Segment
Risk Management
U.S. securities suit filings on a record pace in 2011: Advisen
April 19, 2011 by Canadian UnderwriterThe credit crisis may have abated in the United States, but securities suit filings definitely haven’t.In fact, securities suit filings are on track to set a new record in 2011, according to Advisen Ltd’s most recent quarterly report on securities…
Severe storms, tornadoes wreak havoc in US
April 18, 2011 by Canadian UnderwriterSevere thunderstorms, hail, high winds and tornadoes ripped across the Midwest and Southeastern United States on Apr. 14-16, killing more than 40 people, cbcnews.ca reported. The event will likely produce “significant insured losses,” particularly in North Carolina and Virginia, where…
Lloyd’s of London appoints new chairman
April 18, 2011 by Canadian UnderwriterJohn Nelson will succeed Lord Levene as the next chairman of Lloyd’s insurance market in October 2011. Lord Levene is retiring after nine years as Lloyd’s chairman. Nelson spent 15 years at Kleinwort Benson, working in both the United Kingdom…
Insurers re-evaluating coverage and rates in wake of political turmoil: Willis
April 18, 2011 by Canadian UnderwriterCompanies operating in politically volatile regions may soon find they are unable to retain sufficient insurance coverage, or that their existing policies may not necessarily cover the type of political unrest occurring in the Middle East, North Africa and Asia,…
FirstOnSite expands presence with two new branches
April 15, 2011 by Canadian UnderwriterFirstOnSite Restoration has expanded its presence in Quebec and Alberta.The emergency restoration company opened a branch in Quebec City, which will be lead by Daniel Jean, a 25-year veteran in the construction and restoration industry. “FirstOnSite has already been active…
The Co-operators sees gains in home lines in 2010, deterioration in auto
April 14, 2011 by Canadian UnderwriterThe Co-operators General Insurance Company reported a net income of $80.7 million for 2010, marking an increase from 2009’s $74-million profit.The combined ratio for the company (excluding market yield adjustment) deteriorated slightly from 101.7% in 2009 to 103.1% in 2010.…
Solvency II QIS5 results benign, but underlying issues lurk: Willis Re
April 13, 2011 by Canadian UnderwriterResults of Solvency II’s fifth quantitative impact study (QIS5) showed a smaller-than-expected increase in the number of companies failing to meet their solvency capital requirement.But the positive results may mask underlying issues, according to a Willis Re report. In its…
Japan ‘super cat’ event likely to trigger causation disputes
April 12, 2011 by Canadian UnderwriterThe insurance industry, and the loss adjusting community in particular, should be concerned about causation disputes and wide area damage arising from the Mar. 11 ‘Super Cat’ event in Japan, according to Crawford & Company.In a white paper, Japan Earthquake…
RMS estimates non-life insured losses of Japan quake/tsunami as high as $26 billion
April 12, 2011 by Canadian UnderwriterRisk Management Solutions (RMS) estimates insured losses from the Mar. 11 Japan earthquake and tsunami to range between $18 and $26 billion.After combining expected payouts by the life and health insurance sectors for death and injury, this figure could swell…
Duck Creek agrees to license policy administration, templates to energy risk manager ENERGI
April 8, 2011 by Canadian UnderwriterDuck Creek Technologies Inc., a provider of software and services for the insurance industry, has signed an agreement with ENERGI to license Duck Creek Policy Administration and Duck Creek Templates. ENERGI provides risk management and insurance solutions for various segments…
RMS stands behind updated U.S. Atlantic Hurricane Model
April 8, 2011 by Canadian UnderwriterRMS has issued a statement standing behind the science it employed in creating Version 11.0 of its U.S. Atlantic Hurricane Model.The new U.S. model, which has received criticism for increasing probable maximum loss (PML) estimates, “reflects real improvements in underlying…
Little differentiation between insurers in marketplace: IBAO survey
April 7, 2011 by Canadian UnderwriterBrokers see little differentiation between insurers in the marketplace, according to the Insurance Brokers Association of Ontario (IBAO)’s latest Brokers Choice survey. IBAO worked with Navicom Inc. to create a comprehensive questionnaire that explored brokers’ views of insurers’ performance in…