Segment
Risk Management
Japan’s Ripple Effect
April 1, 2011 Vanessa Mariga, Associate EditorThe largest earthquake in Japan’s history, the devastation wrought by the subsequent tsunami and the spectre of nuclear radiation has reverberated throughout the global supply chain.
Canadian P&C market’s 2010 results begin to turn corner
March 31, 2011 by Canadian UnderwriterTrends in the 2010 financial results of Canadian property and casualty insurers were “modestly positive,” showing marginal improvement over 2009, according to statistics released by the Insurance Bureau of Canada (IBC).IBC reviewed the 2010 financial trends at the Swiss Re…
2011 Q1 brought record earthquake losses
March 31, 2011 by Canadian UnderwriterThe first quarter of 2011 has brought the highest earthquake losses in the property/casualty re/insurance industry’s history, said Christian Mumenthaler, Swiss Re’s chief marketing officer, reinsurance.Mumenthaler offered an overview of the global re/insurance market at Swiss Re’s Canadian Insurance Market…
Reserve releases masking poor results, creating an unsustainable trend
March 31, 2011 by Canadian UnderwriterThe property and casualty industry cannot mask its poor results much longer with reserve releases, warned Christian Mumenthaler, Swiss Re’s chief marketing officer, reinsurance.Mumenthaler made his observation during his presentation, Global Re/Insurance Market Outlook: Balancing Risks and Opportunities of the…
Global insurance industry sees spike in natural catastrophe claims in 2010
March 29, 2011 by Canadian UnderwriterNatural catastrophes cost the global insurance industry roughly $40 billion in 2010, and man-made disasters triggered additional claims of more than $3 billion, marking a significant spike over the total insured losses of $27 billion in 2009, reported Swiss Re.Though…
Ironshore Canada expands its presence with introduction of specialty casualty
March 29, 2011 by Canadian UnderwriterIronshore Canda Limited has created a specialty casualty division to underwrite insurance coverages for general liability as well as umbrella and excess liability programs. Stephen Stewart has been named vice president to head the division. He’ll report to Michael Wills,…
S&P’s criteria for assessing economic capital models provide incentives: Willis Re
March 28, 2011 by Canadian UnderwriterStandard & Poor’s new criteria for assessing insurers’ economic capital models incites insurers to adopt more sophisticated internal capital models by giving them the opportunity to use the modelling results to potentially reduce their capital requirements, according to Willis Re.In…
Board of directors cite lack of sufficient oversight of IT risk: Oliver Wyman survey
March 25, 2011 by Canadian UnderwriterNearly half of corporate board directors are not satisfied with their boards’ ability to provide sufficient oversight of IT risk, according to a joint Oliver Wyman and National Association of Corporate Directors (NACD) survey.Of the more than 200 corporate board…
AIR revises loss estimate from Japan earthquake/tsunami
March 25, 2011 by Canadian UnderwriterAIR Worldwide has revised its insured loss estimate for the Mar. 11 Japan earthquake to a range of between $20 billion and $30 billion. Initially AIR estimated insured losses to range from $15 to $35 billion. The combined insured loss…
Earthquake rocks Myanmar, damaging monasteries, infrastructures
March 25, 2011 by Canadian UnderwriterA magnitude 6.8 mW earthquake struck in Myanmar, near the border with Thailand, and was felt as far away as Hanoi, Vietnam, reports RMS.Initial reports from Myanmar indicate the earthquake damaged close to 250 houses, 14 Buddhist monasteries and nine…
Economic growth a main reason for the escalation of insured natural catastrophe losses since 1970: Allianz
March 24, 2011 by Canadian UnderwriterEconomic growth in high-risk areas has contributed to the average annual cost of insured claims from natural catastrophes increasing eight-fold since 1970, according to an Allianz report, Natural Catastrophes on the rise?The report notes average insured claims costs related to…
Crawford Cares campaign reaches new record donation to WICC
March 24, 2011 by Canadian UnderwriterCrawford & Company (Canada) Inc.’s 2010 Crawford Cares campaign raised more than $111,000 for the Women in Insurance Cancer Crusade (WICC), a new record for the company’s annual campaign. Crawford Cares has raised more than $450,000 for WICC since the…