Topic
Insurance
Canadian natural disasters and resultant damages triple in two decades: ICLR report
March 3, 2010 by Canadian UnderwriterNatural disasters in Canada and damages arising from them have tripled since the 1980s, according to a comprehensive report published by the Institute for Catastrophic Loss Reduction (ICLR).“Canada has had a fair share of natural disasters,” says the 223-page report,…
What’s New: In Brief (March 03, 2010)
March 3, 2010 by Canadian UnderwriterCrawford & Company (NYSE: CRDA; CRDB) is mobilizing its staff of in-country, regional and Global Technical Services (GTS) adjusters to handle the losses resulting from the Feb. 27 earthquake in Chile.“Crawford’s offices in Chile are being supported by our professionals…
New Ontario regulations to eliminate delays in benefit payments due to insurer disputes, ban credit scoring in auto lines
March 3, 2010 by Canadian UnderwriterNew auto insurance regulations to take effect in Ontario in September 2010 are designed to make it impossible for insurers to place an accident benefits claim on hold in order to resolve a dispute between insurers.In addition, Ontario regulations now…
Crawford & Company Responds to Chilean Earthquake
March 2, 2010 Crawford & Company (Canada) Inc.Crawford & Company (NYSE: CRDA; CRDB), the worlds largest independent provider of claims management solutions, has mobilized its extensive staff of in-country, regional and Global Technical Services (GTS) adjusters to handle the losses resulting from the devastating earthquake that impacted…
Demand for standalone intellectual property insurance outstrips capacity: Lloyd’s
March 2, 2010 by Canadian UnderwriterThere is growing interest in buying standalone intellectual property insurance, Lloyd’s of London says.“There’s huge demand out there from customers,” David Rees, vice president of the financial and professional risks practice at Marsh, tells lloyds.com. “In fact, there’s more demand…
What’s New: In Brief (March 02, 2010)
March 2, 2010 by Canadian UnderwriterThe Applied Systems Client Network (ASCnet), the user group of Applied Systems insurance agency management software, will relocate by year-end 2010 to the Chicago area. Prior to the move, ASCnet will hire a permanent CEO to succeed interim CEO Rick…
U.S. primary E&O rates decline between 5% and 10% in 2009: Guy Carpenter
March 2, 2010 by Canadian UnderwriterPrimary errors and omissions rate reductions averaged declines of between 5% and 10% in 2009, according to Guy Carpenter. This was true for insureds exhibiting no material change in exposure and loss activity, the GC Capital Ideas report finds. Primary…
What’s New: In Brief (March 02, 2010)
March 2, 2010 by Canadian UnderwriterThe CG&B Group Inc. has acquired Robertson & Robertson Yacht Insurance Ltd.This brings CG&B into the yacht insurance business, expanding their current product and service line. Robertson & Robertson Yacht Insurance Ltd. provides customized insurance coverage to meet the needs…
Infrastructure Climate Risk Assessment: Principles and Applications
March 2, 2010 Institute for Catastrophic Loss Reduction (ICLR)This presentation will focus on the work of the Public Infrastructure Engineering Vulnerability Committee (PIEVC), which is conducting a long-term study of the impacts and risks of the changing climate on public infrastructure using a formalized risk assessment approach known…
Insurers turning to price optimization: Celent
March 1, 2010 by Canadian UnderwriterThe insurance industry is changing its approach to product pricing, increasingly using price optimization to differentiate themselves from competitors, according to Celent, a Boston-based financial research and consulting firm.Celent’s recent report, Price Optimization in Insurance: A Revolution in Progress, defines…
AIG reports close to $9-billion net loss for 2009 Q4
March 1, 2010 by Canadian UnderwriterAmerican International Group, Inc. (AIG) reported a 2009 Q4 net loss of $8.9 billion, compared to a net loss of $61.7 billion in 2008 Q4. According to AIG, the quarterly net loss can be primarily attributed to: • $6.2 billion…
Earthquake in Chile could exceed $2 billion in insured losses
March 1, 2010 by Canadian UnderwriterAn 8.8-magnitude earthquake struck central Chile on Feb. 27, leaving behind more than $2 billion in insured losses, according to AIR Worldwide. Total economic damages are anticipated to be between $15 and $20 billion — roughly 10% to 15% of…