News
ERM becomes big business
July 19, 2006 by Canadian UnderwriterThe incredible complexity of risk for large, multi-national companies is driving managers and board to embrace enterprise risk management (ERM), A.M. Best notes, although ERM techniques often require incomplete data and board-level commitment that isn’t always there.Speaking at the 42nd…
Gulf, Atlantic coast residents half-prepared for hurricanes
July 18, 2006 by Canadian UnderwriterAverage insured homeowners throughout Gulf and Atlantic coastal communities have taken only half the steps that would best position them to recover from a major storm, according to a new Hurricane Readiness Index released in July.The Index is based on…
B.C. Utilities Commisssion confirms auto rate increase
July 18, 2006 by Canadian UnderwriterThe B.C. Utilities Commission has confirmed a 6.5% increase that came into effect on an interim basis on Mar. 15, 2006.“ICBC is committed to keeping auto insurance rates low and stable,” Donnie Wing, ICBC’s senior vice president of insurance, marketing…
Lloyd’s Market shaken, not stirred by 2005 hurricanes
July 17, 2006 by Canadian UnderwriterAs a result of enhanced risk management and three consecutive years of significant profit, Lloyd’s was well positioned to absorb the substantial claims arising from a second year of unprecedented natural catastrophes in 2005, according to an overview of the…
Ex-Special Forces operatives help underwrite U.K. terrorism risk
July 17, 2006 by Canadian UnderwriterWhen it comes to insuring against terrorism, getting the right intelligence is key, Lloyd’s says. That’s why Lloyd’s has partnered with a company that uses ex-Special Forces operatives, the insurer posted on its Web site. To do their job effectively,…
Terrorism risk cat bond prevails
July 14, 2006 by Canadian UnderwriterThe terrorism risk catastrophe bond written by Golden Goal Finance Ltd. To cover the cancellation of the 2006 FIFA World Cup was recently applauded by Risk Management Solutions (RMS).RMS, a provider of products and services for the management of natural…
Auto claims costs up, MPI says
July 14, 2006 by Canadian UnderwriterSolid investment income helped Manitoba Public Insurance (MPI) offset a significant rise in claims costs for the first quarter of 2006, MPI has reported.For the three months ended May 31, 2006, MPI’s claims costs were up CD$17.1 million, or 11.5%,…
Life, non-life insurance sectors show different growth rates
July 13, 2006 by Canadian UnderwriterLife and non-life insurance sectors showed entirely different developments in 2005, a Swiss Re annual study of the global insurance market found.In 2005, the worldwide insurance industry wrote premiums to the tune of US$3.4 billion. According to a Swiss Re…
Aviva rating stable, AmerUs rating revised
July 13, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has affirmed its ratings and stable outlook on U.K.-based insurer Aviva PLC and related core operating entities of the group, including CGU International Insurance PLC. At the same time, S & P’s revised its outlook…
“Sociability” critical to success in insurance, study finds
July 12, 2006 by Canadian UnderwriterSocial skills are more critical for success in insurance than in any other industry, according to a study by PsyMax Solutions, a Cleveland-based, human capital assessment firm.“‘Sociability’ in the workplace means being able to relate to others in a highly-engaging,…
What’s New: In Brief (July 12, 2006)
July 12, 2006 by Canadian UnderwriterHub International Limited (NYSE:HBG)(TSX:HBG) has acquired the life insurance portfolio of Standard International Underwriters Ltd. (SIU). Details of the purchase by the Toronto-based Hub Financial Inc. (HUB Financial) were not disclosed. Both HUB Financial and SIU are managing general agencies…
Crawford to handle North Vancouver oil spill claims
July 12, 2006 by Canadian UnderwriterThe Vancouver-based marine services branch of Crawford Adjusters Canada has been appointed to handle the insurable repercussions resulting from a recent oil spill into an inlet off North Vancouver’s waterfront.Vessel owner’s liability insurers appointed Crawford Marine Services to investigate and…