Topic
Insurance
Insurer capital model gets a facelift
June 1, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services is currently updating its risk-based capital model. S & P’s explains, in it report titled “Credit FAQ: An Advance Glimpse At The Upcoming Changes To The Insurer Capital Model,” that it is testing newly developed…
Alberta’s 2005 flood season reviewed
June 1, 2006 by Canadian UnderwriterAlberta experienced one of the worst flood seasons on record in the summer of 2005 due to severe weather conditions, according to the Government of Alberta.These unprecedented conditions which saw rainfall ranging from between 50 and 100 mm to more…
Canadian Direct Insurance reports Q2 earnings of CD$1.6 million
June 1, 2006 by Canadian UnderwriterCanadian Western Bank (CWB on TSX) has announced a 2006 Q2 net income of CD$16.7 million including earnings of CD$1.6 million from the bank’s insurance subsidiary, Canadian Direct Insurance Incorporated. Established in 1996, Canadian Direct Insurance is a Canadian federally…
2006 “mega-hurricanes” could lead to insurer failures: A.M. Best
June 1, 2006 by Canadian UnderwriterA 2006 “mega-hurricane” causing damages of more than US$100 billion would likely result in a failure rate of between 3% and 7% of insurers with related catastrophe exposure, according to an A.M. Best report.“A.M. Best’s statistical analysis of two hypothetical…
What’s New: In Brief (May 31, 2006)
May 31, 2006 by Canadian UnderwriterTrisura Guarantee Insurance Company has started up in Toronto, according to 2006 Q1 licensing data released by the Financial Services Commission of Ontario (FSCO).The company is licensed for the following lines of business: Boiler and Machinery, Fidelity, Legal Expense, Liability,…
Active hurricane season anticipated, fewer land falls
May 31, 2006 by Canadian UnderwriterThe 2006 hurricane season is expected to see 17 named storms forming in the Atlantic basin but, according to Colorado State University’s (CSU) forecast, fewer major hurricanes will make landfall on coastal regions compared to last year. The U.S. Atlantic…
North American p&c insurance market stable, S & P’s
May 31, 2006 by Canadian UnderwriterThe outlooks on both personal and commercial lines of the property and casualty insurance sector remain stable, according to a recent report published by Standard & Poor’s Rating Services. This stability is, according to the report titled “Industry Report Card:…
What’s New: In Brief (May 30, 2006)
May 30, 2006 by Canadian UnderwriterAfter 34 years in the insurance industry, Peter Parkin, the chief operating officer of Sovereign General Insurance Company’s Calgary operations, has announced his intention to retire as of February 28, 2007.Parkin has served at Sovereign for the past 13 years…
Desjardins Q1 results “very good”
May 30, 2006 by Canadian UnderwriterDesjardins Financial Security has begun its year on a strong note reporting a net income of CD$30.4 million for the first quarter of 2006, compared to CD$31.9 million for the same period last year. These results, according to Desjardins, are…
Cavell Insurance wind-up lands in Ontario Appeal Court
May 30, 2006 by Canadian UnderwriterThe wind-up of the reinsurance business of Cavell Insurance Company became the centre of a recent Ontario Court of Appeal judgment concerning the enforcement of foreign court orders.The Ontario Appeal Court decision upheld a U.K. court order, even though the…
RMS launches new windstorm model
May 30, 2006 by Canadian UnderwriterRisk Management Solutions (RMS) recently launched a new platform for quantifying wind-related risk. Meteorological modeling has been extended to include a comprehensive suite of wind events enabling loss calculations both from large-scale Extra-Tropical winter-storms, such as windstorms Anatol, Lothar and…
Quebec looks at regulation of derivatives
May 29, 2006 by Canadian UnderwriterThe Autorit des marchs financiers (AMF) has published a working document on the regulation of derivatives markets in Qubec. The document outlines the orientation the AMF is taking for the development of a proposed regulatory framework. The approach is for…