Topic
Insurance
Financial risks should receive special attention in times of financial turmoil: OSFI guidelines on stress testing
December 2, 2009 by Canadian UnderwriterA number of financial risks — including collateral use, securitization and counterparty credit risks — have proven to require specific attention in light of the recent market turmoil, the Office of the Superintendent of Financial Institutions says in its recently…
What’s New: In Brief (December 02, 2009)
December 2, 2009 by Canadian UnderwriterMore than 1,800 ideas designed to improve Canadian communities were submitted to Aviva Canada Inc.’s ‘Aviva Community Fund’ competition.The Top 62 now move into the semi-final round.In the semi-final round, the ideas will continue to vie for votes until Dec.…
Trend towards higher property rates disappearing: Aon
December 2, 2009 by Canadian UnderwriterThe end of 2009 presents a very different property market landscape than at the beginning of 2009, with the trend toward higher property rates largely disappearing in 2009 Q3, Aon reports.In its Quarterly Market Overview: Summary and Forecast, Aon examines…
Despite benign storm season, insurers must maintain underwriting discipline: Lloyd’s
December 2, 2009 by Canadian UnderwriterThe year 2009 will go on record as the quietest in the Noughties (the first decade of millennium) for windstorm activity, reports Lloyd’s.In total, there were only nine named storms, three hurricanes and two major hurricanes in 2009. This activity…
More provincial regulators might break with OSFI over “insuring in Canada a risk”: ILO paper
December 1, 2009 by Canadian UnderwriterAn apparent split between the federal and provincial jurisdictions over the question of “insuring in Canada a risk” may cause more provincial regulators to state divergent views from those of the Office of the Superintendent of Financial Institutions (OSFI), says…
What’s New: In Brief (December 01, 2009)
December 1, 2009 by Canadian UnderwriterThree women in Canada’s property and casualty insurance industry have appeared on The Women’s Executive Network’s Top 100 list of “Canada’s Most Powerful Women.”Appearing on the list are:• Priscilla Ng, a marketing consultant at the Western division of Intact Insurance;• …
Swiss Re predicts fragile recovery for (re)insurers in 2010
December 1, 2009 by Canadian UnderwriterSwiss Re economists predict insurance and reinsurance will continue to recover in 2010, based on the assumption of a “U-shaped” recovery.But the increasingly positive results may be tempered by increasing losses due to natural catastrophes and low asset returns, Swiss…
Reinsurers benefit from improved investments, calm hurricane season
December 1, 2009 by Canadian UnderwriterThe U.S. and Bermuda reinsurance markets are seeing a disciplined January renewal season despite the recession, according to BestWire. Reinsurers are benefiting from both an improved investment market and a quiet hurricane season, BestWire reported. Unless a ceded portfolio had…
Direct insurer association applauds use of credit scoring
November 30, 2009 by Canadian UnderwriterThe Canadian Association of Direct Response Insurers (CADRI) “welcomes” the results of the Canadian Council of Insurance Regulators (CCIR)’s questionnaire on credit scoring and insurance industry practices.On Nov. 16, 2009, CCIR released the results of its survey. Of the findings,…
Natural catastrophes cost global insurers US$24 billion
November 30, 2009 by Canadian UnderwriterThe total global cost to insurers of natural catastrophes and man-made disasters in 2009 was US$24 billion, versus US$50 billion worldwide in 2008, according to initial estimates published in Swiss Re’s forthcoming sigma study. “Insured losses were below average due…
What’s New: In Brief (November 30, 2009)
November 30, 2009 by Canadian UnderwriterRick Patina will retire as the head of Lombard Canada, and Fabian Richenberger will serve as his successor.The role change is effective Jan. 1, 2010.Richenberger joined Northbridge Financial, Lombard’s parent company, in May 2009. He currently leads the distribution management…
Satellite insurers to see more than US$400 million in profit this year
November 30, 2009 by Canadian UnderwriterSpace insurers are expected to generate more than US$400 million in profit for 2009, as long as there are no claims before the end of the year. The space insurance market has been very profitable over the last five years…