News
Severity of collision losses in Canada decreasing: Mitchell
February 15, 2012 by Canadian UnderwriterThe severity of collision losses in Canada decreased $165 in 2011 Q4 to $3,145, according to Mitchell’s ‘Industry Trends Report Q1 2012.’ In 2011 Q4, the average initial gross Canadian appraisal value for comprehensive coverage estimates processed through Mitchell’s servers…
US casualty and auto severity serve as warning signs for Canadian underwriters
February 15, 2012 by Canadian UnderwriterCanadian underwriters need to beware of increasing severity of claims within the U.S. casualty and auto lines, as the potential exists for “leakage” that could hit Canadian insurers’ books, said Lynn Oldfield, president and CEO of Chartis. Oldfield offered the…
Giffin Koerth announces new hire in its Casualty Group
February 15, 2012 by Canadian UnderwriterDavid Porter has joined Giffin Koerth’s Casualty Group. Porter holds a bachelor of engineering science degree in mechanical engineering from the University of Western Ontario, as well as 10 years of relevant experience, a Giffin Koerth release says. Also, Matthew…
Zurich board of directors proposes name change to reflect emphasis on insurance
February 15, 2012 by Canadian UnderwriterZurich Financial Services Group announced that its board of directors will propose a name change at its Annual General Meeting (AGM) of shareholders on March 29, 2012. The change in moniker will reflect the fact that the company has “streamlined…
Claims of inadequate signage against ministry of transportation fall outside of limitation period
February 14, 2012 by Canadian UnderwriterThe Ontario Superior Court of Justice has denied a motion to have the Ministry of Transportation of Ontario (MTO) added as a defendant in a case in which the defendant claims a highway had insufficient signage, resulting in an accident.…
Australia faces more flood losses
February 14, 2012 by Canadian UnderwriterInsurers in Australia are once again being inundated with claims as another flood encroaches on parts of the Queensland and New South Wales states. Several thousand inundation-related claims have been received but it is still too early to estimate the…
OSFI releases updated instructions for filing unpaid claims and loss ratio analysis electronically
February 14, 2012 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has released updated instructions for insurers in filing Unpaid Claims and Loss Ratio Analysis Exhibit data through the automated data transfer system. The only change from prior years is a revision…
Lloyd’s records third largest catastrophe loss from Thai floods
February 14, 2012 by Canadian UnderwriterLloyd’s has placed its preliminary estimate of net claims from the 2011 flooding in Thailand to be US$2.2 billion. According to the Globe and Mail, the Thai floods mark the third-biggest catastrophe loss Lloyd’s has absorbed in its 324-year history.…
Allianz appoints Rong Chen head of property in Canada
February 14, 2012 by Canadian UnderwriterRong Chen has recently been appointed head of property in Canada of Allianz Global Corporate & Specialty Americas. Chen has been with Allianz since 2009, when he joined as an executive underwriter. “Rong brings an extensive amount of experience and…
The Economical continues roll-out of web-based underwriting system
February 14, 2012 by Canadian UnderwriterThe Economical Insurance Group completed the rollout in Quebec of its web-based underwriting system, Energie Auto. “We are leading the Canadian general insurance industry in moving away from legacy systems to a web-based solution,” said Steve Livingstone, Economical’s vice president…
Insurers must balance expense management with ability to compete: Conning
February 13, 2012 by Canadian UnderwriterInsurers must consider the associated risks of lowering expenses and seeking efficiencies, as it may cost them in loss control or hamper their ability to meet consumer expectations, a report from Conning Research & Consulting says. In ‘Property-Casualty Expense Management:…
D&O market finally starting to harden: A.M. Best
February 13, 2012 by Canadian UnderwriterFor the first time in years, the D&O market is showing sure signs of hardening, A.M. Best reported. Reporting from the Professional Liability Underwriting Society (PLUS)’s Symposium in New York, BestWeek’s Meg Green interviewed Eric Anderson, chief executive officer of…