News
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…
Manitoba brokerages announce merger
September 9, 2009 by Canadian UnderwriterManitoba-based brokerages Horizon Insurance and Ryan Gateway Insurance Brokers have announced a merger of operations.A release describes the merger as “the coming together of the oldest and the largest local insurance brokers in Manitoba.” Ryan Gateway Insurance Brokers has provided…
What’s New: In Brief (September 09, 2009)
September 9, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS NYSE: KFS) has entered into a definitive agreement to sell Zephyr Insurance Company, Inc. Kingsway anticipates receiving initial gross proceeds from the transaction of US$31.5 million, plus a contingent, deferred earn-out amount. The deal…
Western Financial Group acquires Winnipeg-based insurance broker Hayhurst Elias Dudek (HED)
September 9, 2009 by Canadian UnderwriterWestern Financial Group has agreed to acquire all issued and outstanding shares of Winnipeg-based Hayhurst Elias Dudek (HED) Inc. and its subsidiaries, including Securican General Insurance Company.The transaction has been approved by all applicable regulatory bodies and is scheduled to…
Strict property insurance regulation linked to post-disaster catastrophe rate increases
September 9, 2009 by Canadian UnderwriterPost-disaster property insurance regulations drive up the very insurance prices they purport to control, according to a report from the Independent Institute. The Independent Institute has six centres with a mandate to evaluate, refine, and propose solutions to major social…