Topic
Insurance
U.S. tornado losses approaching those of hurricanes
April 11, 2008 by Canadian UnderwriterLosses of US$1 billion and higher from single tornado events are becoming more frequent, approaching hurricane damage losses, A.M. Best warns in a special report.Already in 2008, insured losses from severe weather systems have surpassed US$1 billion about US$850 million…
What’s New: In Brief (April 11, 2008)
April 11, 2008 by Canadian UnderwriterA kanetix study shows the average cost of the lowest premiums quoted on its Web site increased by 5.5% in 2008 Q1 compared to the same period of 2007.Kanetix attributes the increase to rate increases on the part of insurers,…
Ontario legal regulator to oversee SABS representatives as of May 1, 2008
April 11, 2008 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is reminding the public that as of May 1, 2008, it will hand over its responsibility for regulating non-lawyer SABS representatives to the Law Society of Upper Canada, Ontario’s legal regulator.“With the passage…
Captives growing in soft market, but may not be optimizing returns
April 11, 2008 by Canadian UnderwriterCaptives are alive and well generating an estimated annual premium income of between US$55 billion and US$60 billion despite falling rates in the current soft-market cycle, according to a global benchmarking report issued by Marsh.“As the insurance and reinsurance markets…
Ontario court upholds exclusions in all-risk commercial policy in hydro blackout case
April 10, 2008 by Canadian UnderwriterThe Ontario Superior Court has held up two exclusions in an “all-risks” commercial policy, according to which Lombard General Insurance denied coverage for a business interruption claim made by companies that lost frozen food after a power blackout.Leo Deluca Enterprises…
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…