Segment
Risk Management
Alberta first out of the gates to adopt CCIR privilege model
January 20, 2009 by Canadian UnderwriterLang Michener author Frank Palmay has praised Alberta for being the first provincial jurisdiction in Canada to extend privilege to cover an insurer’s self-assessment documents.“Alberta’s approach is a reasonable balance of the equities and it is hoped that its lead…
North American broker profitability in 2009 expected to be flat or modestly lower
January 20, 2009 by Canadian UnderwriterLooking ahead into 2009, the profitability of the North American insurance broker industry is expected to be flat or modestly lower, Fitch Ratings says in a recent report, Review and Outlook 2008-2009.In making its assessment, Fitch noted the “economic recession…
Scourge of piracy of concern to insurers
January 19, 2009 by Canadian UnderwriterThe scourge of piracy on the international high seas in 2008 reached a new, alarming dimension, according to recent reports by Munich Re and the Piracy Reporting Centre (PRC).The PRC is part of the International Maritime Bureau (IMB) of the…
Scientists study impact of global warming on Arctic ice cap
January 15, 2009 by Canadian UnderwriterCatlin Group Limited is sponsoring a group of international scientists attempting to obtain the most accurate measurements of the thickness of the Arctic Ocean sea ice. The pioneering survey will begin in February, led by British polar explorer Pen Hadow.…
What’s New: In Brief (January 15, 2009)
January 15, 2009 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) is seeking government intervention to issue new regulations to govern broker compensation. RIMS has called upon the New York State Attorney General’s Office and the New York Insurance Department to take the initiative.It…
2009 underwriting results should be “respectable,” Standard & Poor’s finds
January 12, 2009 by Canadian UnderwriterDespite ongoing uncertainty related to the credit and equity markets, the long-term fundamental strength of the U.S. personal lines property/casualty sector remains intact, a Standard & Poor’s article says. “A continued focus on disciplined underwriting and improved risk management should…
Risk management’s failure in the credit crunch
January 12, 2009 by Canadian Underwriter“How did the last 20 years of progress in risk management fail so many institutions so spectacularly given the current financial turmoil?” Marsh & McLennan Companies asks in its latest issue of Viewpoints.“While the industry at large was undoubtedly overconfident…
What’s New: In Brief (January 12, 2009)
January 12, 2009 by Canadian UnderwriterA.M. Best Co. has revised the outlook of Peace Hills General Insurance Company to negative from stable and affirmed its financial strength rating of B+ (Good) and issuer credit rating of “bbb-.”“The negative outlook is a result of Peace Hills’…
Canadian Joe Restoule inaugurated as RIMS president
January 9, 2009 by Canadian UnderwriterJoe Restoule was inaugurated as the president of the Risk and Insurance Management Society (RIMS) on Jan. 8 at a reception at the Harvard Club in New York City.Restoule discarded his hidden, prepared notes and gave a heartfelt thanks to…
U.K. regulator fines Aon Limited for inadequate anti-bribery controls
January 9, 2009 by Canadian UnderwriterThe Financial Services Authority (FSA) has fined Aon Limited £5.25 million (Cdn$9.47 million) for “failing to take reasonable care to establish and maintain effective systems and controls to counter the risks of bribery and corruption associated with making payments to…
Businesses have improved access to commercial insurance: IBC surveys
January 8, 2009 by Canadian UnderwriterMost businesses have improved access to commercial insurance at more affordable prices than at any time in the past four years, according to recent surveys conducted by Insurance Bureau of Canada (IBC).IBC conducted two surveys to gauge the experiences of…
Losses of up to US$55 billion if 1938 hurricane hit today
January 7, 2009 by Canadian UnderwriterIf the Great New England Hurricane of 1938 were to hit today, insured losses would reach between US$40 billion and US$55 billion, RMS reports. This would include losses to both the private insurance market and those policies covered under the…