Topic
Insurance
Aon Risk Solutions appoints Peter Mullen as CEO of Global Risk Consulting’s captive/risk management operations
April 20, 2011 by Canadian UnderwriterAon Risk Solutions has appointed Peter Mullen as chief executive officer of Aon Global Risk Consulting’s captive and insurance management operations.Mullen joins the captive and insurance management leadership team of:• Nancy Gray, regional managing director for the Americas.• John English,…
Toronto drivers increasingly charged for driving without insurance: CTV report
April 19, 2011 by Canadian UnderwriterToronto drivers are increasingly being charged for driving without insurance, according to Toronto Police Services statistics cited in a CTV report.According to CTV, the number of Toronto drivers charged annually for operating a motor vehicle without insurance is as follows:•2009:…
Impact of Japan earthquake may play out in 2011-12 catastrophe pricing: JLT Specialty Ltd.
April 19, 2011 by Canadian UnderwriterThe 2011 Honshu earthquake in Japan may not have been a market-changing event in its own right, according to a Natural Catastrophe Audio Briefing by JLT Specialty Ltd., but on the heels of the New Zealand earthquake in 2011, the…
Ontario auto insurance rates increase an average of 1.78% in 2011 Q1
April 19, 2011 by Canadian UnderwriterSlightly more than half of Ontario’s auto insurance market had rate changes approved in 2011 Q1, averaging out to a rate increase of 3.32% when weighted by market share, the Financial Services Commission of Ontario (FSCO) has reported. In 2011…
U.S. securities suit filings on a record pace in 2011: Advisen
April 19, 2011 by Canadian UnderwriterThe credit crisis may have abated in the United States, but securities suit filings definitely haven’t.In fact, securities suit filings are on track to set a new record in 2011, according to Advisen Ltd’s most recent quarterly report on securities…
2011 Q1 cat losses an “earnings event,” not a capital event: Aon Benfield
April 19, 2011 by Canadian UnderwriterCatastrophe losses from 2011 Q1 will likely eat into reinsurers’ earnings rather than their capital, according to Aon Benfield.Reinsurers grouped under the Aon Benfield Aggregate (ABA), a subset of Global Reinsurer Capital, have a combined loss estimate of $12.4 billion…
IBAO launches pilot program to educate and challenge brokers
April 18, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has launched a pilot program designed to educate and challenge brokers by examining and exploring cutting-edge business ideas.‘Beyond Best in Class’ (BBiC) aims to set a new standard of excellence for brokers, an…
Severe storms, tornadoes wreak havoc in US
April 18, 2011 by Canadian UnderwriterSevere thunderstorms, hail, high winds and tornadoes ripped across the Midwest and Southeastern United States on Apr. 14-16, killing more than 40 people, cbcnews.ca reported. The event will likely produce “significant insured losses,” particularly in North Carolina and Virginia, where…
Saskatchewan, Manitoba look into ceasing no fault accident benefits for thieves injured while driving stolen vehicles
April 18, 2011 by Canadian UnderwriterThe Canadian Taxpayers Federation (CTF) is calling on Saskatchewan’s government to follow the stated intentions of the Manitoba government to stop paying no fault accident benefits to car thieves injured while driving stolen vehicles.In a press release on Apr. 15,…
Lloyd’s of London appoints new chairman
April 18, 2011 by Canadian UnderwriterJohn Nelson will succeed Lord Levene as the next chairman of Lloyd’s insurance market in October 2011. Lord Levene is retiring after nine years as Lloyd’s chairman. Nelson spent 15 years at Kleinwort Benson, working in both the United Kingdom…
Insurers re-evaluating coverage and rates in wake of political turmoil: Willis
April 18, 2011 by Canadian UnderwriterCompanies operating in politically volatile regions may soon find they are unable to retain sufficient insurance coverage, or that their existing policies may not necessarily cover the type of political unrest occurring in the Middle East, North Africa and Asia,…
Manitoba moves to revoke licenses from convicted auto thieves
April 18, 2011 by Canadian UnderwriterAuto thieves convicted under the new federal criminal offence for auto theft would immediately lose their driving licences under proposed changes to Manitoba’s Highway Traffic Act, attorney general Andrew Swan announced on Apr. 15.“The federal government responded to Manitoba’s call…