In the future, commercial insurers will increasingly be moving towards the ideal of a no-touch, straight-through data exchange with brokers.
The Ontario Chapter of the Risk & Insurance Management Society (ORIMS) held its Christmas Luncheon on Dec. 16, 2010, at the Sheraton Centre Hotel in Toronto. More than 650 attended. In keeping with the spirit of giving, the ORIMS executive…
The Chubb Corporation [NYSE: CB] said its preliminary estimate of losses due to the floods in Australia would be in the range of $75 million to $100 million before tax. The company reported this estimate in its 2010 Q4 results,…
Crawford & Company (Canada) Inc. and The North Waterloo Farmers Mutual have launched Crawford’s Contractor Connection program at North Waterloo. Contractor Connection provides insurers with a managed repair network for residential and commercial property claims programs in the Canadian insurance…
A new rule outlining procedures that B.C. brokers must follow when placing coverage with an unauthorized insurer will take effect on Feb. 28, 2011. Section 76(1)(c) of the Financial Institutions Act in British Columbia provides a limited exemption from the…
Swiss Re is advocating public-private partnerships between insurers and governments to help ease the financial burden of natural disasters on government budgets. The reinsurer notes the economic costs of natural catastrophes have risen from an average US$25 billion per annum…
Risk Management Solutions Inc. (RMS) disagrees with a report by competitor Karen Clark & Company (KC&C) suggesting that near-term hurricane models are ineffective. KC&C had suggested near-term models, designed to project insured losses from Atlantic hurricanes in the United States…
A.M. Best has assigned a financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of ‘a-‘ to The Mutual Fire Insurance Company of British Columbia. The outlook for the ratings is stable. “The ratings and outlook for Mutual Fire…
Most companies in Canada paid the same or less for their commercial marine insurance in 2010 Q4, a trend likely to continue into 2011, Marsh reported. Abundant capacity for all but the least attractive marine risks and the absence of…
PCS-Canada has reviewed the sum of all catastrophes in Canada from 1998, 2005, 2009 and 2010, and has determined that these events collectively cost the industry $3.8 billion, involving 850,000 insured properties. “These may be surprising numbers to the Canadian…
Soft commercial insurance market conditions persisted throughout Canada in 2010 and are poised to continue into 2011, according to a comprehensive report published by Marsh Canada.“Key commercial insurance market drivers from 2009 -including intense competition among insurers, abundant capacity and…
An oil spill off the coast of Newfoundland has the potential to have a far greater impact on the wildlife in the area than a larger spill in the Gulf of Mexico, Gail Fraser, associate professor at York University, told…