News
What’s New: In Brief (May 20, 2008)
May 20, 2008 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR), The Co-operators and the Downtown Guelph Business Association have partnered in the creation of the disaster-planning program called Open for Business.Launched in Guelph, Ont., the pilot program consists of a disaster planning folder,…
What’s New: In Brief (May 16, 2008)
May 16, 2008 by Canadian UnderwriterInsurance Bureau of Canada (IBC) is calling for a national action plan to upgrade water and sewage infrastructure across Canada. The country’s critical infrastructure, particularly water and sewage systems, were built according to weather pattern assumptions that have become totally…
Executive changes at Kingsway to formulate future strategies
May 16, 2008 by Canadian UnderwriterKingsway Financial Services Inc. has made some executive changes to create its leadership team, align management responsibilities and formulate Kingsway’s strategy for the future.Shelly Gobin has been appointed senior vice president and CFO. She will assume overall responsibility for reinsurance…
PartnerRe report assesses strengths, weaknesses of risk transfer mechanisms
May 16, 2008 by Canadian UnderwriterThe choice of whether to use traditional reinsurance or capital markets to transfer risk “will depend on careful consideration of a number of different factors, including the risk, size of insurer and ability to absorb basis risk,” PartnerRe says in…
Subprime financial losses expected to be huge, but mitigating factors may temper insurance losses
May 16, 2008 by Canadian UnderwriterProjected to be bigger in scope than the savings and loan crisis in the late 1980s and early 1990s, the subprime mortgage and credit derivative fiasco currently embroiling the United States is merely in its infancy, panelists told people attending…
Zurich reports US$1.4 billion profit in Q1
May 15, 2008 by Canadian UnderwriterZurich Financial Services Group reported a net income of US$1.4 billion, an increase of 3% in its 2008 Q1 earnings over 2007 Q1.The general insurance unit of the company saw a 10% increase in gross written premiums and policy fees,…
What’s New: In Brief (May 15, 2008)
May 15, 2008 by Canadian Underwriter*** CORRECTION This item contains a correction of an item that was originally posted on May14. Please note the contact information for the Guy Carpenter & Company Casino Night has been amended. Peter Phillips has been appointed managing director of…
EGI Financial Holdings sees signs of hardening market in 2008
May 15, 2008 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX:EFH) says it is poised to take advantage of the hardening market conditions now developing in 2008.“With competitive conditions persisting within the non-standard auto line of business, we have remained focused on continued diversification efforts and…
Health costs, discount rates increase tort awards in catastrophic injury cases
May 15, 2008 by Canadian UnderwriterIn eight years, tort awards in catastrophic cases have increased from the Cdn$600,000-$7000,000 range to between Cdn$10 million and Cdn$15 million, Jess Bush, partner with Blaney McMurtry LLP, told delegates at the Insurance Law: Spring Update 2008 in Toronto on…
Standard view of good faith fails to answer important questions
May 15, 2008 by Canadian UnderwriterThe conventional view of good faith is misleading or incomplete in that it does not answer essential questions such as whether the obligation is contractual, Roderick Winsor, partner with Blaney McMurtry LLP told delegates at the Insurance Law: Spring Update…
Earthquake in China causes estimated US$10 to US$20 billion in property damage
May 14, 2008 by Canadian UnderwriterA 7.9-magnitude earthquake that rocked China on May 12 is estimated to have caused damage losses ranging between US$10 and $20 billion, according to catastrophe modelers. Risk Management Solutions (RMS) estimates property losses to be between US$10 and US$15 billion,…
Tough winter conditions batter ING Canada’s 2008 Q1 results
May 14, 2008 by Canadian UnderwriterRecord snowfalls and severe winter storms in central Canada caused ING Canada’s 2008 Q1 profit to shrink from Cdn$126.2 million down to Cdn$23 million. ING Canada also cited lower operating income and declines in equity markets as factors in its…