Segment
Risk Management
XL Group reports Japan earthquake, tsunami losses at between $190 million and $290 million
April 5, 2011 by Canadian UnderwriterXL Group plc has placed its preliminary loss estimates resulting from the Mar. 11 Japan earthquake and tsunami between $190 million and $290 million.The estimate is pretax, net of reinsurance and reinstatement premiums and approximately 70% of which is attributable…
Karen Clark & Company holds briefings to address concerns about new U.S. hurricane model
April 4, 2011 by Canadian UnderwriterKaren Clark & Company, a risk management consulting firm, is holding briefings with U.S. insurance company executives to express concerns about RMS’s upgraded hurricane model.RMS launched its upgraded U.S. Hurricane Model on Feb. 28, 2011. The model incorporates changes made…
More tropical storms will make landfall in 2011: AccuWeather.com
April 4, 2011 by Canadian UnderwriterAccuWeather.com’s hurricane centre is predicting more U.S. hurricane landfalls for 2011, including a risk during the late season of tropical storms sweeping through New England and the Canadian Maritimes.Overall, the centre predicted fewer tropical storms in 2011 than in 2010.…
Airline insurance industry’s loss profile is shifting: Aon
April 4, 2011 by Canadian UnderwriterCarriers in the airline insurance market paid out approximately $2.1 billion in claims in 2010, compared to an average of $1.5 billion between 1998 and 2009, Aon reported.In its Airline Insurance Market Outlook 2011, Aon noted that the 2010 claims…
Increased frequency of small weather events could end soft market in 2011
April 1, 2011 by Canadian UnderwriterThe U.S. property and casualty market held relatively steady during 2010, but an over-reliance on investment income, inadequate reserving and increasing frequency of weather events may tip the scales in 2011.During an A.M. Best Webinar, State of the Property/Casualty Market,…
AEGIS expands its Canadian roster
April 1, 2011 by Canadian UnderwriterAEGIS London, a Lloyd’s syndicate and subsidiary of AEGIS (Associated Electric & Gas Insurance Services Limited), has announced two Canadian-based appointments.Nazir Haji has been appointed senior vice president of business development. Spencer Shusterman is senior vice president of claims.The appointments…
Japan earthquake not enough to trigger market turn: Willis Re
April 1, 2011 by Canadian UnderwriterRelatively orderly price movements at the Apr. 1, 2011 Japanese reinsurance renewals reveal the Magnitude 9.0 Tohoku earthquake of Mar. 11 is not the catalyst that will bring about a hard market, according to Willis Re, the reinsurance broking arm…
Insuring a Good Reputation
April 1, 2011 Erin Flett, Senior Underwriter, Management & Professional Liability, R&Q Risk Services Canada Ltd.As technology advances, so too must insurance coverage of data security and reputational risks.
Moves & Views (April 01, 2011)
April 1, 2011 by Canadian UnderwriterCunningham Lindsey Canada (CLC) Claims Services Ltd has promoted Maureen Fraser to vice president of business development. Fraser joined CLC in 1996 and has held numerous roles, including accident benefit adjuster, call centre manager and business development representative. “Maureen has…
Insuring Against Nuclear Catastrophe
April 1, 2011 David Gambrill, EditorBy removing liability for nuclear incidents from general homeowner and commercial insurance policies, insurers are able to concentrate and channel all of their resources into paying the claims made against nuclear operators.
MarketPlace (April 01, 2011)
April 1, 2011 by Canadian UnderwriterRegulation Feds’ commitment to new demutualization rules postponed by Spring election The federal government’s proposed budget, introduced on Mar. 22, 2011, confirmed the government was working on a regulatory framework that would allow property and casualty insurance companies to demutualize.…
Commercial Opportunity
April 1, 2011 Craig Harris, Freelance WriterAn electronic exchange for quoting, placing and binding medium-sized commercial risks is up and running in the United States. Does the LexisNexis Insurance Exchange hold any lessons for Canada?