News
FM Global reports record profit growth
February 22, 2008 by Canadian UnderwriterFM Global reported a 26% growth in net income (to US$928 million) in 2007, the largest such growth in the company’s history.The company also posted a combined ratio of 73.4%, which was better than forecast, the company reported, “due to…
Expert panel to look at ways to improve Canadian securities regulation
February 22, 2008 by Canadian UnderwriterCanada has appointed an expert panel to help look at ways to improve securities regulation in Canada, including an examination of whether the country should establish one common securities regulator for the entire country.“I am asking the panel to develop…
What’s New: In Brief (February 22, 2008)
February 22, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) invested roughly Cdn$8.9 million in funding for safety improvements to roads in B.C. as part of its Road Improvement Program.The program works in partnership with municipalities and the provincial government to make roads…
What’s New: In Brief (February 21, 2008)
February 21, 2008 by Canadian UnderwriterTraditional forms of terrorism in Asia are being superseded by area-specific threats such as criminal gangs with political agendas, and businesses need to respond to these, Lloyd’s of London says in a recent report, ‘Terrorism in Asia: What does it…
EGI reports shrinking profits
February 21, 2008 by Canadian UnderwriterEGI Financial Holdings Inc. reported a profit of Cdn$15 million for 2007, a decrease of 11.3% over 2006.For 2007 Q4, the company reported a net income of Cdn$3.7 million, a decrease of 28.3% from 2006 Q4.Underwriting income decreased 31.2% to…
Report examines lessons learned from South California wildfires
February 21, 2008 by Canadian UnderwriterGiven the potential for US$2.5 billion in insured losses for wildfires in California alone, last year’s wildfire season ranks as one of the costliest wildfire seasons in recent history, according to a joint report by Risk Management Solutions (RMS) and…
New coverage designed for cyber-liability and privacy breaches
February 21, 2008 by Canadian UnderwriterArmed with an initial capitalization of Cdn$10 million, Executive Risk Insurance Services is developing a new breed of insurance coverage specifically geared towards risks associated with cyber-liability and privacy breaches.In a seminar in Toronto, Executive Risk said its insurance product…
Willis Re develops early-warning signal for subprime liability exposure
February 20, 2008 by Canadian UnderwriterWillis Re has developed an early warning system for professional liability insurance and reinsurance underwriters, identifying what may be early warning signals for potential securities class-action lawsuits stemming from the sub-prime crisis.Analysts identified the gaps between the senior debt ratings…
ING Canada posts 2007 net income drop, cites “unfavourable capital markets”
February 20, 2008 by Canadian UnderwriterING Canada Inc. reported net income of Cdn$95.8 million for 2007 Q4.This is down from $109.4 million in 2006 Q4, mainly due to lower results from invested assets, the company notes.“Our investment activities continue to generate substantial interest and dividend…
Insurance industry employees waste 1.1 hours per day surfing the Web
February 20, 2008 by Canadian UnderwriterHow much money are the cyber-slackers “working” at your insurance company or brokerage costing you each year?Would you believe an average annual total of US$93,000, as shown during a presentation at the general meeting of the Toronto Applied Systems Client…
York Fire implements true real-time XML inquiry
February 20, 2008 by Canadian UnderwriterYork Fire & Casualty has become Canada’s first insurance carrier to implement true XML real-time inquiry, which it demonstrated at a general meeting of the Toronto Applied Systems Client Network (TASCnet).Using Applied Systems’ WARP technology for real-time transactions, York Fire…
Canada has sophisticated financial system, findings show
February 19, 2008 by Canadian UnderwriterCanada has a highly sophisticated securities framework that largely addresses the principles of the International Organization of Securities Commissions (IOSCO), according to findings from the International Monetary Fund (IMF) and the World Bank, Autorite des Marches Financiers (AMF) reported. The…