Topic
Insurance
2007 natural catastrophe losses increase without mega-catastrophe
January 3, 2008 by Canadian UnderwriterDespite the absence of any mega-catastrophes, the global insurance industry had to cope with far higher natural catastrophe losses in 2007 than in 2006, Munich Re has reported on its Web site.“Despite the general absence of extreme events, overall economic…
What’s New: In Brief (January 03, 2008)
January 3, 2008 by Canadian UnderwriterThe Insurance Bureau of Canada is praising the success of Canada’s 2007 Operation Red Nose campaign, which provided a total of 76,880 rides throughout seven provinces over the winter holidays.The IBC said this “was made possible only with the help…
MPI releases Top 5 frauds for 2007
January 2, 2008 by Canadian UnderwriterAn insured arranging to have his vehicle stolen in lieu of keeping up payments on the vehicle is the Number 1 fraud for 2007, according to Manitoba Public Insurance’s (MPI) list of Top 5 frauds for 2007. Number 2 on…
Reinsurance rates down across all markets
January 2, 2008 by Canadian UnderwriterReinsurance rates continued to soften during 2008 renewals, according to separate reports issued by two leading global reinsurance and insurance brokers.Reinsurance broker Guy Carpenter, in a report entitled ‘Near Misses, Plentiful Reminders: Global Reinsurance Review, January 2008,’ notes “property catastrophe…
What’s New: In Brief (January 02, 2008)
January 2, 2008 by Canadian UnderwriterState Farm Insurance is issuing refunds to roughly 23,000 automobile policyholders in Ontario. The average refund is about Cdn$120.The refund is due to an error in the application of the Graduated License Discount (GLD) and Driver Inexperience Factor surcharge (DIF),…
What’s New: In Brief (January 02, 2008)
January 2, 2008 by Canadian UnderwriterKingsway Financial Services has entered into a 365-day, Cdn$70-million credit facility agreement with a syndicate of banks. The Bank of Nova Scotia acted as administrative agent, lead arranger and bookrunner, while the Royal Bank of Canada acted as documentation agent.In…
Corporate liability to greenhouse gasses likely to increase in the future: Willis
January 1, 2008 by Canadian UnderwriterCorporate exposure to liability for environmental damages related to greenhouse gasses is expected to increase, according to a report by Willis’ North American Environmental Practice. As a result, D&O exposure is expected to increase as well, as governmental agencies and…
Airline insurance premiums fall in late 2007
January 1, 2008 by Canadian UnderwriterAverage hull and liability lead premium for airline insurance has fallen by over 15% during the first nine months of 2007, according to Aon’s Airline Insurance Market Review: Pre-Renewal Season 2007 report.These reductions began in the final quarter of 2006.…
Happy Holidays from the staff of Canadian Underwriter
December 21, 2007 by Canadian UnderwriterThe 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 2007. We will resume with…
Marsh & McLennan looks for new CEO, as Cherkasky steps down
December 21, 2007 by Canadian UnderwriterThe board of directors at Marsh & McLennan Companies Inc. is on the hunt for a CEO to replace Michael G. Cherkasky. Cherkasky has served as president and CEO of the company since 2004 and will continue to serve as…
What’s New: In Brief (December 21, 2007)
December 21, 2007 by Canadian UnderwriterWhat’s New: In Brief York Fire and Casualty Insurance Company has launched a manufacturer connection product aimed at the U.S. market, the latest in a collection of commercial product offerings. “The Manufacturing Connection product is designed to cover a wide…
What’s New: In Brief (December 21, 2007)
December 21, 2007 by Canadian UnderwriterPilot Insurance Company has signed on to a Cdn$120,000, three-year financial commitment to OSAID (Ontario Students Against Impaired Driving), an association organized and run by high school students to increase awareness about the perils of impaired driving.As well, Pilot will…