News
B.C. drivers still aren’t wearing seat belts: police
October 6, 2005 by Canadian UnderwriterMany car drivers and passengers in B.C. still aren’t wearing seat belts, according to police-reported collision statistics. Among victims killed in passenger cars in 2003, B.C. police statistics show that approximately 41% were not wearing a seat belt or using…
Complex risks neglected by board directors
October 6, 2005 by Canadian UnderwriterBoard directors at global businesses are failing to identify and manage emerging risks effectively, according to a recent survey conducted by Lloyd’s and the Economist Intelligence Unit.The survey dealt with complex risk and although companies are spending more time on…
AON proposes terrorism insurance pool
October 6, 2005 by Canadian UnderwriterAon Re, a unit of Aon Corporation (NYSE: AOC), recently called for the implementation of some form of a privately funded, federally mandated “facility” and bonding process that would support insurers’ in their ability provide adequate and affordable terrorism coverage…
P&C industry in U.S. sees net income rise 29%
October 5, 2005 by Canadian UnderwriterThe U.S. property and casualty insurance industry’s after-tax net income rose 29.1% over last year from $23.9 billion in the first half of 2004 to a record-setting $30.9 billion in the first half of 2005.The Insurance Services Office (ISO) and…
Insurers receive relief repaying claims from SEC
October 5, 2005 by Canadian UnderwriterInsurers are receiving aid from the US Securities Exchange Commission (SEC) in their efforts to pay off the extensive claims resulting from hurricanes Katrina and Rita. Many insurers have been placed on credit watch and issued warnings because of extensive…
Poll finds loose objects, cell phones driving distractions
October 5, 2005 by Canadian UnderwriterAttempting to retrieve loose objects in a car is slightly more of a distraction for car drivers than using cell phones, according to a recent poll conducted by www.InsuranceHotline.com.The poll identifies the Top 3 driving distractions as “loose objects in…
ISO pegs Katrina losses at $34.4 billion
October 5, 2005 by Canadian UnderwriterHurricane Katrina is expected to cost U.S. property and casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.Katrina caused widespread damage…
What’s New: In brief
October 5, 2005 by Canadian UnderwriterCanada-specific software solutions developer PowerSoft and provider of technology solutions for the p&c insurance industry Applied Systems Canada have integrated PowerSoft’s PowerQuote rate comparison and sales tool with Applied Systems’ agency management systems, The Agency Manager (TAM) and TAMOnline. Making…
ACE Ltd. to sell $1.3 billion in shares
October 4, 2005 by Canadian UnderwriterACE Limited (NYSE: ACE) is selling 28 million of its ordinary shares at a price of $45.58 per share in a public offering expected to raise gross proceeds of more than $1.3 billion.ACE has also granted to underwriters an option…
A.M. Best gives Wawanesa Mutual top marks
October 4, 2005 by Canadian UnderwriterWawanesa Mutual Insurance Company, one of Canada’s largest property and casualty insurers, has been ranked first among property and casualty insurance companies in Canada in terms of capital and surplus, according to ratings A.M. Best Co.A.M. Best says it gave…
Jewelery insurer says Katrina looting costs $700,000
October 4, 2005 by Canadian UnderwriterLooting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates…
CBA responds to IBAC’s Bank Act statement
October 4, 2005 by Canadian UnderwriterCanada’s banking industry has issued a response to the Insurance Brokers Association of Canada (IBAC) recent press release, which stated that consumers benefit from choice and competition in the insurance marketplace. The bank response stated that bankers “couldn’t agree more”…