News
Canadian businesses less concerned about insurance costs than in mid-2010
February 4, 2011 by Canadian UnderwriterIf there is one sign of a softening commercial insurance market in Canada, it might be that Canadian businesses across the country don’t seem to be as concerned about insurance costs as they were in mid-2010.The Canadian Federation of Independent…
Riots in Egypt a stark reminder for companies operating in emerging markets: Marsh
February 4, 2011 by Canadian UnderwriterPolitical unrest in Cairo and other cities across Egypt highlights the complex risks companies investing, manufacturing and trading in emerging markets must be prepared to manage, Marsh said.Companies with operations in countries affected by political unrest face losses from risks…
Markel Corporation reports growth in net income, cites investments for boost
February 4, 2011 by Canadian UnderwriterMarkel Corporation reported a net income of $267 million in 2010, marking an increase from 2009’s net income of $202 million.The insurer cites an increase in net realized investment gains – $36.4 million in 2010, compared to a net realized…
PartnerRe estimates damages up to $35 million from Australian floods
February 4, 2011 by Canadian UnderwriterPartnerRe Ltd. estimates its losses stemming from the December 2010 Australian floods to be between $25 and $35 million, pre-tax.Losses are expected to be contained within the company’s catastrophe, global (non-U.S.) property and casualty and global (non-U.S.) specialty sub-segments.Also, as…
AON reports a 17% increase in profit in 2010 Q4
February 4, 2011 by Canadian UnderwriterProfits attributable to Aon stockholders increased 17% in 2010 Q4, to $231 million, compared to $198 million for the same period last year, Aon announced in its fourth-quarter results.Revenues from fees and commissions increased to $1.753 billion (not including investment…
Merger objection lawsuits on the rise in the United States: Advisen
February 3, 2011 by Canadian UnderwriterMerger objection lawsuits in the US have increased in recent years, even as the number of mergers and acquisitions plummeted during the recession era in 2007-09, according to an Advisen special report called Are Merger Objection Suits a Threat to…
Insurance industry gives OSFI a lukewarm grade on clarity of regulations
February 3, 2011 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) got a lukewarm rating from the insurance industry on the clarity and ease of understanding of its regulations and guidelines. Of the 104 insurers surveyed, 9% rated the regulator ‘very good,’…
Munich Re reports $3.3 billion profit, despite “substantial major losses”
February 3, 2011 by Canadian UnderwriterDespite “substantial major losses,” Munich Re reported a consolidated profit of approximately $3.3 billion in 2010, a small decrease from the profit of $3.5 billion reported in 2009, the reinsurer reported. Flooding in Queensland, Australia resulted in the reinsurer’s largest…
Cyclone Yasi estimated to cause between $2 billion and $5 billion in damages: Eqecat
February 3, 2011 by Canadian UnderwriterCatastrophe modeller Eqecat forecasts losses stemming from the severe tropical cyclone Yasi to range from $2 billion to $5 billion. Yasi hit the flood-ravaged state of Queensland, Australia as a category 4 Saffir Simpson Scale cyclone on Feb. 3.Eqecat compared…
Pocket bikes are automobiles under Ontario law: FSCO arbitrator
February 3, 2011 by Canadian UnderwriterA gas-powered, miniature motorcycle known as a “pocket bike” is a motor vehicle under Ontario law, according to the Financial Services Commission of Ontario (FSCO).Accident benefits claimant Cassondra Bouchard was injured while riding a Honda CRF 50 Mini Bike owned…
Property damage estimates increase to $1.3 billion in 2010: Xactware
February 2, 2011 by Canadian UnderwriterThe value of property loss estimates reported through Xactware in Canada grew to $1.32 billion in 2010 from $1.10 billion in 2009. The total monthly loss estimate value started at $84.9 million in January 2010 and peaked at $148.3 million…
Cyclone Yasi reportedly hits Queensland, Australia with Category 5 force
February 2, 2011 by Canadian UnderwriterAfter weathering some of the worst flooding in the area’s history, residents of Queensland in Australia are now feeling the fury of Tropical Cyclone Yasi, a Category 5 storm packing heavy rains and winds of almost 300 mp-h.Yasi has been…