Topic
Insurance
Fitch to assess insurers’ internal capital models
June 7, 2006 by Canadian UnderwriterFitch Ratings has released its proposed guidelines for assessing insurance companies’ internal capital models.“Fitch Ratings welcomes the use of in-house capital models developed by insurers as an important part of the enterprise risk management of these organizations,” the agency says…
RMS updates eastern Canadian/U.S. earthquake model
June 7, 2006 by Canadian UnderwriterRisk Management Solutions (RMS), a provider of products and services for the management of natural hazard risk, has updated its U.S. and Canada earthquake models to reflect phenomena such as demand surge and claims adjustment and inflation. The earthquake model…
Arch welcomes new head of operations
June 7, 2006 by Canadian UnderwriterArch Capital Group Ltd. (NASDAQ: ACGL) recently promoted Mark Lyons to the position of president and chief operating officer of Arch Insurance Group (U.S.), effective immediately. In his new role, Lyons will assume responsibility for each of the underwriting units…
RIBO cautions against negative option billing
June 6, 2006 by Canadian UnderwriterRegistered Insurance Brokers of Ontario (RIBO) has issued a warning in its Spring 2006 bulletin about insurers’ use of negative option billing or marketing.Reprinting an excerpt of a similar warning issued in 2000, RIBO noted the “Financial Services Commission of…
AXA SA cedes AXA Re business to Paris Re
June 6, 2006 by Canadian UnderwriterAXA SA has signed a definitive agreement to cede the business of AXA Re to Paris Re Holdings Limited.The announcement follows the receipt of a binding offer on April 6, 2006, and after AXA SA consulted with the relevant workers’…
ERM assessment process gets revamped, S & P’s
June 6, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services recently made some major additions and revisions to its Enterprise Risk Management (ERM) assessment process and has clarified in a report titled “Insurance Criteria: Refining The Focus Of Insurer Enterprise Risk Management Criteria,” what these…
What’s New: In brief (June 06, 2006)
June 6, 2006 by Canadian UnderwriterA Letter from the Desk of Dennis Gartner, Assistant Deputy Minister and Superintendent of Pensions, Insurance and Financial Institutions, regarding the Government of Alberta’s auto insurance reforms and the regulations under review: “As with all legislation, it is necessary to…
Canadian P&C industry “stable”: Standard & Poor’s
June 5, 2006 by Canadian UnderwriterThe outlook on the Canadian property and casualty (P&C) insurance industry remains stable, according to a report published today by Standard & Poor’s Ratings Services. The report, entitled “Industry Report Card: Slower Momentum Expected For Canadian Property And Casualty Insurers,”…
Lloyd’s warns underwriters about climate change
June 5, 2006 by Canadian UnderwriterThe insurance industry must face up to the growing threat of climate change or risk being swept away, according to Lloyd’s, the world’s leading specialist insurance market.A new report, ‘Climate Change, Adapt or Bust’, published by Lloyd’s, warns that insurers…
Personal lines outlook stable, S & P’s
June 5, 2006 by Canadian UnderwriterThe outlook for personal lines insurers is stable, according to Standard & Poor’s Ratings Services midyear 2006 outlook report.The report titled “U.S. Personal Lines Midyear 2006 Outlook: Low Volatility Means Few Raings Changes in 2006” indicates the second half of…
What’s New: In brief (June 05, 2006)
June 5, 2006 by Canadian UnderwriterThe10th annual North American Export Committee (NAEC) meeting, hosted by the Insurance Bureau of Canada (IBC), will focus on the theme of the link between auto theft, organized crime and terrorism. The 2006 Auto Theft Export Summit will take place…
RMS predicts smaller 2007 terrorist attacks, but bigger payload
June 2, 2006 by Canadian UnderwriterThe level of terrorism risk for 2007 will be similar that for 2006, with a slight reduction in the risk of nuclear attack and a trend toward smaller attacks that pack a bigger punch, according to an A.M. best report…