Topic
Insurance
PartnerRe estimates damages up to $35 million from Australian floods
February 4, 2011 by Canadian UnderwriterPartnerRe Ltd. estimates its losses stemming from the December 2010 Australian floods to be between $25 and $35 million, pre-tax.Losses are expected to be contained within the company’s catastrophe, global (non-U.S.) property and casualty and global (non-U.S.) specialty sub-segments.Also, as…
AON reports a 17% increase in profit in 2010 Q4
February 4, 2011 by Canadian UnderwriterProfits attributable to Aon stockholders increased 17% in 2010 Q4, to $231 million, compared to $198 million for the same period last year, Aon announced in its fourth-quarter results.Revenues from fees and commissions increased to $1.753 billion (not including investment…
Merger objection lawsuits on the rise in the United States: Advisen
February 3, 2011 by Canadian UnderwriterMerger objection lawsuits in the US have increased in recent years, even as the number of mergers and acquisitions plummeted during the recession era in 2007-09, according to an Advisen special report called Are Merger Objection Suits a Threat to…
Insurance industry gives OSFI a lukewarm grade on clarity of regulations
February 3, 2011 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) got a lukewarm rating from the insurance industry on the clarity and ease of understanding of its regulations and guidelines. Of the 104 insurers surveyed, 9% rated the regulator ‘very good,’…
Munich Re reports $3.3 billion profit, despite “substantial major losses”
February 3, 2011 by Canadian UnderwriterDespite “substantial major losses,” Munich Re reported a consolidated profit of approximately $3.3 billion in 2010, a small decrease from the profit of $3.5 billion reported in 2009, the reinsurer reported. Flooding in Queensland, Australia resulted in the reinsurer’s largest…
Cyclone Yasi estimated to cause between $2 billion and $5 billion in damages: Eqecat
February 3, 2011 by Canadian UnderwriterCatastrophe modeller Eqecat forecasts losses stemming from the severe tropical cyclone Yasi to range from $2 billion to $5 billion. Yasi hit the flood-ravaged state of Queensland, Australia as a category 4 Saffir Simpson Scale cyclone on Feb. 3.Eqecat compared…
Pocket bikes are automobiles under Ontario law: FSCO arbitrator
February 3, 2011 by Canadian UnderwriterA gas-powered, miniature motorcycle known as a “pocket bike” is a motor vehicle under Ontario law, according to the Financial Services Commission of Ontario (FSCO).Accident benefits claimant Cassondra Bouchard was injured while riding a Honda CRF 50 Mini Bike owned…
Property damage estimates increase to $1.3 billion in 2010: Xactware
February 2, 2011 by Canadian UnderwriterThe value of property loss estimates reported through Xactware in Canada grew to $1.32 billion in 2010 from $1.10 billion in 2009. The total monthly loss estimate value started at $84.9 million in January 2010 and peaked at $148.3 million…
Cyclone Yasi reportedly hits Queensland, Australia with Category 5 force
February 2, 2011 by Canadian UnderwriterAfter weathering some of the worst flooding in the area’s history, residents of Queensland in Australia are now feeling the fury of Tropical Cyclone Yasi, a Category 5 storm packing heavy rains and winds of almost 300 mp-h.Yasi has been…
$74 billion loss needed to trigger US hard market: Advisen
February 2, 2011 by Canadian UnderwriterHard market conditions would be triggered by a $74-billion loss of excess capacity in the U.S. commercial insurance market, according to Advisen. In its ‘QuickNote: $74 billion away from a hard market,’ Advisen cites surging supply – explained by rebounding…
Auto collision appraisal values in Canada decrease in 2010 Q4: Mitchell
February 2, 2011 by Canadian UnderwriterAuto collision appraisal values, collision losses, comprehensive losses, third-party property damage and supplemental estimates in Canada all decreased in 2010 Q4, according to the 2011 Q1 Mitchell International Industry Trends Report.The report by Mitchell cites figures related to Canada’s auto…
A.M. Best assigns Everest a ‘superior’ financial strength rating
February 1, 2011 by Canadian UnderwriterA.M. Best Co. has assigned a financial strength rating of A+ (Superior) to Everest Insurance Company of Canada (EvCan). The outlook is stable, according to A.M. Best. Everest is licensed to write property, automobile, surety, liability and other classes of…