Segment
Risk Management
PwC reports slow, steady erosion of broker channel’s market share
December 22, 2010 by Canadian UnderwriterThe independent broker channel is losing market share to the direct channel at a rate of roughly 0.43% per year, according to PwC’s Insurance Review: A Canadian Perspective. At that rate, the independent channel’s market share of 64% in 2009…
Insurer cites joint and several liability as a factor in Essex County’s 41.7% 2011 municipal insurance renewal
December 21, 2010 by Canadian UnderwriterEssex County in Ontario saw its 2011 municipal insurance renewal increase by 41.7% over 2010.The municipality’s insurer attributed the premium increase to higher liability claims costs, including larger damage awards, higher legal defence costs, more class actions, the impact of…
RIMS announces its 2011 board of directors
December 21, 2010 by Canadian UnderwriterScott B. Clark will serve as the president of the Risk and Insurance Management Society (RIMS) in 2011. Clark served as RIMS secretary in 2010 and has been a member of the RIMS board since 2000. He is a founder…
US P&C industry sees improved net income on investment gains: ISO
December 21, 2010 by Canadian UnderwriterPrivate U.S. property/casualty insurers’ net income after taxes rose to $26.7 billion through the first nine months of 2010, up from $16.4 billion through the same period of 2009, according to Insurance Services Office (ISO).The figures are consolidated estimates for…
Canadians are risk-averse: RSA study
December 20, 2010 by Canadian UnderwriterThe rising cost of living, climate change and damage to the natural environment are the Top 3 risks keeping Canadians awake at night, according to a global RSA survey.Rounding out the Top 5 risks that concerned Canadians were cancer and…
Battered New Brunswick facing more bad weather
December 20, 2010 by Canadian UnderwriterAlready battered by flooding in Fredericton and the southwestern part of the province, New Brunswick is in for more severe weather, warns Environment Canada.A major low-pressure system south of Nova Scotia will bring a mix of precipitation and strong winds…
Chinese flooding causes $52-billion loss, only 1%-2% of which is insured
December 20, 2010 by Canadian UnderwriterFlooding in China during the summer of 2010 – the worst since 1998 – resulted in an estimated $52-billion economic loss, but insured losses are only approximately 1% or 2% of that total, Guy Carpenter reports.Twenty-five rivers in China flooded…
Perth County sees its municipal insurance premium increase 54%
December 17, 2010 by Canadian UnderwriterPerth County Council approved a 54% increase to its 2011 municipal insurance premium, which rose to $445,056.The Council tendered an RFP to handle its municipal insurance in late November. Only two municipal insurers – Frank Cowan and the Ontario Municipal…
Perth County calls on feds to reverse proposed funding cuts to emergency preparedness programs
December 17, 2010 by Canadian UnderwriterPerth County has sent a letter to its federal MP calling on the federal government to reverse a plan to cut $35.8 million in funding to Public Safety Canada over three years for emergency preparedness initiatives.“Recent events clearly indicate how…
Vancouver working to replace wood pole-mounted transformers, addressing earthquake risk
December 16, 2010 by Canadian UnderwriterResponding to the risk of fires following an earthquake, the City of Vancouver is in the middle of replacing transformers mounted on wooden poles in the city’s downtown core, according to a report by the CBC.A Nov. 20, 2010 report…
U.S. launches civil lawsuit against BP, QBE Underwriting and seven other parties for Gulf Coast oil spill
December 16, 2010 by Canadian UnderwriterThe U.S. government has launched a civil lawsuit against BP, QBE Underwriting Ltd. and seven other parties it deems responsible for the Deepwater Horizon oil spill on Apr. 20, 2010.U.S. Attorney General Eric Holder did not say in his Dec.…
BP oil spill claims near the $2.5-billion mark
December 15, 2010 by Canadian UnderwriterThe Gulf Coast Claims Facility (GCCF), an arms-length administrator of claims related to the BP oil spill, has paid out almost $2.5 billion for just over 166,000 claims as of Dec. 13, 2010.The claims followed an oil spill in the…