News
B.C. brokers’ general continuing education program undergoes facelift
April 28, 2008 by Canadian UnderwriterThe Insurance Council of British Columbia, which regulates the province’s brokers, has published new guidelines for its General Continuing Education (C/E) Program, including a focus on strictly insurance-related aspects of the business.As of June 1, 2008, the General C/E Program…
Arch Capital reports declining net income
April 25, 2008 by Canadian UnderwriterArch Capital Group Ltd. (NASDAQ: ACGL) has reported a declining net income of US$189.4 million for 2008 Q1, compared to its profit of US$198.6 million for 2007 Q1.The combined ratio was 86.2% in 2008 Q1 a change from 2007 Q1’s…
Bermuda P&C industry posts good results, but fundamentals “deteriorating”
April 25, 2008 by Canadian UnderwriterBermuda-based property and casualty (re)insurers have bounced back from two years of unprecedented losses to post strong results in 2006 and 2007, but “industry fundamentals are expected to continue deteriorating,” A.M. Best says in a special report.The Bermuda P&C sector…
AccuWeather predicts hurricane landfalls in Southeast U.S.
April 25, 2008 by Canadian UnderwriterThe number of storms in the Atlantic basin will likely be above average, with an increased chance of hurricane landfall in the United States this year, predicts AccuWeather.com.Joe Bastardi, AccuWeather.com Hurricane Center chief meteorologist, released his early predictions for the…
Chubb’s Q1 profits dip
April 25, 2008 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] reported a 2008 Q1 net income of US$644 million, a decrease from 2007 Q1’s net income of US$710 million.Net written premiums increased 2% to US$2.9 billion, a Chubb release says. The combined loss and expense…
What’s New: In Brief (April 24, 2008)
April 24, 2008 by Canadian UnderwriterChubb Insurance Company of Canada has launched a policy for film producers that insures certain losses straight through post-production.Typically such policies are restricted to covering losses that occur during the “principal photography” period only. Chubb unveiled its “Film Producers Risk…
Supreme Court upholds right of insurer to examine under oath in adversarial situations
April 24, 2008 by Canadian UnderwriterThe Supreme Court of Canada has rejected leave to appeal a decision of the Ontario Appeal Court that found Insurers are entitled to conduct an examination under oath of an insured, regardless of whether or not the relationship between the…
Allstate Q1 profits plummet in wake of tornadoes
April 24, 2008 by Canadian UnderwriterThe Allstate Corporation (NYSE: ALL) reported a 76.7% drop in its 2008 Q1 profits over 2007 Q1.The company’s Q1 profits tumbled from US$1.495 billion in 2007 to US$348 million, an Allstate release says. Catastrophe losses climbed from US$161 million to…
What’s New: In Brief (April 24, 2008)
April 24, 2008 by Canadian UnderwriterThe Saskatchewan Mutual Insurance Company (SMI) is continuing its investment as a full partner of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program.“For many years, SMI has sponsored IBAC’s broker awareness campaign and we are proud to continue…
XL Capital’s Q1 profits take a hit
April 23, 2008 by Canadian UnderwriterXL Capital Ltd. reported a net income of US$211.9 million for 2008 Q1, a 39% drop from the same period of last year’s profit of US$549.7 million.The reduction of US$337.8 million in net income is partly due to a decrease…
Newfoundland and Labrador eliminate insurance premium tax
April 23, 2008 by Canadian UnderwriterNewfoundland and Labrador’s Department of Finance has retroactively eliminated the provincial 15% retail sales tax (RST) on insurance premiums.Effective immediately, insurers are no longer required to collect the tax.If a person purchased or renewed a contract of insurance on or…
Asian reinsurance market shows more rate discipline than U.S. market
April 23, 2008 by Canadian UnderwriterProperty catastrophe reinsurance renewal rates decreased globally as of Apr. 1, 2008, but some areas of the world showed greater rate discipline than others, according to a report by Guy Carpenter & Company LLC.Insurers in Asia and in the United…