […]
By Canadian Underwriter | October 13, 2005
An international coalition of standard bodies Association for Cooperative Operations Research and Development (ACORD), eEG7 and Centre for Study of Insurance Operations (CSIO) recently harmonized their existing data dictionaries to create a “universal” dictionary for the insurance industry as part of a United Nations initiative.This new data dictionary provides the technology neutral, reusable building blocks […]
By Canadian Underwriter | October 12, 2005
Chubb Group of Insurance Companies (NYSE: CB) recently received the title of “Best Overall Commercial Property/Casualty Insurer” by readers choice Awards. The award is based on readers’ evaluations of insurance companies on service, value, quality and innovation. Thomas F. Motamed, vice chairman and chief operating officer of The ChubbCorporation, says customers, agents and brokers appreciate […]
By Canadian Underwriter | October 11, 2005
Many car drivers and passengers in B.C. still aren’t wearing seat belts, according to police-reported collision statistics. Among victims killed in passenger cars in 2003, B.C. police statistics show that approximately 41% were not wearing a seat belt or using a child restraint. The numbers are worse for motorists in light trucks, where approximately 57% […]
By Canadian Underwriter | October 6, 2005
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