News
Financial concerns bump environmental risks from industry’s risk list
March 5, 2009 by Canadian UnderwriterEnvironmental risk has dropped from the Top 10 risks facing the insurance industry and has been replaced by concerns related to investment returns, equity performance and access to capital, a joint survey between the Centre for the Study of Financial…
Determining optimal risk financing
March 5, 2009 by Canadian UnderwriterBy focusing only on the cost of insurance, companies ignore the opportunity to strike the right balance between transferring risk to an insurer and financing a degree of risk themselves, according to a Marsh report, Managing through the downturn. Should…
Munich Re’s operating result in 2008 down 35.5% from the previous year
March 4, 2009 by Canadian UnderwriterThe Munich Re Group recorded an operating result of EUR3.3 billion (Cdn$5.3 billion) in 2008 (compared to EUR$5.1 billion, or Cdn$8.2 billion, in 2007), a decrease of 35.5%. “The marked price losses on the stock markets impacted the investment result,…
What’s New: In Brief (March 04, 2009)
March 4, 2009 by Canadian UnderwriterA.M. Best’s outlook on the U.S. commercial market is stable despite the ongoing soft period in the cycle, a contracting economy and the financial market crisis. In commercial lines, most key indicators suggest rates will continue to be soft and…
Capacity levels for energy risks increased by 5%: Willis
March 4, 2009 by Canadian UnderwriterCapacity levels for energy risks have increased by approximately 5%, based on little or no withdrawals from the energy insurance market in January 2009, the latest Energy Market Review from Willis has found.“With capacity levels up at the start of…
IBAO launches new program for aspiring brokers
March 4, 2009 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has launched the Future Leaders Program. It was developed specifically to address the competencies needed by aspiring brokerage owners/leaders based on direct input from the Young Broker Council members, successful broker principals and…
Montreal researchers publish guide for managing nanoparticle risks
March 3, 2009 by Canadian UnderwriterThe first guide in Québec to deal with managing the risks associated with synthetic nanoparticles has been jointly published by Institut de recherche Robert-Sauvé (IRSST), the Commission de la santé et de la sécurité du travail (CSST) and NanoQuébec.The guide…
Price of D&O liability insurance in U.S. financial sector increases 50% in 2008 Q4
March 3, 2009 by Canadian UnderwriterDirectors’ and officers’ liability insurance costs for the S&P Financials Sector increased 50% in 2008 Q4 compared to 2007 Q4, according to the Quarterly D&O Pricing Index released by Aon Corporation’s Financial Services Group.The Index shows the average price for…
What’s New: In Brief (March 03, 2009)
March 3, 2009 by Canadian UnderwriterIn a move intended to make Saskatchewan roads safer, SGI has increased by 400% the financial penalty for Criminal Code driving-related offences resulting in injury or death. The policy change to the Safe Driver Recognition program raises the financial penalty…
A.M. Best maintains stable outlooks for personal and reinsurance markets
March 3, 2009 by Canadian UnderwriterA.M. Best Co. is maintaining a stable outlook in 2009 for both the global reinsurance sector and the U.S. personal lines sector.The ratings agency listed factors that support its reinsurance sector outlook, including: • sound underlying operating earnings generated over…
IBAO launches new monthly magazine, The Ontario Broker
March 2, 2009 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) will be launching a new monthly publication, The Ontario Broker, in April. The new publication will replace the IBAO News and will be a full-colour, 16-page magazine.The magazine will focus on important issues…
Vehicle manufacturers urged to give independent repairers access to tools, training and diagnostics (March 02, 2009)
March 2, 2009 by Canadian UnderwriterThe Canadian Collision Industry Forum (CCIF) is supporting a private member’s bill before the House of Commons that would oblige vehicle manufacturers to provide independent repairers access to tools, training and diagnostic information.“In Canada, certain vehicle manufacturers are denying [independent…