News
Death and injury rates decrease under graduated licensing
June 22, 2006 by Canadian UnderwriterThe Graduated Driver License Law appears to result in lower death and injury rates for teen drivers, with the median age being 16-years old, according to a study by the AAA Foundation for Traffic Safety. Death and injury crashes for…
Willis will rate insurance carriers on service
June 22, 2006 by Canadian UnderwriterWillis Group Holdings (NYSE: WSH), a global insurance broker, has launched The Willis Quality Index, an initiative to benchmark insurance carriers from the perspective of servicing and supporting clients’ needs. The Willis Quality Index provides information on such things as:…
SGI Canada now selling insurance products in Alberta
June 22, 2006 by Canadian UnderwriterSGI Canada has begun selling insurance products and services in Alberta, the Crown corporation announced in an online posting.“We’re very pleased to enter the Alberta market as it holds great potential for growth for SGI Canada,” SGI Canada president Jon…
Most U.S. cities still unprepared for disasters
June 21, 2006 by Canadian UnderwriterFive years after 9-11 and nearly a year after Hurricane Katrina most of the United States remains unprepared to deal with a major disaster, according to the U.S. Department of Homeland Security (DHS).U.S. insurers appear to be looking at ways…
XL celebrates 20th by participating in Global Day of Giving
June 21, 2006 by Canadian UnderwriterEmployees of the Canadian operations of XL RE, XL Capital, XL Insurance and XL Design Professional recently participated in the Global Day of Giving.The Global Day of Giving initiative was part of XL’s 20th anniversary celebrations.XL staff worldwide, about 3,500…
Insurers’ use of capital models increasing: Moody’s
June 21, 2006 by Canadian UnderwriterThe use of economic capital models by insurers has grown significantly in recent years and will play an increasingly important role in the rating of such companies, according to a report by Moody’s Investors Service.“Although banks have led the way…
Many Canadians find insurance “difficult to understand”
June 21, 2006 by Canadian UnderwriterAccording to a recent study conducted for The Co-operators, 66% of Canadians find insurance “difficult to understand,” and 63% are “unsure how premiums are calculated.” “The findings are troubling, because insurance is an important financial planning tool and part of…
Industrial Alliance realizes objectives
June 20, 2006 by Canadian UnderwriterIndustrial Alliance Insurance and Financial Services Inc. recently held an Investor Day for the institutional investment community.Yvon Charest, president and CEO, says the event is meant to offer investors with three primary messages including the Company’s “potential to grow EPS…
Chubb services aircraft coverages
June 20, 2006 by Canadian UnderwriterChubb Corp. and Starr Aviation Agency Inc. recently entered into an agreement to offer clients hull and liability and workers compensation coverages.The terms of this underwriting agreement states that Chubb will provide hull and liability insurance to Starr Aviation’s general…
U.S. insurance CEOs worry about pricing, capacity
June 20, 2006 by Canadian UnderwriterProperty and catastrophe capacity, especially in U.S. areas highly prone to losses, was high on the list of concerns for panelists from the property and casualty (P/C) industry at Standard & Poor’s Ratings Services’ recent annual insurance conference, “Insurance 2006:…
Manitoba lowers auto premiums; credits auto theft program
June 20, 2006 by Canadian UnderwriterThree out of four Autopac customers could pay less for auto insurance next year because of a 2.6% rate cut made possible by expected reductions in auto theft, according to Manitoba Public Insurance (MPI).MPI has filed a rate application with…
Reinsurers squeezed for capacity
June 19, 2006 by Canadian UnderwriterReinsurance demand is up, capacity is down, and that has led to a focus on internal growth, a higher tolerance of lower-rated reinsurers, and a proliferation of alternative capital sources such as sidecars, catastrophe bonds and securitizations, according to a…