Segment
Risk Management
2011 already the costliest year on record: Munich Re
July 12, 2011 by Canadian UnderwriterThe $265 billion in economic losses due to catastrophes in the first half of 2011 make it the highest loss year on record, exceeding $220 billion for the devastating year of 2005 as a whole, reports Munich Re.The loss amount…
Europe proposes moving Solvency II deadline to Jan. 1, 2014, but insurers encouraged to work toward current Jan. 1, 2013 deadline
July 11, 2011 by Canadian UnderwriterInsurance companies are being encouraged to continue working towards a Jan. 1, 2013 Solvency II implementation date, even though The Council of the European Union has proposed a delay of the final Solvency II deadline until January 1, 2014. Solvency…
Global non-life premiums up, but underwriting results continue to deteriorate: Swiss Re sigma study
July 11, 2011 by Canadian UnderwriterAccording to Swiss Re’s latest ‘World insurance in 2010′ sigma study, world non-life insurance premium volume increased by 2.1% in 2010 due to improved capital and solvency in the insurance industry.At the same time, underwriting results deteriorated, signaling a potential…
Potential increased for changing market: Marsh
July 11, 2011 by Canadian UnderwriterExpectations of an active U.S. hurricane season, combined with greater insurer discipline, increase the potential for a changing market dynamic through the balance of 2011, Marsh said in its 2011 Q2 Insurance Market Update.Despite the heavy catastrophe losses sustained by…
Jones DesLauriers finalizes succession plan, announces personnel changes
July 11, 2011 by Canadian UnderwriterJones DesLauriers Insurance Management Inc. (JDIMI), one of Canada’s largest independent brokerages, has finalized its succession plan with the announcement of a new executive team.Founding partners Robert (Bob) Jones and Rick DesLauriers have divested some of their ownership to allow…
U.S. P&C industry sees net income tumble in 2011 Q1
July 8, 2011 by Canadian UnderwriterThe U.S. property and casualty industry’s net income after taxes plunged almost 30% in 2011 Q1, falling from a net gain of $12.7 billion in 2010 Q1 to $9 billion in the first quarter of this year, A.M. Best reports.A.M.…
FirstOnSite announces new management hires in Ontario
July 8, 2011 by Canadian UnderwriterFirstOnSite has expanded its Ontario management team with three new appointments.Steve Gregg is now district manager of the GTA. In this role, he will oversee the operations and service delivery of several FirstOnSite locations across Southern Ontario.Jim Mandeville is now…
Shipowners’ Club sees improved 2011 results
July 8, 2011 by Canadian UnderwriterThe Shipowners’ Club reported a combined ratio of 85% at trading year ending (Feb. 20, 2011), marking a strong improvement from 2010’s combined ratio of 101.5%.The club saw a 13% increase in gross earned premium, up to $196.8 million at…
Fire destroys office building of B.C. Yacht Insurance Brokers
July 8, 2011 by Canadian UnderwriterA fire in Sidney, B.C. has destroyed the office building of the B.C. Yacht Insurance Brokers.The fire started in The Blue Peter Pub & Restaurant on the waterfront in Sidney, as reported in the Vancouver Sun, and spread to destroy…
A.M. Best upgrades Optimum General Insurance Group
July 7, 2011 by Canadian UnderwriterA.M. Best has upgraded the financial strength ratings of Optimum General Insurance Group from B+ (Good) to B++ (Good).The group’s issuer credit rating was also upgraded from “bbb-” to “bbb.” The Optimum General Insurance Group includes Optimum Insurance Company Inc.,…
Making the case for legal expense insurance in Canada
July 6, 2011 by Canadian UnderwriterAccess to a lawyer or the legal system is increasingly difficult for middle-class Canadians, creating a demand for legal expense insurance (LEI), Barbara Haynes, president and CEO of DAS Canada said. During an interview with Canadian Underwriter, Haynes and Dr.…
About 10% of European insurers would fail Solvency II capital stress test based on market crash risks: EU financial regulator
July 4, 2011 by Canadian UnderwriterAbout 10% of European insurers would fail Solvency II minimum capital requirements under a hypothetical adverse stress scenario akin to the 2008-09 global market crash, according to the European Insurance and Occupational Pensions Authority (EIPOA).The supervisor of the financial sector…