Topic
Insurance
Fitch predicts U.S. insurers’ profits will decline in 2008
March 26, 2008 by Canadian UnderwriterAlthough increasing competition for business is likely to promote further deterioration of U.S. property and casualty rates in 2008, Fitch Ratings “expects insurers to post a more modest underwriting profit in 2008 [compared to 2007].”Even so, Fitch also “anticipatesinsurers’ overall…
Insured entitled to business interruption coverage despite collateral benefits (March 26, 2008)
March 26, 2008 by Canadian UnderwriterIn a business interruption claim, an insurer is not entitled to a “credit” in the form of a deductible if an insured business gains a collateral benefit during the shutdown of its operations, Alberta’s Court of Appeal has ruled.In Neste…
Insured entitled to business interruption coverage despite collateral benefits (March 26, 2008)
March 26, 2008 by Canadian UnderwriterIn a business interruption claim, an insurer is not entitled to a “credit” in the form of a deductible if an insured business gains a collateral benefit during the shutdown of its operations, Alberta’s Court of Appeal has ruled.In Neste…
London companies not prepared for terrorist incident
March 26, 2008 by Canadian UnderwriterMany companies remain under-prepared for a terrorist attack in London, England according to a Marsh survey. Roughly one-third of 80 delegates attending a Marsh seminar on terrorism, representing large and mid-size firms in the Greater London area, noted they did…
OSFI stats show a slight increase in Canadian insurers’ 2007 Q4 profits
March 25, 2008 by Canadian UnderwriterFederally regulated property and casualty insurance companies in Canada reported a total profit of Cdn$3.284 billion in 2007 Q4, a slight increase over the same period last year.Information posted by the Office of the Superintendent of Financial Institutions (OSFI) shows…
SEC regulations may force U.S. insurers to give up proprietary information
March 25, 2008 by Canadian UnderwriterVarious disclosure regulations put forth by the U.S. Securities and Exchange Commission (SEC) in 2007 have created challenges in boardrooms nationwide during this proxy season, according to Aon Consulting’s Radford Surveys + Consulting.At issue is pay-for-performance, a major area of…
Intensifying globalization of insurance market will increase consolidation rate
March 25, 2008 by Canadian UnderwriterNearly half of the global insurers surveyed by KPMG predict the rate of consolidation to accelerate in the international insurance market.In “Globalizing the Risk Business: Surviving and competing in the global insurance industry,” 49% of the 148 insurers surveyed believed…
Future sustainability developments likely similar to general industry trends
March 25, 2008 by Canadian UnderwriterThe insurance industry will likely follow general industry trends towards embedding sustainability within governance, management and operations structures, according to a study commissioned by The Co-operators. The report, “The Future of Sustainable Insurance: A Thought Leaders Study,” includes input from…
Carriers should offer long-term policies to homeowners in hazard areas
March 24, 2008 by Canadian UnderwriterIn an effort to better manage risks during a period of large-scale catastrophes, insurers should consider offering long-term policies to homeowners in hazard-prone areas.“Such a long-term policy could be tied to a mortgage, and home improvement loans can encourage the…
Taking ERM to ‘next level’ faces hurdles
March 24, 2008 by Canadian UnderwriterInsurers are optimistic about the future role of enterprise risk management (ERM), according to a survey of chief risk officers (CROs) by Ernst & Young LLP. However, while the ERM building blocks are in place, the industry faces significant challenges…
What’s New: In Brief (March 24, 2008)
March 24, 2008 by Canadian UnderwriterIntegro Insurance Brokers, an international insurance broker and risk management firm, has appointed managing principals Mark Rankin and John Haas to the firm’s partnership group in Canada.Rankin is client development sales leader for the Toronto and Vancouver offices. He has…
Talent attraction and retention top priority for claims officers
March 24, 2008 by Canadian UnderwriterNinety per cent of 62 property and casualty claims officers surveyed by Towers Perrin late last year said increased competition, consolidation and convergence are among the leading challenges facing their industry in 2008.Survey respondents represented property and casualty insurance companies…