News
What’s New: In Brief (May 29, 2009)
May 29, 2009 by Canadian UnderwriterManitoba Public Insurance (MPI) will be providing larger, immediate rate reductions for those who have been free of at-fault claims and convictions for 15 or more years.The Public Utilities Board approved MPI’s application for a change in rates to be…
A.M. Best’s proposed stress testing to take company’s catastrophe management history into account
May 28, 2009 by Canadian UnderwriterA.M. Best’s proposed methodology for natural catastrophe stress-testing takes into account a company’s prior history in a natural catastrophe situation.The draft proposal was developed based on analysis regarding reinsurance recoverable payment patterns related to several natural catastrophe events in recent…
Brokers much like wealth managers when it comes to protecting high-end art collectors’ assets
May 28, 2009 by Canadian UnderwriterBrokers looking to sell insurance to reluctant, high-end art aficionados might benefit from acting much like wealth managers in the business of protecting their customers’ assets. Katja Zigerlig, vice president of fine arts, wine and jewelry insurance for AIU Holdings’…
What’s New: In Brief (May 28, 2009)
May 28, 2009 by Canadian UnderwriterState Farm has appointed Barbara Bellissimo as chief agent and senior vice president for State Farm in Canada.Bellissimo joined State Farm in 1986 “and has successfully managed positions of increased responsibility in Canada for underwriting, training and field sales consulting,”…
Organizational changes at Cunningham Lindsey
May 28, 2009 by Canadian UnderwriterAndrea Digdon has been appointed branch manager for Cunningham Lindsey’s Halifax, Nova Scotia location. Digdon joined the company in 1998 and has worked in a number of roles, including being mentored in the commercial risk division. She was appointed the…
Focus on improving margins, not growth, during next hard market
May 27, 2009 by Canadian UnderwriterIn the coming hard market, focus should be put on increasing profit margins, not on increasing a firm’s size, said Neil Morrison, president and CEO, HKMB HUB and HUB International – Ontario.Morrison delivered his speech, ‘The Upside of the Downturn,’…
AMF levies fines against firm and individual
May 27, 2009 by Canadian UnderwriterA Quebec firm and an individual have each been fined a combined total of Cdn$5,250 by the Autorité des marches financiers (AMF) for using the title of claims adjuster without being registered as such with the AMF.Groupe drainage Québec inc.…
Desjardins posts increased surplus earnings in 2009 Q1; cites “excellent” auto result
May 27, 2009 by Canadian UnderwriterDesjardins Group, a cooperative financial group in Canada, announced surplus earnings of Cdn$117 million (before member dividends) in 2009 Q1, up Cn$50 million compared to 2008 Q1.Desjardins General Insurance Group (DGIG) contributed Cdn$6.8 million to the Group’s results for the…
Climate change a growing liability for (re)insurers: Guy Carpenter
May 27, 2009 by Canadian UnderwriterThe potential liability related to climate change is a threat for the (re)insurance industry to consider, according to Christopher Klein, head of global business intelligence at Guy Carpenter. Liability in this context not only refers to the increased costs associated…
Ontario brokers seek ban on credit use in homeowner lines
May 27, 2009 by Canadian UnderwriterSome Ontario insurers are trying to elude the province’s ban on using credit scores in auto insurance by applying credit ratings to property insurance, since credit scoring is allowed on personal property (home) insurance, according to the Insurance Brokers Association…
What’s New: In Brief (May 26, 2009)
May 26, 2009 by Canadian UnderwriterRSA launched a new tool to help consumers mitigate water damage. Beginning May 19, all RSA customers were sent a brochure with advice from the insurer’s property experts on how to protect their homes and properties from water damage.Tips included…
Use of malware continues to grow, increasing cyber risks
May 26, 2009 by Canadian UnderwriterThe use and availability of malware continues to evolve rapidly, causing a dramatic increase in cyber risks, reported Lloyd’s.Malware is software designed to infiltrate or damage a computer system without the owner’s informed consent, according to Wikipedia.In 1988, fewer than…