Segment
P&C Companies
Allianz granted license as “branch” of U.S. operation
October 12, 2004 by Canadian UnderwriterAllianz’s remaining business in Canada Allianz Global Risks (AGR Canada) has received approval from the federal insurance regulator to operate as a branch of Allianz Global Risks US Insurance Company.The company also expects to receive its provincial licenses in November,…
Can D&O risk be quantified?
October 12, 2004 by Canadian UnderwriterQuantifying directors’ and officers’ (D&O) exposures is not only possible, but necessary in the current environment where shareholder lawsuits proliferate, says one analytics company.Advisen Ltd. co-founder David Bradford says insurers must look beyond more traditional tools to new metrics for…
Insurers still have “mountains to move”: S&P
October 12, 2004 by Canadian UnderwriterIn its latest “industry report card” on North American insurance holding companies, rating agency Standard & Poor’s says the more stable outlook on the p&c industry should not be cause for celebration just yet. “there are a few mountains to…
What’s new: In brief (October 12, 2004)
October 12, 2004 by Canadian UnderwriterRBC Insurance is extending the capabilities of its sales force to banking products. The company says in a statement, it can now allow its “career sales force” to offer clients “enhanced access” to RBC Royal Bank personal banking and lending…
ING buys Allianz book; Allianz retains global risks
October 11, 2004 by Canadian UnderwriterEnding weeks of speculation, ING says it has bought Allianz of Canada Inc., although Allianz will retain the industrial lines book in Canada under Allianz Global Risks.The Allianz of Canada Inc. portfolio of p&c business includes subsidiaries Allianz Insurance Co.…
Chubb tops claims survey again; industry numbers high
October 11, 2004 by Canadian UnderwriterDespite public backlash over auto insurance rates over the past few years, the industry continued to score relatively high marks for claims satisfaction in its largest market. The Ontario auto claims satisfaction survey, which includes 50 writers of personal lines…
Personal property results strong despite catastrophes: A.M. Best
October 11, 2004 by Canadian UnderwriterCanadian personal property insurers produced continued strong results in 2003, despite wildfire and hurricane losses, according to a new study by A.M. Best.The statistical study shows the Canadian personal property industry produced a loss ratio of 61% last year, despite…
"Significant strides" made in corporate governance: Moody’s
October 7, 2004 by Canadian UnderwriterIn a study of 169 U.S. and Canadian entities over the past year, rating agency Moody’s says great strides have been made towards better corporate governance.Among the improvements, Moody’s finds greater commitment by directors for such functions as risk management,…
What’s new: In brief (October 06, 2004)
October 6, 2004 by Canadian UnderwriterAs expected, drug maker Merck is already facing lawsuits after pulling its pain medication Vioxx from the shelves. The company announced the move last week, in response to concerns over the drug’s side effects. Vioxx is used widely by arthritis…
Hurricane season outpaced predictions: Gray
October 6, 2004 by Canadian UnderwriterThe 2004 Atlantic hurricane season was much worse than anticipated, but will taper off through October, according to the latest predictions by Prof. William Gray and the University of Colorado department of atmospheric science team.Both August and September outpaced expectations,…
Four hurricanes generate record storm claims numbers
October 6, 2004 by Canadian UnderwriterHurricanes Charley, Frances, Ivan and Jeanne which slammed into Florida between mid-August through to the beginning of September will likely result in insurers paying a record two million-plus claims, according to the Insurance Information Institute (III). In comparison, Hurricane Andrew…
RIMS Canada Conference: RIMS president pushes international agenda
October 5, 2004 by Canadian UnderwriterAlmost halfway through her term as RIMS president, Nancy Chambers says the journey thus far “has had lots of breathless moments”. Hearkening back to her introductory speech as president at the San Diego RIMS Conference in April, she says her…