News
U.S. insurers may not be ready for risk management, risk solvency legislation
January 25, 2013 by Canadian UnderwriterThere appears to be a gap between the perception that polled insurers in the United States have about their readiness for the Risk Management and Own Risk Solvency Assessment Model Act and how complete their enterprise risk management (ERM) frameworks…
African markets present growth opportunity for insurance industry
January 25, 2013 by Canadian UnderwriterGlobal financial instability and some political risks are still evident as impediments in African markets, but the region still presents an opportunity for growth and untapped demand, notes a special report from rating agency A.M. Best. “Given anticipated development of…
Telematics could change how personal insurance is sold: Cooke
January 25, 2013 by Angela Stelmakowich, EditorBrokers would be well-advised to be prepared for dealing with the influence of telematics – something that George Cooke suggests will ultimately revolutionize the way personal insurance is sold – or risk being left behind. “The reality is that this…
Natural perils in 2012 caused $72 billion in insured losses: Aon Benfield
January 25, 2013 by Canadian UnderwriterAon Benfield announced Thursday the release of its annual global climate and catastrophe report, noting 2012 was the eighth warmest year since 1880 and the costliest catastrophe worldwide was Hurricane Sandy, while a hailstorm July 12 in Calgary led to…
Driving business to broker channel demands considering new approaches
January 24, 2013 by Canadian UnderwriterExperimentation may help identify how best to combat erosion in the broker channel, Brigid Murphy, president and CEO of The Dominion, suggested at an Insurance Brokers of Toronto Region luncheon on Tuesday. The Dominion is “very interested in experimenting with…
Aon Benfield, Swiss Re develop new reinsurance product for weather losses
January 24, 2013 by Canadian UnderwriterReinsurance intermediary Aon Benfield has launched a new weather reinsurance product to help insurers protect against weather losses in the United Kingdom. WExcessm, launched Wednesday, was developed in partnership with Swiss Re and CelsiusPro, a weather risk management specialist. “It…
P&C insurance employs 22,000 directly in more than 6,000 firms in Ontario: Study
January 24, 2013 by Canadian UnderwriterThe property and casualty insurance industry has more than 6,000 firms in Ontario employing more than 22,000 people, contributing billions every year to the province’s economy, according to a study released Thursday. “In total, the property & casualty insurance industry…
Low interest rates put upward pressure on p&c insurance premiums: S&P
January 24, 2013 by Canadian UnderwriterLow interest rates have increased the risk for insurance companies worldwide but have produced some benefits for property and casualty firms, according to a recent report from ratings agency Standard & Poor’s Financial Services LLC. “For P/C insurers, although investment…
Bermuda market entering 2013 on a strong note
January 24, 2013 by Canadian UnderwriterBermuda reinsurers have entered the year strong, withstanding natural catastrophe losses in 2012 well because of “strong capitalization and favorable risk management,” reports Fitch Ratings. While companies will take a hit to their fourth quarter earnings from 2012, October’s Hurricane…
Updated appraisals key to ensuring artworks are properly insured
January 24, 2013 by Canadian UnderwriterCanadian art owners should be looking into the true value of their collections and make sure they’re properly protected, especially following art losses from Hurricane Sandy, notes a prominent insurer. XL Group’s Fine Art and Specie insurance team suggests that…
Telematics expected to drive auto premiums in future
January 23, 2013 by Angela Stelmakowich, EditorBrigid Murphy, president and CEO of The Dominion, says she can see a time when telematics will be used to determine auto insurance premiums. “This is potentially a game changer from the automobile point of view,” Murphy said on Tuesday…
Auto insurance rates down in Ontario and Alberta, up in Quebec in Q4 2012
January 23, 2013 by Canadian UnderwriterAuto insurance rates in Ontario and Alberta decreased in the fourth quarter of 2012 over the same period the previous year, but increased in Quebec, suggests review from comparison website Kanetix.ca. Comparing rates in Q4 2012 with the same quarter…