News
Despite auto market uncertainty, Facility Association numbers in Ontario and Alberta remain “low and stable”: broker FA reps
September 14, 2009 by Canadian UnderwriterDespite international market turmoil, uncertainty around minor auto injury caps and increasing claims costs related to Ontario’s accident benefits, Facility Association (FA) volumes appear to remain low and stable in most jurisdictions, broker representatives to FA have reported. “Residual markets…
Ontario court finds province’s stunt-driving law to be unconstitutional
September 14, 2009 by Canadian UnderwriterAn Ontario Court Justice has struck down Ontario’s new “stunt driving” legislation as unconstitutional.The legislation, introduced in 2007, outlines several factors defining “stunt driving,” including “driving a motor vehicle at a rate of speed that is 50 km-h or more…
U.S. commercial side resists sharp D&O rate increases: Willis
September 14, 2009 by Canadian UnderwriterThe U.S. property and casualty commercial sector continues to resist sharp rate increases for Directors & Officers insurance seen in the financial institutions sector, with the average premium for commercial business falling 5% in 2009 Q2, according to a new…
What’s New: In Brief (September 14, 2009)
September 14, 2009 by Canadian UnderwriterArthur J. Gallagher & Co. is donating US$100,000 to fund the creation of the Robert E. Gallagher and John P. Gallagher Scholarship. The initiative will provide funding for students of risk management disciplines. “We are grateful for the tremendous generosity…
Canadian P&C industry may have role to play in discussion of building codes: ICLR
September 11, 2009 by Canadian UnderwriterAn on-the-ground inspection of damage done to homes following several tornadoes that hit Ontario on Aug. 20, 2009 has started a discussion about whether or not the Canadian property and casualty insurance has a role to play in raising awareness…
Storm events magnified by increased public awareness, not necessarily by global warming
September 11, 2009 by Canadian UnderwriterThere isn’t so much a shift in severe storm weather activity in Ontario due to global warming, but rather a greater public awareness about the storm activity, an Environment Canada meteorologist told a group attending a presentation on Ontario’s Aug.…
Canadian brokers, insurers, software vendors working towards ‘Ideal Electronic Workflow’
September 11, 2009 by Canadian UnderwriterCanadian brokers are starting a new round of testing with insurers and broker management system (BMS) technology vendors of a pilot program designed to achieve an ideal electronic workflow incorporating the tricky area of policy changes.In its 2009 annual report,…
What’s New: In Brief (September 11, 2009)
September 11, 2009 by Canadian UnderwriterZurich in Canada has appointed Bob Fellows as senior vice president of distribution, marketing and communications for Zurich’s business in Canada.Fellows has 30 years of experience working in the Canadian insurance industry.In his distribution role, he will be responsible for…
Canada’s personal accident loss and LAE ratio could hit 120% by end of 2009: AM Best
September 10, 2009 by Canadian UnderwriterIt’s quite likely that Canada’s personal accident loss and LAE (loss adjustment expense) ratio will reach 120% by the end of 2009, said Charles Huber, senior financial analyst with AM Best Company.Huber addressed delegates of the AM Best Company’s 2009…
The pendulum of capitalization “really swinging” in Canadian reinsurance market
September 10, 2009 by Canadian UnderwriterWhen it comes to capitalization of the Canadian reinsurance market, the “pendulum is really swinging,” said Robert DeRose, vice president of AM Best Company’s U.S. Reinsurance and Bermuda Market.DeRose spoke at the AM Best Company’s 2009 Insurance Market Briefing —…
Global reinsurance rates increasing by an average of 8% through 2009 renewals
September 10, 2009 by Canadian UnderwriterGlobal reinsurance rates are increasing by an average of 8% through the 2009 reinsurance renewals, according to Guy Carpenter & Company’s annual survey of the global property catastrophe reinsurance market. Rates declined by 6% in 2008, having declined by 10%…
Several inflationary factors to threaten (re)insurers over the next 2-5 years: Guy Carpenter briefing
September 10, 2009 by Canadian UnderwriterHigher inflation in a variety of forms is expected to develop into a threat to long-tail (re)insurers sometime over the next two to five years, a Guy Carpenter briefing says.Written by Guy Carpenter managing director David Lewin, the briefing warns…