News
AIRMIC works towards regulatory compliance database for global insurance programs
November 29, 2011 by Canadian UnderwriterLeading players in the London insurance market are coming together to produce the first jointly-owned compliance database for global insurance programs, the UK’s Association of Insurance and Risk Managers (AIRMIC) reported. The database will provide details of regulations on a…
Global temperatures in 2011 tenth-highest on record
November 29, 2011 by Canadian UnderwriterGlobal temperatures in 2011 are currently the tenth highest on record and are higher than any previous year with a La Niña event, which has a relative cooling influence, according to a report from the World Meteorological Organization (WMO).The 13…
OSFI posts Q&As on legal agreements and other aspects of Reinsurance Security Agreements
November 28, 2011 by Canadian UnderwriterLegal opinions related to Reinsurance Security Agreements (RSAs) may be obtained from inside or outside counsel of a reinsurer or another third party, as opposed to a ceding company’s counsel, according to the Office of the Superintendent of Financial Institutions…
OSFI figures show claims ratios decreasing in auto personal accident, but increasing in property lines
November 28, 2011 by Canadian UnderwriterAutomobile personal accident lines showed a huge improvement in 2011 Q3 compared to the same period last year, according to figures released by the Office of the Superintendent of Financial Institutions (OSFI). During the third quarter of 2010, Canadian insurers…
Windstorm wreaks havoc on Southern Alberta
November 28, 2011 by Canadian UnderwriterA powerful windstorm blew through Southern Alberta on Nov. 27, forcing the evacuation of Calgary’s downtown core and fuelling a grass fire in Lethbridge. Insurance Bureau of Canada (IBC) issued a release informing consumers about what they need to know…
U.S. reinsurers see underwriting results erode in 2011 Q3
November 28, 2011 by Canadian UnderwriterA group of 19 U.S.-based property and casualty reinsurers saw their collective combined ratio deteriorate from 96.6% in the first nine months of 2010 to 108.8% for the same period of 2011, according to a survey by the Reinsurance Association…
Banks’ increasing market share and M&A activity driving change in distribution of Canadian P&C insurance
November 25, 2011 by Canadian UnderwriterThe brokers’ share in the distribution of personal P&C insurance in the Canadian marketplace will likely drop from 69% of the policies distributed in 2009 to a 50-50 split with their direct counterparts in the near future, said Lubo Li,…
Global chief information officers concerned about shortage of mainframe computer skills
November 25, 2011 by Canadian UnderwriterChief information officers (CIOs) around the globe are concerned about a retiring maninframe workforce that could expose enterprises to increased costs and business risks, according to a survey for Compuware Corporation (Nasdaq:CPWR).In the study of 520 CIOs, 71% said they…
Economical posts 2011 Q3 profit of $1.4 million despite drag effect of Goderich, Ontario tornado losses
November 25, 2011 by Canadian UnderwriterThe Economical Insurance Group reported a consolidated net income of $1.4 million for 2011 Q3, despite incurring $31.3 million in losses due to weather-related catastrophic events.The result also recognizes $23.2 million in investment impairments as a result of the exceptional…
Pembridge Insurance’s ‘Broker Connectivity’ now available to brokers using Applied Systems
November 25, 2011 by Canadian UnderwriterPembridge Insurance’s ‘Broker Connectivity’ solution is now available to brokers using Applied Systems’ TAM (The Agency Manager) and WARP.Broker Connectivity allows brokers to access policy and billing information, as well as upload auto new business straight from the broker management…
RMS rolls out iClarify to Quebec market
November 25, 2011 by Canadian UnderwriterRisk Management Services Inc. (RMS) has launched iClarify services throughout Quebec. iClarify is a validation tool providing brokers and insurers with residential property intelligence.More than 25 brokerages with portfolio representation across Quebec took part in pilot testing, which ran from…
Canadian roads no safer today than they were five years ago: CAA poll
November 25, 2011 by Canadian UnderwriterNine out of 10 Canadians feel no safer on the roads today than they did five years ago, according to a poll conducted for the Canadian Automobile Association (CAA).Forty-five per cent of 5,076 Canadians polled reported feeling less safe when…