Topic
Insurance
Researchers increase probability of U.S. major hurricane landfall
April 10, 2008 by Canadian UnderwriterResearchers at Colorado State University are predicting an above-average probability of a major hurricane landfall in the United States in 2008.Philip Klotzbach and William Gray, researchers in the university’s department of atmospheric science, foresee a “well-above-average Atlantic basin tropical cyclone…
Climate change a challenge for countries with emerging economic, insurance markets
April 10, 2008 by Canadian UnderwriterClimate change is presenting particular challenges to countries with emerging market economies especially as the take-up of insurance in these areas increases, according to an article published by Munich Re.“Climate change presents a particular challenge to fast-growing emerging countries like…
Subprime liability claims could reach US$9 billion
April 10, 2008 by Canadian UnderwriterLitigation surrounding subprime exposure will result in D&O liability and E&O insurance claims estimated at between US$3 billion and US$4 billion and possibly as high as US$9 billion, Fitch Ratings reports.Insurers’ potential losses could be substantially higher if credit issues…
U.S. property/casualty industry profits take 5.8% hit in 2007
April 9, 2008 by Canadian UnderwriterThe U.S. property and casualty insurance industry’s profits took a 5.8% hit in 2007, slipping to US$61.9 billion last year from US$65.8 billion in 2006. By contrast, the Canadian property and casualty industry saw its net income fall 3.6% in…
Individuals must carefully re-examine auto coverage limits
April 9, 2008 by Canadian UnderwriterIn the wake of the introduction of Bill 18 in Ontario, and given an ever-increasing size of damage awards (often running in the multi-millions of dollars), everyone needs to re-think what qualifies as adequate limits.Maurice Audet of Aon Reed Stenhouse…
What’s New: In Brief (April 09, 2008)
April 9, 2008 by Canadian UnderwriterAviva Canada Inc. has reached an agreement to acquire National Home Warranty Group of Companies (National Home). The deal is expected to close within the next 90 days, an Aviva release says.National Home provides new home warranty coverage to new…
What’s New: In Brief (April 09, 2008)
April 9, 2008 by Canadian UnderwriterManitoba’s CIP Society wants to help make dreams a reality, by organizing a gala to help raise money to build new homes for families in need.Saturday, Oct. 18, 2008 will mark the first CIP Society of Manitoba Dreambuild Gala, in…
What’s New: In Brief (April 08, 2008)
April 8, 2008 by Canadian UnderwriterAviva Canada, has re-branded its subsidiaries Pilot Insurance Company and Scottish & York Insurance Co. Ltd. Moving forward the companies will be known as Aviva Pilot and Aviva Scottish & York.Aviva, which has been insuring Canadians since 1906, was created…
AIG reshuffles its organizational structure
April 8, 2008 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has renamed its Domestic General Insurance operations the AIG Property Casualty Group, and has shuffled a number of executive positions.“These organizational changes will contribute substantially to an improved operating environment, provide greater results in our…
What’s New: In Brief (April 08, 2008)
April 8, 2008 by Canadian UnderwriterPaul Taylor, the CEO of the Insurance Corporation of British Columbia (ICBC), is moving to a new position in the private sector.Details of his new position were not included in an ICBC release.“Mr. Taylor’s move to the private sector was…
Direct offshore foreign insurers must be authorized by Australia’s regulator prior to June 2008
April 8, 2008 by Canadian UnderwriterThe Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are jointly reminding direct offshore foreign insurers (DOFIs) and local insurance brokers about new authorization requirements for foreign insurers that come into effect on July 1,…
National complaint data reporting system among FSCO’s 2008 priorities
April 7, 2008 by Canadian UnderwriterFSCO’s 2008 draft Statement of Priorities includes the creation of a national complaint data reporting system.The national system would be an expanded version of the complaint data reporting system currently used by FSCO and the Authorite des marches financiers (AMF),…