What’s New: In Brief (December 09, 2008)

Given that market uncertainty could potentially continue well into 2010, insurers need to focus on preserving capital in order to remain resilient, according to Swiss Re economists.
Reinsurers’ prices are expected to harden, partly because alternative capacity is no longer available. Reinsurance premium volumes are expected to accelerate as the need for protection increases due to insurers’ lower capitalization, according to Swiss Re.
“Although market conditions are severe at the moment, we should not be too pessimistic looking ahead,” Thomas Hess, chief economist at Swiss Re, noted in a release. “The challenges currently being faced by the insurance industry are temporary.
“Current market valuations have already priced-in a severe recession. If the economy recovers in the course of 2009, we expect to see a rare combination of good underwriting and excellent investment results in non-life in 2010.”

Carstar Automotive Canada has launched Carstar Express, aimed at consumer’s “minor” repair needs (i.e. repairs completed in under an hour).
Carstar operations manager P.J. Wardell says that although Carstar Express will repair the small damages that can sometimes happen to a vehicle, the focus will be on the ‘Core Four’ of repair services.
“The Core Four are those repairs for the most common damages that frequently happen to a vehicle,” said Wardell. “These include things like paintless dent repair (PDR) that can result from door dings; paint/bumper scuff repair; windshield chip/crack repair; and exterior and interior detailing.”