Property catastrophe rates were pushed up 8% due to high catastrophe losses and the continuing international credit crisis, according to a briefing published by Guy Carpenter & Company. Major findings in the briefing, Cats and Credit Push Prices Up: Global…
Property catastrophe rates were pushed up 8% due to high catastrophe losses and the continuing international credit crisis, according to a briefing published by Guy Carpenter & Company. Major findings in the briefing, Cats and Credit Push Prices Up: Global…
Insurers are rapidly replacing legacy systems with upgraded core claims technology, and vendors should differentiate themselves by focusing on improving usability, making implementation faster and less expensive and documenting the value propositions of new technologies, a recent Celent report notes.The…
Although the risks of outsourcing during an economic downturn increase, organizations can still benefit if they revisit and revise their risk management practices, PricewaterhouseCoopers (PwC) says. “Even in the best of times, outsourcing requires careful planning and structuring to deliver…
David Huebel has joined Catlin Canada Inc. as its chief underwriting officer.Huebel will be responsible for the implementation and execution of the Catlin Group’s underwriting plan for all lines of business across Canada.He was most recently the president and CEO…
The deteriorating global economy could delay the hardening of the commercial insurance market until the end of this year, but the coming hard market may be more prolonged than past cycles, Advisen Ltd. predicts.Average rate levels for commercial insurance will…
The manner in which cedants select reinsurance partners has shifted as the demand for reinsurance capacity increases, according to a Willis Re report.In 1st View; Capital Rules, Willis Re examines global trends that emerged during the Jan. 1, 2009 renewal…
Investment and capital losses associated with Canada’s economic recession are happening at a time when the country’s industry is in need of capital to offset claims costs, a Swiss Re online newsletter reports.In its report, “Implications of the Financial Crisis…
ACE Canada has expanded its International Executive Assistance Services product to include emergency political evacuation and concierge services. Political evacuation coverage is automatically provided to reimburse an insured’s covered costs up to a policy limit, according to ACE. Additionally, a…
The staff of Canadian Underwriter would like to wish everyone a happy, healthy and safe holiday season, and best wishes in the New Year! This is the last installment of Canadian Underwriter’s Daily News for 2008. We will resume with…
Moody’s has seen good and bad omens as it monitors the restructuring and divestiture efforts of American International Group, Inc. (NYSE: AIG)“AIG has made important strides in the restructuring plan announced on Nov. 10, 2008,” the ratings agency announced in…
As economic times get tough, and people look for ways to avoid paying money, many insurers are on the lookout for fraudulent claims.The latest example in B.C. was based on the fact that insurance premiums are not affected in comprehensive…