News
Risk of floods underestimated despite related losses doubling in last decade: Swiss Re
September 7, 2012 by Canadian UnderwriterDespite floods having more economic impact than any other natural catastrophe, their impact continues to be underestimated, Swiss Re reports. In its latest report, Flood – an underestimated risk: Inspect, inform, insure, Swiss Re notes that insured flood losses have…
Capital markets present increasing alternative to reinsurance
September 7, 2012 by Canadian UnderwriterTwo reports show that capital market instruments such as catastrophe bonds, insurance-linked securities and collateralized quota-share agreements (sidecars) are growing in popularity, but may hit a saturation point for investors. Fitch Ratings said that these risk transfer structures represent an…
IBC launches rain barrel study in PEI, aiming to reduce water damage
September 7, 2012 by Canadian UnderwriterInsurance Bureau of Canada has launched the first Atlantic Region study of rain barrel use to avoid water damage, after a similar project earlier this year in Ontario. Beginning Sept. 7, in Stratford, PEI, IBC is providing 1,000 homes with…
Reinsurance market shows resiliency, underwriting remains key
September 6, 2012 by Canadian UnderwriterReinsurance companies would be well-advised to continue to focus on solid underwriting to weather uncertainties and adapt to changes. Companies “really need to remain focused on their underwriting,” Gale Guerra, a senior financial analyst at A.M. Best Company, told attendees…
Tredd Insurance Brokers acquires H.E. Hunt & Associates
September 6, 2012 by Canadian UnderwriterToronto’s Tredd Insurance Brokers Ltd. has announced the purchase of H.E. Hunt & Associated Ltd. Insurance Brokers. H.E. Hunt, based in Calgary, is now a wholly owned subsidiary of Tredd, but will continue to operate under its previous name. The…
Canadian P&C outlook stable to year-end: A.M. Best
September 6, 2012 by Canadian UnderwriterThe outlook for the Canadian property and casualty market for the remainder of 2012 is stable, with a low level of change to companies’ ratings, notes a senior financial analyst with A.M. Best Company. This is despite economic uncertainty in…
Low interest rates a drag on investment returns for insurance industry
September 6, 2012 by Canadian UnderwriterThe low interest rate environment and declining investment returns are putting stress on the insurance industry and having a significant impact on re/insurers, Kurt Karl, chief economist for Swiss Re, noted in a blog post on Sept. 5. “The vulnerability…
Omega appoints Matthew Cook as president
September 6, 2012 by Canadian UnderwriterOmega Insurance Holdings Inc. has announced Matthew Cook as its new president of the group, including both subsidiary companies, Omega General Insurance Company and Focus Group Inc. Cook was previously the group’s chief financial officer and company secretary. He joined…
Strong earthquake strikes western Costa Rica
September 6, 2012 by Canadian UnderwriterDamage was reported to be light despite a strong earthquake hitting Costa Rica on Sept. 5. The magnitude 7.6 earthquake struck a sparsely populated area about 150 km west of the capital city of San José, notes information from catastrophe…
“Many Canadians” risk travelling uninsured: American Express
September 5, 2012 by Canadian UnderwriterMany Canadians are willing to risk travelling without insurance, often because they find the products confusing, notes new survey results from American Express Canada. About a third of the 1000 Canadians polled in July have never purchased travel insurance, American…
Intact completes acquisition of Jevco Insurance
September 5, 2012 by Canadian UnderwriterIntact Financial Corporation today announced the completion of its $530-million acquisition of Jevco Insurance Company, a wholly owned subsidiary of The Westaim Corporation. The acquisition of JEVCO, a leading provider of specialty and niche insurance products for individuals and businesses…
Relocating, flood-proofing vulnerable homes would cost about $8 million
September 5, 2012 by Canadian UnderwriterThe New Brunswick government could expect an approximately $8 million tab for relocating or flood-proofing more than 70 homes in the Village of Perth-Andover, the site of flooding in March that prompted a state of emergency. The cost estimate is…