News
New Brunswick horse-auto collision case puts auto reform in the spotlight
October 20, 2005 by Canadian UnderwriterA lawsuit filed last year regarding a car that collided with a horse crossing the road in Memramcook, NB, was recently discussed in court regarding whether or not it is a car or a horse accident. The problem which has…
Renewals prior to Katrina indicate downturn in commercial insurance rates
October 20, 2005 by Canadian UnderwriterA recent RIMS Benchmark survey, produced by Advisen Ltd., shows a sharp downturn in commercial insurance rates and indicates that losses from Hurricane Katrina and Hurricane Rita may still cause problems. The success of the p&c industry during the first…
Price competition influencing bond insurers’ international underwriting
October 20, 2005 by Canadian UnderwriterRecent underwriting efforts by bond insurers’ are being influenced by competition from within the industry, as well as from banks, according to “Bond Insurers’ International Underwriting Activities Are Shaped By Competitive Pricing Pressures” a recent report created by Standard &…
Changes to auto insurance may cause turmoil for p&c industry
October 20, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) publicized its proposed changes to the Statutory Accident Benefits Schedule (SABS) in June 2005, which included the elimination of the Designated Assessment Centres as well as the implementation of the “Unfair and Deceptive…
ICBC campaign targets drunk driving in B.C.
October 19, 2005 by Canadian UnderwriterImpaired driving remains a leading factor contributing to fatal accidents in B.C., ICBC says in advance of its October Zero Crash Month awareness program.“Police-reported incidents indicate alcohol was a contributing factor in over 23% of all fatal crashes in 2004,…
Catlin estimates Rita losses at $60 million
October 19, 2005 by Canadian UnderwriterCatlin Group Limited (‘CGL’: LSE), a Bermuda-based property and casualty insurer and reinsurer, estimates losses arising from Hurricane Rita will be US$90 million gross of reinsurance and US$60 million on a net basis. Catlin is not revising its Sept. 12…
Hurricane Wilma threatens Florida
October 19, 2005 by Canadian UnderwriterHurricane Wilma, a Category 5 storm packing maximum sustained winds near 275 km/h, is tracking to hit Mexico and Cuba, en route to reaching the Florida Keys by Oct. 22.The U.S. National Hurricane Center notes Wilma “is forecast to lose…
Bird Flu pandemic could cause economic crisis
October 18, 2005 by Canadian UnderwriterThe bird flu pandemic that appears to be creeping westward could be catastrophic for Canada’s manufacturing sector as it has the potential to instigate an economic crisis, according to the Conference Board of Canada.In its report “Performance and Potential 2005-06:…
US NAIC approves finite reinsurance disclosure requirements
October 18, 2005 by Canadian UnderwriterThe full body of the National Association of Insurance Commissioners (NAIC) recently approved enhanced disclosure requirements for US insurers that utilize finite reinsurance reinsurance with limited risk transfer features. The recent misuse of finite reinsurance by a few major insurers…
Real-time property insurance transactions available in Canada
October 18, 2005 by Canadian UnderwriterING Insurance brokers in BC recently gained direct access to a true point-of-sale ‘Savers’ system for property insurance that allows brokers to quote and issue new business for personal property in BC , according to Applied Systems Canada Inc. ING…
What’s New: In brief (October 18, 2005)
October 18, 2005 by Canadian UnderwriterTransatlantic Holdings Inc. recently updated its catastrophe estimates and reports that it expects its net losses from Hurricane Katrina to be about US$195 million after tax. Previously, Transatlantic estimated aftertax losses of US$176 million from Katrina. The Company also expects…
A.M. Best reports solid gains for p&c insurers
October 17, 2005 by Canadian UnderwriterThe U.S. p&c industry recorded an underwriting profit of US$13.2 billion during the first six months of 2005, according to A.M. Best Company.Robust operating results drove the industry’s surplus base upwards despite unrealized capital losses, increased shareholder dividends and other…