Topic
Insurance
Auto theft part of organized crime/terrorism: IBC
June 8, 2006 by Canadian UnderwriterIf you think stealing a car is a small-time crime motivated by the need for thrill-seeking or a quick buck, it’s time for a reality check, according to the Insurance Bureau of Canada (IBC).“Today, auto theft is big business,” the…
Eight hurricanes forecast for 2006 season
June 8, 2006 by Canadian UnderwriterTropical Storm Risk (TSR) anticipates Atlantic basin and U.S. landfall hurricane activity will be 40% above the long-term (1950-2005) norm in 2006.The TSR prediction includes: A 74% probability of an above-normal Atlantic hurricane season, a 22% probability of a near-normal…
Evaluation of terrorism exposures updated
June 8, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services is enhancing its process for evaluating the terrorism exposure of interactively rated insurers and reinsurers. The updated process, S &P’s says, is partly a response to the increased insurance retentions under the two-year extension of…
What’s New: In brief (June 08, 2006)
June 8, 2006 by Canadian UnderwriterKRG Children’s Charitable Foundation has offered Muskoka-based CNIB Lake Joseph Centre (Lake Jo), which is a camp for visually impaired children and their families, a cornerstone gift of CD$500,000 toward their “Restoring the Spirit” campaign. The capital campaign aims to…
Swiss Re launches cat bond program
June 7, 2006 by Canadian UnderwriterIn response to increasing frequency and severity of natural catastrophes, Swiss Reinsurance Co. recently placed a natural catastrophe bond program, which will provide the Company with US$950 million of protection for North Atlantic hurricane, European windstorm, Californian earthquake and Japanese…
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…