Topic
Insurance
CEOs confident about long-term growth: PwC
May 25, 2009 by Canadian UnderwriterInsurance CEOs are more confident about the prospects for long-term revenue growth than their counterparts in other industries, according to the PricewaterhouseCoopers 12th Annual Global CEO survey, Redefining Success.Of the 1,124 CEOs surveyed between Sept. 10 and Dec. 2, 2008,…
ICBC reports increased net income for Q1
May 22, 2009 by Canadian UnderwriterICBC has reported a 2009 Q1 net income of Cdn$117 million, up from Cdn$102 million in 2008 Q1. “We are pleased with our financial results given the tough economic times we are all experiencing,” ICBC president and CEO Jon Schubert…
50% chance of near-normal hurricane season: NOAA
May 22, 2009 by Canadian UnderwriterThe National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center (CPC) has called for a 50% chance of a near-normal season, according to the 2009 Atlantic Hurricane Season Outlook. The outlook also indicates a 25% chance of an above-normal season…
Temperature level trends serve as better indicator of probabilities of loss
May 22, 2009 by Canadian UnderwriterBy examining trends in temperature levels, rather than by examining extreme events or regional trends, insurers can better identify changing probabilities of loss, according to Andrew Dlugolecki, a research fellow at the U.K.’s University of East Anglia Climatic Research Unit.In…
What’s New: In Brief (May 22, 2009)
May 22, 2009 by Canadian UnderwriterCo-operators General Insurance Company has entered into an agreement with a syndicate of financial underwriters, in which the syndicate will purchase 4 million Series D Preference shares from Co-operators General and then sell them to the public at $25 per…
What’s New: In Brief (May 21, 2009)
May 21, 2009 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) is poised to roll out the national expansion of its complaints reporting system, which was first implemented in Ontario and Quebec. “The system work on the expanded [national] system, being led by the…
ICBC discloses that its outside counsel obtained claims histories of jurors
May 21, 2009 by Canadian UnderwriterIn a recent court case in Victoria, outside defence counsel representing ICBC contacted one of the company’s employees and obtained claims histories of members of the jury, ICBC said in a statement.“The disclosure of this information was a mistake, and…
Interest rate environment could wreak havoc on long-tail claims
May 21, 2009 by Canadian UnderwriterThe current interest rate environment is a key systemic consequence of the credit crunch, the ensuing financial meltdown and the global recession, said Joel Baker, president and CEO of MSA Research Inc.Baker spoke at a Property Casualty Underwriters Club luncheon…
Canadian market will likely see IPOs rather than M&A activity
May 21, 2009 by Canadian UnderwriterThe “big players” of Canada’s insurance market will likely take the IPO (initial public offering) route to expansion rather than the merger and acquisition route, said Jack Lee, vice president of BFL Canada.Lee was asked by a person attending the…
Prepare for more severe version of H1N1: Marsh
May 20, 2009 by Canadian UnderwriterGlobal insurance broker and risk advisor Marsh is warning businesses to be prepared for the possible outbreak of a second, more severe mutation of influenza A (H1N1) later this year.Toby L. Merlin, M.D., deputy director of the influenza coordination unit…
What’s New: In Brief (May 20, 2009)
May 20, 2009 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction has been accepted as an advisory institution into the working group of the United Nations Environment Programme Finance Initiative (UNEP FI). UNEP FI is a global partnership between the United Nations Environment Programme (UNEP)…
Those with ERM in place lost considerable capital: Guy Carpenter
May 20, 2009 by Canadian UnderwriterCompanies using Enterprise Risk Management (ERM) frameworks lost considerable amounts of capital despite the protective measures in which they had invested, according to Nick Frankland, CEO of European operations with Guy Carpenter. In his report, Capital Management Strategies Forced to…