Segment
Risk Management
Majority of insurers report improved COR in 2010: MSA Research
March 16, 2011 by Canadian Underwriter*** Correction: Please note that this item has been amended from its original post on March 16. The Dominion’s combined operating ratio was incorrectly reported as 97.7% for 2010. The correct COR is 102.1%. Apologies for the error. Of the…
Federally regulated foreign insurers see drop in 2010 net income
March 16, 2011 by Canadian UnderwriterFederally regulated property and casualty insurers reported a net income of $2.5 billion in 2010, virtually flat from 2009’s net income of $2.52 billion, according to filings with the Office of the Superintendent of Financial Institutions (OSFI). Foreign P&C insurers…
Japan earthquake likely to have limited affect on ratings
March 16, 2011 by Canadian UnderwriterThe March 11 Japan earthquake, and the nuclear plant fires and tsunami that followed, will likely not have any major ratings implications, according to A.M. Best, Standard & Poor’s and Fitch Ratings. Moody’s is the only agency of the four…
Economic growth spurs shift in corporate risk profiles: Advisen
March 16, 2011 by Canadian UnderwriterAs the economy slowly recovers, businesses need to be aware of how an up tick in activity can alter there risk profiles, cautions Advisen.In its report, Managing Risk Through the Economic Recovery, Advisen identifies areas where critical changes to a…
Social media represents opportunity for companies facing product liability claims
March 15, 2011 by Canadian UnderwriterSocial networking sites can amplify product liability risks, but they also offer an opportunity for a company facing a product recall to take control of communication around the recall, reported Lloyd’s. Even a small derogatory statement on a social networking…
Economic losses from Japan earthquake and tsunami likely to exceed $100 billion: EQECAT
March 15, 2011 by Canadian UnderwriterEconomic losses from the March 11 Japan earthquake and the tsunami that followed are likely to exceed $100 billion, but the actual impact on the insurance market is still not clear, according to EQECAT. By contrasting the event with similar…
RIMS releases new report on risk management standards
March 15, 2011 by Canadian UnderwriterThe Risk and Insurance Management Society has released a new executive report aimed at simplifying the arduous process of wading through competing standards, frameworks and guidelines related to risk management. An Overview of Widely Used Risk Management Standards & Guidelines,…
Insured losses from Japan quake could reach $35 billion: AIR
March 14, 2011 by Canadian UnderwriterInsured property losses from the March 11 Japan earthquake will likely range from $15 billion to $35 billion, reported AIR Worldwide. The event is Japan’s costliest event to date – and possibly one of the costliest in world history –…
California tsunami causes estimated $50 million in damage
March 14, 2011 by Canadian UnderwriterThe March 11 Japan earthquake triggered tsunami waves that crossed the Pacific and thrashed the coast of California, causing at least $50 million in economic damages and killed one person, reported the Los Angeles Times.The 9.1-magnitude quake off the coast…
Kane acquires HSBC’s insurance management operations
March 11, 2011 by Canadian UnderwriterKane, a provider of specialist risk and insurance management services, has signed an agreement to acquire the insurance management operations of HSBC.Under the agreement, which has been signed with HSBC Bank Bermuda Ltd., HSBC Bank Cayman Ltd. and HSBC Insurance…
Powerful, Magnitude-9.1 earthquake in Japan triggers global tsunami warnings, including in B.C.
March 11, 2011 by Canadian UnderwriterA powerful, Magnitude-9.1 earthquake occurred offshore of the east coast of Honshu, Japan on Mar. 11, triggering a tsunami that washed over the Pacific coastal area of Honshu, Hawaii and prompted a tsunami advisory for the north and central coasts…
NatCat events in Canada expected to increase by 2050: climate change research
March 11, 2011 by Canadian UnderwriterLightning-caused wildfires in western Canada, intense winter storms in B.C., freezing rain events in Ontario and Quebec and intense hurricane events in Eastern Canada are all expected to increase by 2050, based on climate change research posted online by the…