News
What’s New: In brief (March 28, 2006)
March 28, 2006 by Canadian UnderwriterRoland Reesby has been appointed to the position of vice president of operations for Munters Moisture Control Services (MCS), a division of Munters AB. Based in LA, Reesby will oversee all MCS sales and support functions to ensure continued growth…
Profits deteriorate in US P&C insurance sector
March 28, 2006 by Canadian UnderwriterProfits for the US property & casualty insurance industry deteriorated in 2005 as a result of record levels of insured catastrophe losses relating to the 2005 Hurricane season, according to Fitch Ratings. The Insurance Services Office’s (ISO) Property Claims Service…
Manitobans most conscientious seatbelt wearers: study
March 28, 2006 by Canadian UnderwriterManitobans have become some of the most conscientious seatbelt users in the country, according to a Transport Canada survey.Manitoba Public Insurance (MPI) responded to the survey results by saying it will not relax its efforts to convince all Manitobans they…
Bermuda reinsurers lose US$11.3 billion after hurricanes
March 28, 2006 by Canadian UnderwriterFollowing losses of US$11.3 billion from hurricanes Katrina, Rita and Wilma, Bermuda’s reinsurers registered a total net loss of US$2.8 billion in 2005 compared with a profit of US$5.5 billion the previous year, according to the latest Benfield Bermuda Quarterly…
ICBC cuts optional rates to balance basic rate increase
March 27, 2006 by Canadian UnderwriterICBC is looking to keep B.C. auto rates stable by clipping its optional rates, creating an average premium reduction of $61 for more than 1 million B.C. drivers.“Although ICBC has recently proposed an increase in rates to basic insurance, in…
Bird flu more likely to affect life insurers, not P&C insurers
March 27, 2006 by Canadian UnderwriterFitch ratings service believes that the life insurance sector will take a much bigger hit than the non-life sector in the event of a global bird flu pandemic.A recent Fitch report, posted online, notes the P&C sector would more likely…
What’s New: In brief (March 27, 2006)
March 27, 2006 by Canadian UnderwriterOn March 6, 2006 students were left without educators as a result of an OPSEU strike. In order to assist students in the Insurance Diploma program at Mohawk College, the Hamilton/Niagara Chapter of the Insurance Institute of Ontario brought aid.…
Zurich settles with attorneys general
March 27, 2006 by Canadian UnderwriterZurich Financial Services Group recently agreed to pay US$153 million to settle investigations instigated by the attorneys general of New York, Connecticut and Illinois. The agreement calls for Zurich to pay approximately US$88 million in restitution to excess casualty US…
Land of the rising insurance ventures
March 24, 2006 by Canadian UnderwriterAllianz AG is following the lead of Manulife Financial Corp and American International Group (AIG) by expanding into China.As reported in Shanghai Daily, Allianz has opened a branch in Hangzhou, capital of Zhejiang Province, which means the German insurer now…
Aviva abandons Prudential merger
March 24, 2006 by Canadian UnderwriterAviva ppl in the United Kingdom has withdrawn its $17-billion (US$29.6-billion) proposal to merge with Prudential ppl, Aviva confirmed in a brief statement on its Web site. Aviva’s all-share proposal was rejected by the Prudential board last week, despite Aviva’s…
DKI founder Ed York Dies
March 24, 2006 by Canadian UnderwriterDisaster Kleenup International, Inc. founder, Edgar Perry “Ed” York, passed away on March 13, 2006 after a long illness near his home in Vancouver, Washington. York launched DKI in 1974 as an outgrowth of an academic research project and led…
IBC corrects reports on N.B. insurance premiums
March 24, 2006 by Canadian UnderwriterRecent misleading reports from the opposition Liberal party regarding New Brunswick auto insurance premiums has incited the Insurance Bureau of Canada (IBC) to release accurate information. The IBC is concerned about an insurance survey and subsequent correction from the opposition…