News
Aon launches product to minimize business interruption in Canada
May 2, 2008 by Canadian UnderwriterAon has introduced its Global Rapid Response program to Canada.Global Rapid Response provides post-loss mitigation and recovery consulting, helping on the ground at the loss location. The program is designed to help minimize the financial impact of a catastrophic property-damaging…
Average gross collision loss appraisal decreased in 2008 Q1
May 1, 2008 by Canadian UnderwriterThe average gross appraisal value of a Canadian collision loss in 2008 Q1 was Cdn$3,078, a decrease of Cdn$139 over 2007 Q1, based on data contained in the 2008 Q2 Mitchell Industry Trends Report.Mitchell stats show the average body labour…
Canadian P&C industry definitely in soft cycle: Swiss Re
May 1, 2008 by Canadian UnderwriterAlthough 2007 was a profitable year for Canada’s P&C industry, “it is increasingly clear that the soft phase of the insurance cycle is now upon us,” Swiss Re reported in its 2008 Q1 Canada Property & Casualty Quarterly. “Net income…
What’s New: In Brief (May 01, 2008)
May 1, 2008 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) has reported a net income of US$129 million for 2008 Q1, compared to US$169.3 million profit posted in 2007 Q1. The company reported a combined ratio of 92.3% for the first quarter, up from 2007 Q1’s…
Solvency II likely to prompt big IT spending
May 1, 2008 by Canadian UnderwriterSolvency II implementation will likely trigger European insurers to invest between EUR600 million and EUR900 million (between Cdn$944 million and Cdn$1.5 billion) in new IT projects, Celent says in a new report, ‘Solvency II: Overview and Impact on IT.’With the…
Insurers showing a poor spread of risk premium, broker tells CIP Symposium
April 30, 2008 by Canadian UnderwriterThe contention that “strong” premium growth is a feature of the current soft market is laughable because the industry is currently seeing a poor spread of risk premium, Fred De Francesco of Fairview Insurance Brokers told the CIP Society’s Symposium…
What’s New: In Brief (April 30, 2008)
April 30, 2008 by Canadian UnderwriterSpencer Educational Foundation Inc. has announced at the Risk and Insurance Management Society (RIMS) 2008 Annual Conference & Exhibition that it intends to award more than US$266,000 to select undergraduate, graduate and doctoral students in the risk management and insurance…
Price tag for collision repair shops to limit VOC compounds estimated at Cdn$322 million
April 30, 2008 by Canadian UnderwriterEnvironment Canada has released new regulations for limiting concentrations of Volatile Organic Compounds (VOC) in the use of automotive refinishing products such as paint.The proposed VOC concentration limits for automotive refinishing products are anticipated to result in a cumulative reduction…
No such thing as ‘incidental’ insurance sale, IBAC tells regulators
April 30, 2008 by Canadian UnderwriterThe standards of licensing and supervision of insurance sellers should be determined not by their “method of sale,” but by the substantive attributes of the product sold, the Insurance Brokers Association of Canada (IBAC) has told a working group of…
RIMS bestows Canadian with lifetime achievement award
April 29, 2008 by Canadian UnderwriterDiane Wolfson, a member of the Quebec chapter of the Risk and Insurance Management Society (RIMS) was awarded the Harry and Dorothy Goodell Award during the RIMS 2008 General Session in San Diego, California. The prestigious award was likened to…
‘Human’ reaction to crisis could save corporate reputation
April 29, 2008 by Canadian UnderwriterWhen faced with a crisis threatening a company’s reputation, senior executives that respond immediately with compassion, empathy and humility may speed the recovery from the loss and improve the organization’s capital value in the long run.Bruce Abrams of AIG, cited…
Ontario Bar Association honours insurance lawyers Geoffrey Adair and John Evans
April 29, 2008 by Canadian UnderwriterThe Ontario Bar Association (OBA) has bestowed its 2008 Award for Excellence in Insurance Law to Geoffrey D. Adair of Adair Morse LLP and John F. Evans of Evans Sweeny Bordin LLP.The OBA award recognizes members for exceptional achievements, distinguished…