News
MSA Research teams up with ISO to launch Canadian industry-wide loss data service
March 16, 2010 by Canadian UnderwriterISO has teamed up with MSA Research Inc. to launch Property Claims Services (PCS), an industry-wide loss calculator, in Canada.PCS-Canada service will enable insurers, reinsurers, brokers and other industry stakeholders, to receive industry-wide data about Canadian catastrophes, including man-made and…
OSFI 2009 year-end results show more deterioration in personal auto accident lines
March 16, 2010 by Canadian UnderwriterAuto lines, particularly the personal accident category, for federally regulated Canadian and foreign property and casualty insurers continued to deteriorate, according to 2009 figures posted by the Office of the Superintendent of Financial Institutions (OSFI).OSFI figures show that in the…
$26 billion in catastrophe losses in 2009: Swiss Re
March 16, 2010 by Canadian UnderwriterNatural catastrophes and man-made disasters cost insurers $26 billion and claimed roughly 15,000 lives in 2009, according to Swiss Re. Insured losses were below average due to a calm US hurricane season, reported the sigma study, Natural catastrophes and man-made…
AIG completes sale of Transatlantic shares
March 16, 2010 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has completed the sale of Transatlantic Holdings Inc. (TRH) shares for proceeds of roughly $452 million. AIG had previously announced the secondary public offering of more than 8.4 million shares of TRH common stock owned…
Traffic fatalities down in the US
March 16, 2010 by Canadian UnderwriterThe number of overall traffic fatalities reported in 2009 reached the lowest level since 1954, according to the U.S. Department of Transportation. The fatality rate declined to the lowest on record, to 1.16 fatalities per 100 million vehicle miles traveled…
SGI Canada and Policy Works partner-up
March 15, 2010 by Canadian UnderwriterPolicy Works has entered into an agreement with SGI Canada to deliver a commercial lines data exchange solution. The agreement integrates Policy Works’ commercial management system (CMS) and SGI’s underwriting system. The integration between SGI’s underwriting system and the Policy…
FirstOnSite Restoration announces national sponsorship of WICC
March 15, 2010 by Canadian UnderwriterFirstOnSite Restoration has selected the Women in Insurance Cancer Crusade (WICC) as its chosen charity for national sponsorship. FirstOnSite is WICC’s newest national sponsor at the platinum level, representing a commitment of Cdn$45,000 over three years.“As an organization we wanted to…
U.S. reinsurers report growth in 2009 net income: RAA
March 15, 2010 by Canadian UnderwriterA group of 19 US property and casualty reinsurers wrote $23.9 billion of net premiums in 2009 — flat compared to the prior year — according to a survey by the Reinsurance Association of America (RAA). Net income for the…
Brokers’ business results affected by changes in distribution: Keal
March 15, 2010 by Canadian UnderwriterSixty-seven per cent of brokers said that changes in distribution have affected their business results, according to a Keal Technology survey.Keal surveyed its broker-user base on issues that included carrier relations, changes in distribution and technology.The top four reasons cited…
Zurich reports 6% increase in 2009 net income
March 15, 2010 by Canadian UnderwriterZurich Financial Services Group reported a net income of $3.2 billion in 2009, marking a 6% increase from 2008’s net income of $3 billion.Its solvency ratio improved 38 points, to 198% last year from 2008’s 160%.Zurich’s general insurance unit saw…
Group disability benefits can be deducted from income replacement benefits: FSCO
March 12, 2010 by Canadian UnderwriterAn Ontario arbitration decision has once again raised a question about the deductibility of collateral benefits. This time a decision determined that long-term benefits received from a group disability insurance plan underwritten by Sun Life can be deducted from income…
BC regulator implements OSFI’s new stress testing guideline
March 12, 2010 by Canadian UnderwriterBritish Columbia’s regulator has adopted the Office of the Superintendent of Financial Institution (OSFI)’s guidelines for stress testing and dynamic capital adequacy tests (DCAT) for insurance companies.OSFI released Guideline E-18 in December 2009. The guideline outlines five areas that should…