News
Willis CEO lists eight megatrends that could affect industry in the future
March 17, 2008 by Canadian UnderwriterToday’s risks are increasingly being shaped by a number of different factors, including globalization, global warming, terrorism, and cyber risk and credit risk, according to Joseph Plumeri, chairman of Willis Group Holdings. Historically, the risks were property, casualty, marine, aerospace,…
Reinsurance industry sees slight improvement in combined ratio
March 17, 2008 by Canadian UnderwriterA group of 20 U.S. property-casualty reinsurers wrote US$22.7 billion of net premiums during 2007, a decrease of US$3.1 billion over the same period in 2006.A Reinsurance Association of America (RAA) study notes the combined ratio for the group was…
Average annual cost of auto repair expected to rise
March 17, 2008 by Canadian UnderwriterThe average annual cost of automotive repair is forecasted to increase to Cdn$1,141 in 2010 from Cdn$1,044 in 2006, according to the 2007 Outlook Study released by the Automotive Industries Association (AIA) of Canada. In the period spanning from 2001…
FSCO arbitrator requires disclosure of intended tort action against insurer
March 14, 2008 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has ordered Eva Wren, an applicant for arbitration with State Farm Mutual Automobile Insurance Company, to provide written notification as to whether or not she intends to advance a tort claim against the…
S&P’s ERM assessment model too rigid, says RIMS
March 14, 2008 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has expressed concern about how to apply Standard & Poor’s (S&P’s) proposal to implement an enterprise risk management (ERM) analysis for credit ratings of non-financial companies. Overall, RIMS commends S&P’s work to elevate…
Climate change tops list of risks to insurers
March 14, 2008 by Canadian UnderwriterPotential climate change is the greatest strategic risk currently facing the property and casualty insurance industry, according to an Ernst & Young report. Demographic changes and catastrophic events follow closely behind.For the study, Strategic Business Risk 2008, Ernst & Young…
What’s New: In Brief (March 14, 2008)
March 14, 2008 by Canadian UnderwriterRobert J. Dunn has been named vice chairman of Integro Canada Ltd.Dunn joined Integro in 2005 as managing principal and has successfully established the Integro operation in Montreal. He will continue to manage the Montreal office, which specializes in construction,…
What’s New: In Brief (March 13, 2008)
March 13, 2008 by Canadian UnderwriterING Insurance Company of Canada has announced the continuation of its full partnership in the Insurance Brokers Association of Canada’s (IBAC) Broker Identity Program.“We continue to recognize the invaluable branding the Broker Identity Program brings the insurance broker profession,” said…
ICBC sees profits increase in 2007
March 13, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has reported a profit of Cdn$642 million for 2007, an increase over 2006’s Cdn$350 million.The corporation also reported high customer satisfaction scores for last year and announced that it would be cutting its…
Vehicle roof strength directly affects injury risk in rollovers: IIHS study
March 13, 2008 by Canadian UnderwriterInjury risk decreases as vehicle roof strength increases, according to a report by the Insurance Institute for Highway Safety (IIHS). This is a different conclusion from other studies, which found that roof strength had little or no effect on the…
Red-light cameras increase intersection collisions, Florida study finds
March 13, 2008 by Canadian UnderwriterRed-light camera intersections established to improve traffic safety by discouraging drivers from running red lights have actually increased the number of intersection crashes, a University of South Florida Health Review article suggests.The University of South Florida research cites a number…
FSCO suspends HCAI Guideline
March 12, 2008 by Canadian UnderwriterFinancial Services Commission of Ontario (FSCO) has temporarily suspended the Health Claims for Auto Insurance Guideline (HCAI) at the request of the Insurance Bureau of Canada (IBC). In a letter to the Ontario insurance regulator dated Mar. 10, 2008, IBC…