Segment
Risk Management
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…
Lower sublimits may be added to coverages after Japanese quake, tsunami
May 5, 2011 by Canadian UnderwriterThe Japanese earthquake, tsunami and resultant radiation contamination will likely result in much lower sublimits being added to coverages, particularly contingent time element coverages, said Duncan Ellis, managing director at Marsh USA.A sublimit is a limitation on the amount of…
The CEI Group enhances tool for controlling risks posed by members of fleet drivers’ households who are permitted to drive fleet vehicles
May 5, 2011 by Canadian UnderwriterThe CEI Group Inc. (CEI) has enhanced its DriverCare Risk Manager to help fleets better control risks of accidents and liability posed by members of fleet drivers’ households permitted to drive fleet vehicles.DriverCare Risk Manager is a Web-based risk management…
Intact 2011 Q1 results down slightly, based on comparison with “remarkable” 2010 Q1 results
May 4, 2011 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) reported a net operating income of $101 million for 2011 Q1, down 4% (or $12 million) on a per share basis from the performance of 2010 Q1.The company noted its “remarkable” 2010 Q1 performance was…
Japan earthquake-exposed cat bonds trade lower in 2011 Q1
May 4, 2011 by Canadian UnderwriterSeveral catastrophe bonds with exposure to the Japanese 2011 earthquake and tsunami have traded lower in the 2011 first quarter, according to Aon Benfield Securities’ latest Insurance Linked Securities (ILS) report. The Aon Benfield ILS All Bond Index posted a…
Canadian commercial insurance market remains “mushy”: MSA Research Inc.
May 3, 2011 by Canadian UnderwriterCanadian property and casualty commercial writers and reinsurers are still in a soft market phase, according to the MSA/Baron Outlook Report for 2010 Q4. “Commercial writers and reinsurers continued (and still continue) to compete in a mushy market,” the report…
RIMS defines ‘Strategic Risk Management’ discipline
May 3, 2011 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has defined a growing discipline within risk management – Strategic Risk Management (SRM).SRM is “a business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that affect an organization’s strategy and…
Two Canadian risk managers honoured at RIMS conference in Vancouver
May 3, 2011 by Canadian UnderwriterCanadian risk managers Glen Frederick and Janice McGraw were honoured for their work at the Risk and Insurance Management Society (RIMS) 2011 Annual Conference & Exhibition held in Vancouver on May 1-5.RIMS presented Frederick with the Harry and Dorothy Goodell…