News
Distinction must be maintained between an insurer’s corporate social responsbility and its fiduciary responsibility
December 10, 2009 by Canadian UnderwriterAdvances in corporate social responsibility are blurring the lines between the objectives of risk management and the economic role of insurance, according to an article written for The Geneva Association. One of risk management’s responsibilities is to assess any and…
Using catastrophe to aid climate change
December 10, 2009 by Canadian UnderwriterAlthough a large-scale catastrophe would be undesirable, it might nevertheless create an opportunity to upgrade to higher environmental standards, Lloyd’s CEO Richard Ward said during the COP15 United Nations Climate Change Conference in Copenhagen. “People can choose to rebuild with…
What’s New: In Brief (December 10, 2009)
December 10, 2009 by Canadian UnderwriterGore Mutual Insurance Company is offering more than 70,000 free taxi rides on New Year’s Eve to their Ontario automobile clients. “Road safety is the number one concern for many citizens,” Matthew Torigian, Waterloo Regional Police chief, said in a…
Swiss Re issues cat bond for North Atlantic hurricane, California earthquake
December 10, 2009 by Canadian UnderwriterSwiss Re has issued a US$150-million cat bond for North Atlantic hurricanes, European windstorms and California earthquakes. Swiss Re has entered into a transaction with Successor X Ltd. to receive up to US$150 million of payments in the event of…
More signs that organized crime is involved in auto theft: IBC
December 9, 2009 by Canadian UnderwriterThe 2000 Honda Civic made the top of Insurance Bureau of Canada (IBC)’s annual list of most stolen vehicles. However, the addition of high-end vehicles such as the Cadillac Escalade to the list reflects the increasing involvement of organized crime…
How reinsurers can make up for poorly modelled perils
December 9, 2009 by Canadian UnderwriterPartnerRe is championing an integrated risk management and modelling method designed to take into account the cumulative effect of multiple perils, some of which cannot be modelled reliably, including floods and hail.“Not every type of risk and peril can be…
What’s New: In Brief (December 09, 2009)
December 9, 2009 by Canadian UnderwriterConsumers made 1,312 calls to the General Insurance OmbudService (GIO) with concerns regarding claims in 2010, according to statistics released in the GIO’s 2008-09 Annual Report. The GIO received 313 calls related to policy cancellation or non-renewal, 368 about coverage…
U.S. property and casualty industry’s combined ratio to climb in 2010: Fitch
December 9, 2009 by Canadian UnderwriterFitchRatings expects the U.S. property and casualty industry to experience higher underwriting losses and below average returns on capital in 2010.The agency’s outlook on the industry remains negative. The negative rating outlook on the industry implies that downgrade actions are…
Stability a few years off for insurance industry
December 8, 2009 by Canadian UnderwriterIt may be a few years before the insurance industry sees a return to relative stability and certainty, according to PricewaterhouseCoopers LLP (PWC). This will occur as the industry reacts to the effects of regulatory reform, increased government intervention and…
Citing feds’ proposal to ban insurance sales on bank Web sites, bankers’ association calls for improved dialogue with legislators
December 8, 2009 by Canadian UnderwriterThe Canadian Bankers Association (CBA) is cautioning Canadian legislators not to “get caught up in a wave of ‘regulation-mania’” in the wake of the financial crisis, later telling the media that one example would be Finance Minister Jim Flaherty’s efforts…
What’s New: In Brief (December 08, 2009)
December 8, 2009 by Canadian UnderwriterThe composite rate for commercial property and casualty insurance in the United States was down 5% for Nov. 2009, MarketScout reports.The soft market may be prolonged if mega-brokers begin to acquire small- and middle-market brokerages, MarketScout says in its online…
What’s New: In Brief (December 08, 2009)
December 8, 2009 by Canadian UnderwriterThe lowest rate of car crashes in Ontario is in St. Thomas, according to an Ontario Safe Driving Study conducted by Allstate Insurance Company of Canada. The highest crash rates by community went to Thornhill, Ajax, Maple, Brampton and Bolton.…