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CNA Financial reports 2008 Q4 loss of US$336 million

February 9, 2009 by Canadian Underwriter

CNA Financial absorbed a 2008 Q4 net loss of US$336 million, compared to a profit of US$164 million over the same period in 2007.For the entire year of 2008, CNA reported a loss of US$299 million, well below the US$851…

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Kingsway announces Q4 expected loss and streamlining strategy

February 9, 2009 by Canadian Underwriter

Kingsway Financial Services Inc. announced it expects to report a 2008 Q4 loss of US$324 million.As a result, the company says it expects to divest its non-core business lines, streamline operating units and cut roughly 750 jobs.Net realized losses from…

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Hartford wants court to determine whether peanut company should pay claims for salmonella

February 6, 2009 by Canadian Underwriter

The Hartford Casualty Insurance Company has filed a motion in a U.S. District Court against the Peanut Corp. of America (PCA) seeking declaratory judgement on whether or not it will have to pay the claims arising from a nation-wide salmonella…

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What’s New: In Brief (February 06, 2009)

February 6, 2009 by Canadian Underwriter

Aon Corporation (NYSE: AOC) saw its 2008 Q4 net income decrease 95%, down to US$10 million, compared to US$207 million for the prior-year quarter.The company said the drop was “primarily due to an expected [US]$116 million after-tax loss on the…

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Cat bond market decreased in 2008, but not at same rate as credit market

February 6, 2009 by Canadian Underwriter

The issuance of cat bonds decreased in 2008 amid global financial market turmoil, but it was still the third most active year since catastrophe bonds were introduced in 1997, reports Guy Carpenter & Company, LLC.In its cat bond market update,…

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Adjusters should track a claimant’s use of pain medications

February 6, 2009 by Canadian Underwriter

Adjusters should always inquire as to what medications a claimant takes on a regular basis, because the side effects of some of them might be misinterpreted as psychological impairments that form the basis of a claim. “We don’t realize how…

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Canadian government taking steps to regulate use of nano-materials

February 5, 2009 by Canadian Underwriter

Environment Canada (EC) will require companies to report their use of engineered nano-materials in a step toward developing a regulatory framework around the use of nano-technology. EC will publish a notice in Feb. 2009 that will target companies or institutions…

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FSCO requiring semi-annual reports on IFRS readiness

February 5, 2009 by Canadian Underwriter

Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has served notice that it considers the required transition to International Financial Reporting Standards (IFRS) in 2011 to be an “enterprise risk,” and so “we are therefore monitoring the company’s…

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Swiss Re reports expected net loss of CHF 1 billion

February 5, 2009 by Canadian Underwriter

Swiss Re Group is expecting to report a net loss for 2008 of roughly CHF1 billion (roughly the same in Canadian dollars). Significant measures are being taken to reinforce the company’s capital strength, which includes raising roughly CHF$3 billion of…

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Forensics field changing as needs are changing

February 5, 2009 by Canadian Underwriter

Insurance companies should be looking to hire multi-disciplinary forensic companies as a way to save money time and resources, adjusters heard at an annual association conference.Jamie Catania, principal at Giffin Koerth Inc., discussed the increasingly specialized nature of forensics at…

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The “invisible” hard market has arrived

February 4, 2009 by Canadian Underwriter

The hard insurance market cycle has indeed arrived, only it’s “invisible,” Marsh & McLennan Companies president and CEO Brian Duperreault told a joint meeting of the U.S. Association of Professional Insurance Women (APIW) and Chartered Property Casualty Underwriters (CPCU) Society…

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HCAI roll-out anticipated for 2010

February 4, 2009 by Canadian Underwriter

Health Claims for Auto Insurance (HCAI), an electronic claims system funded by insurers to the tune of Cdn$20 million, is expected to be rolled out sometime during 2010, the Insurance Bureau of Canada (IBC) has announced.HCAI was designed to be…