Three P&C chief financial officers – representing Intact Financial Corporation, Northbridge Financial Corporation and RSA Canada Group – see Canada’s Top 10 property and casualty insurance companies controlling about 8% more of the market sometime over the next five years.Speaking…
Insured natural catastrophe losses in 2010 Q1 totalled $9.5 billion, the highest since 1994 Q1.Insured damages in 2004 Q1 reached $26.4 billion (in 2010 dollars) when the Northridge (U.S.) earthquake occurred, reports the Insurance Information Institute.Total insured losses arising from…
5 new industry event galleries have been added to the Online Photo Gallery at canadianunderwriter.ca and are featured in the May 2010 issue of Canadian Underwriter magazine. To view all the galleries at canadianunderwriter.ca click the link below: The recent…
One more catastrophic event in 2010 could tip the insurance industry into a loss position, guardian.co.uk quoted Richard Ward, Lloyd’s CEO, as saying.Ward spoke at the Insurance Day Summit in London on May 18. He described 2010 as the “worst…
The soft market in the Canadian commercial property and casualty sector will likely not bottom out until late 2010, possibly early 2011, Marsh reports.In its report, Competition Nets Rewards – Multinational Client Service Insurance Market Report 2010, Marsh examines trends…
An online moving and storage insurance program – CapMove.com – has been introduced by XN Financial Services Inc. in partnership with Capacity Coverage of New Jersey, Inc. The new moving insurance program combines Capacity’s moving and storage industry expertise with…
The quality of a broker’s presentation of risk is the most important factor considered by underwriters when deciding whether or not to take on a risk, according to a Marsh survey.An independent research firm polled underwriters in seven global insurance…
ICBC reported a net income of $155 million for 2010 Q1, an increase from $117 million in 2009 Q1. An increase in premiums written – up to $860 million in 2010 Q1 from $843 million 2009 Q1 – was a…
St. John’s Downtown Development Commission recognized The 2009 RIMS Canada Conference Committee with an Award of Distinction. The ‘Destination St. John’s Award of Distinction’ is presented to a conference chair/committee who, through the hosting of a conference in St. John’s,…
Canadian property and casualty insurers’ over-capitalization and low return on investment mitigates against new capital being invested into the industry, said Philip Cook, CEO of Omega Insurance Holdings. Cook spoke as a panel member at the Property and Casualty Underwriters’…
The revenues of Crawford & Company’s international segment were affected by the lack of weather-related claims in the Canadian market, the company reported in its 2010 Q1 financial statement. “Our international operations segment continued to be a strong contributor, even…
Brian Hambly has been promoted to branch manager of Crawford & Company (Canada) Inc.’s Toronto East branch. Hambly joined Crawford in 1995. He specializes in commercial auto and CGL claims, and has been the control adjuster for several car rental…