News
Financial crisis does little to slow IT spending
February 2, 2009 by Canadian UnderwriterDespite the financial crisis, there is no indication of dramatic reductions in IT spending, changes in priorities, disruptions of project pipelines or dramatic shifts in platforms, a 2009 Celent survey of U.S. chief information officers has found.The survey canvassed executives…
Risk management must integrate actuarial functions
February 2, 2009 by Canadian UnderwriterA key lesson learned from the current financial crisis is that risk management must integrate risk and actuarial functions, Swiss Re Canada’s Online newsletter said.Traditionally the focus of risk management has been on identifying and reporting risks, but the crisis…
MPI files rate request for first year of Driver Safety Rating system
February 2, 2009 by Canadian UnderwriterManitoba Public Insurance (MPI) is proposing that no one pay increased premium during the first year of its new merit/demerit system, called the Driver Safety Rating (DSR), and that the maximum vehicle insurance discount remain at 25%.MPI filed rates for…
Ambiguity requires trial to determine status of unnamed insured
February 2, 2009 by Canadian UnderwriterThe phrase “companies under management control” is too vague to determine whether an unnamed insured — a roofing company hired by Atomic Energy Canada Ltd. (AECL) — is entitled to the AECL’s property policy coverage without the need for a…
What’s New: In Brief (January 30, 2009)
January 30, 2009 by Canadian UnderwriterRRJ Insurance Group/KRG Insurance Brokers have added Schofield-Aker Limited to the group. Earlier in January 2009, RRJ Insurance Group and KRG Insurance Group merged, with the companies continuing to operate under their respective names. “The addition of Mario Cervoni and…
AMF files charges against unregistered adjuster
January 30, 2009 by Canadian UnderwriterThe Autorité des marchés financiers (AMF) has launched penal proceedings against a Quebec man for allegedly acting as a claims adjuster without being registered. The charges against Pierre Paquin have not been proven in court. The proceedings will be heard…
Capital of Canadian-based insurers able to withstand fourth-quarter TSX drop of 23%: MSA Research
January 30, 2009 by Canadian UnderwriterCanadian-based insurance companies (excluding branches) are likely to withstand the 23% drop in TSX share prices that occurred during 2008 Q4 without showing signs of a capital meltdown, according to MSA Research.In the recent Q3-2008 edition of the MSA/Baron Outlook…
Interest in casualty clash reinsurance coverage re-sparked
January 30, 2009 by Canadian UnderwriterCasualty clash reinsurance rates remained relatively flat at the Jan. 1, 2009 renewals, but many large carriers are showing a renewed interest in the product, Guy Carpenter reports.Casualty clash cover is an excess contract that protects an insurer from losses…
Two-year ‘window of opportunity’ exists following catastrophe
January 29, 2009 by Canadian UnderwriterThe 2003 Kelowna, B.C., wildfires created a two-year window of opportunity in which public and private interest in adopting and improving mitigation strategies was heightened, an Institute for Catastrophic Loss Reduction (ICLR) study found.The ICLR released a major study evaluating…
What’s New: In Brief (January 29, 2009)
January 29, 2009 by Canadian UnderwriterHKMB HUB International Insurance Brokers is hosting the 4th annual Hockey Challenge for Charity On March 11. The event will be held at the Air Canada Centre from 3-6pm. The annual Claims vs. Underwriting game, will feature players from sponsoring…
Allstate reports US$1 billion loss in 2008 Q4
January 29, 2009 by Canadian UnderwriterThe Allstate Corporation (NYSE: ALL) reported a US$1.129 billion loss for 2008 Q4, marking a drastic drop from 2007 Q4’s profit of US$760 million.For 2008, Allstate reported a 136% drop in profits over 2007, from US$4.636 billion to a loss…
Political risk impact of credit crunch will come to light in 2009
January 29, 2009 by Canadian UnderwriterThe impact of the political consequences of the global credit crunch will be seen in 2009, according to the 16th annual Political Risk Map, launched by Aon Risk Services. Miles Johnstone, director of Aon’s Political Risk team, explained: “This year’s…