Segment
Risk Management
IBC issues bulletin to insurers about notification requirements, AB payments in anticipation of possible postal strike
May 13, 2011 by Canadian UnderwriterIBC has issued a legal bulletin providing information to insurers about handling notification of policy terminations, as well as payment of accident benefits claims, in the event of a possible postal strike.Canada Post and the Canadian Union of Postal Workers…
CCIR establishes committee to publish disciplinary data from regulators across Canada
May 12, 2011 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has created a Disciplinary Information Committee that will publish disciplinary data from regulators across Canada.The committee will look into ways to make disciplinary data across the country available and accessible from a central…
Captives should be prepared to commit more capital to their reserves under Solvency II: A.M. Best
May 12, 2011 by Canadian UnderwriterRegulatory requirements for captives located in the European Union are certain to increase dramatically – as much as three- to fourfold – under Solvency II, warns A.M. Best.In its report, Solvency II to Transform the EU Captive Industry, A.M. Best…
BC’s regulator adopts three-year interval for capital adequacy tests
May 11, 2011 by Canadian UnderwriterBritish Columbia’s Financial Institutions Commission (FICOM) requires provincially incorporated insurers to conduct dynamic capital adequacy tests (DCAT) in no more than three-year intervals.The Office of the Superintendent of Insurance (OSFI), on the other hand, requires federally regulated insurers to prepare…
Fairfax reports $239.5 million Q1 loss, cites natural catastrophe losses
May 11, 2011 by Canadian UnderwriterFairfax has seen a drop in its Q1 earnings, going from a profit of $419.3 million in 2010 Q1 to a net loss of $239.5 million in 2011 Q1.The company cites catastrophe losses of $418.4 million – $311.3 million arising…
Manitoba court green-lights election of appraisal and arbitration process seven years after loss date
May 11, 2011 by Canadian UnderwriterOver the objections of Temple Insurance Company, the Court of Queen’s Bench of Manitoba has allowed a dispute around a builders’ risk property insurance policy to proceed to the appraisal process seven years after the initial loss date. The Winnipeg…
EQECAT updates insured loss estimate for Japanese quake, tsunami to between $22 billion and $39 billion
May 10, 2011 by Canadian UnderwriterEQECAT significantly increased its estimate of insured losses arising from the Mar. 11 Tohoku, Japan earthquake and tsunami, now saying the natural catastrophe could cost insurers between $22 billion and $39 billion. The catastrophe modeler initially estimated insured damages of…
Hiscox Ltd. predicts 10% increase in U.S. catastrophe business during June/July 2011 renewals
May 9, 2011 by Canadian UnderwriterHiscox Ltd. (LSE:HSX), an international specialist insurer, expects reinsurance rates to rise about 10% in U.S. catastrophe business during the June and July 2011 renewal period.“The first quarter began with rate reductions in reinsurance lines but the recent catastrophes have…
AIR estimates insured losses from storm outbreak in Southern US as high as $5.5 billion
May 9, 2011 by Canadian UnderwriterAIR Worldwide estimates insured losses arising from the severe thunderstorm outbreak that struck the southern United States on Apr. 22-28 could range between $3.7 billion and $5.5 billion.The estimate includes damage to residential, commercial and industrial properties and their contents;…
Risk managers from Japan share insights gained as a result of 2011 earthquake and tsunami
May 6, 2011 by Canadian UnderwriterJapan’s March 11, 2001 quake, tsunami and nuclear crisis reaffirmed lessons learned in the past, and yet still taught valuable new ones, according to delegates of the Japanese chapter of the Risk and Insurance Management Society (RIMS).Yoshi Hamaji, president of…
Success of Somali pirates has spurred increased risk: Willis
May 6, 2011 by Canadian UnderwriterSomali pirates’ tactics have evolved to become more sophisticated and violent, including increased ransoms and hijacking periods, warns Willis’s Special Contingency Risks Limited (SCR) and the Maritime and Underwater Security Consultants (MUSC).An estimated $65 million has been paid in ransoms…
Total insured losses for U.S. storms in April expected to top $4 billion: Aon Benfield
May 6, 2011 by Canadian UnderwriterAon Benfield reports that at least five separate severe weather outbreaks occurred across central and eastern sections of the United States during April 2011, resulting in combined insured losses in excess of $4 billion. A current tally of April’s storm…