Segment
P&C Companies
What’s New: In Brief (September 17, 2007)
September 17, 2007 by Canadian UnderwriterEGI Financial Holdings Inc. (“EGI”) has announced that its wholly owned subsidiary, Echelon General Insurance Company, is entering the Canadian emergency travel health insurance market through agreements with key distributors, which are expected to generate Cdn$16 million in annual premiums.…
Contract certainty and shorter service time are key
September 17, 2007 by Canadian UnderwriterContract certainty and shortening service time are key areas to focus on in an effort to improve the service the insurance industry offers its customers, the insurers panel told delegates at the RIMS Canada Conference in Halifax, Nova Scotia. Richard…
Court orders Chubb to pay policyholder Cdn$5 million in home fire case
September 17, 2007 by Canadian UnderwriterThe Ontario Superior Court of Justice ordered Chubb Insurance Company of Canada to pay just over Cdn$5 million to Missisauga policyholder Bridgette Sagl, after Sagls house burned down in December 1997.Chubb initially denied coverage based on its (ultimately disproven) theory…
Brokers battle over contingency fees at RIMS Canada, Halifax
September 17, 2007 by Canadian UnderwriterThe broker panel at this years Risk and Insurance Management Society Canada Conference in Halifax, Nova Scotia heated up when asked to comment on what has replaced contingency fees, with some suggesting that they are here to stay, and others…
FSCO obtains cease and desist order against Unifund Assurance Company
September 14, 2007 by Canadian UnderwriterOntarios insurance regulator, the Financial Services Commission of Ontario (FSCO), in June 2007 obtained a cease and desist order against Unifund Assurance Company, FSCO posted in a quarterly bulletin announcing the outcomes of its regulatory actions.On June 6, 2007, the…
Fitch questions sustainability of U.S. P&C market’s record earnings
September 14, 2007 by Canadian UnderwriterAlthough profits in the U.S. property and casualty insurance market were high in 2006, and profits in 2007 are anticipated to be above historical norms, Fitch Ratings questions the sustainability of the U.S. P&C insurance markets financial performance.Looking ahead, the…
Humberto hits Texas, incurs damages less than $500 million
September 14, 2007 by Canadian UnderwriterHurricane Humberto, who made landfall on southeast Texas earlier this week, likely caused damages that will not exceed US$500 million [approximately Cdn$515.37 million], reports Risk Management Solutions (RMS).The figure includes wind damage to residential, commercial and industrial properties and business…
Zurich streamlines operations
September 14, 2007 by Canadian UnderwriterZurich is streamlining operations in its Commercial Markets business unit harnessing multiple strengths to provide North American middle market customers and producers better access to comprehensive risk management products and services. We are making a number of important operational and…
Insurance companies sign up to tackle climate change
September 13, 2007 by Canadian UnderwriterSixteen insurance companies have signed up to be a part of a major initiative to tackle climate change and encourage more climate-friendly customer behaviour. Leading global insurers, reinsurers, brokers and Lloyds of London developed the principles behind ClimateWise to promote…
Pursuing acquisitions part of ING Canada’s future goals
September 13, 2007 by Canadian UnderwriterOne of ING Canadas key strategies is to pursue value-creating acquisitions that fit into its current business line, Claude Dussault, president & CEO, ING Canada Inc. told delegates at the Scotia Capital Financials Summit Conference. Dussault discussed the companys goals…
Political ramifications of ERM pose difficult hurdles
September 13, 2007 by Canadian UnderwriterRisk managers need to be aware of the political ramifications when implementing an ERM [enterprise risk management] program, Susan Witcraft, managing director of Guy Carpenter & Company LLCs Instrat Team, Mid-America Region, told attendees of Guy Carpenters ERM seminar in…
“Abrupt climate change,” or “flipping,” featured in Benfield, Partner Re report
September 13, 2007 by Canadian UnderwriterReinsurance and risk intermediary Benfield and reinsurer Partner Re have collaborated to produce the Hazard & Risk Science Review 2007, which summarizes research findings and conclusions of hazard and risk science papers published in the last 12 months that are…