Canadian Underwriter

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Risk Management


News Climate ChangeInsurance

Increase in small hurricanes could halt further price declines

September 3, 2008 by Canadian Underwriter

An increase in small hurricanes making landfall this season, in addition to the high level of catastrophe losses insurers have already absorbed during the first half of 2008, will likely bring a dose of reality to the competitive property cat

News Insurance

Rising cost of fuel top risk facing supply chains

September 3, 2008 by Canadian Underwriter

Pricing risks, particularly the rising cost of energy, is currently the most pressing supply chain risk, a Marsh survey of 110 risk managers has found. With oil topping US$139 a barrel in mid-June, energy prices are creating significant margin pressures

News Climate ChangeInsuranceMergers and Aqcuisitions

Gustav could cost between US$2 billion and US$10 billion

September 2, 2008 by Canadian Underwriter

Insured losses caused by Hurricane Gustav could range from US$2 billion to US$10 billion according to initial estimates. Gustav came ashore near Cocodrie, Louisiana, about 70 miles southwest of New Orleans, on Sept. 1 as a relatively fast-moving Category 2

News Insurance

Signs of market hardening in marine insurance lines, Willis finds

August 29, 2008 by Canadian Underwriter

Although an ongoing shipping boom continues unabated, insurers remain concerned the skyrocketing cost of steel may cause shipyards in some countries to cut back on the quality of steel used in shipbuilding.“This, coupled with the growth of new, but relatively

News InsuranceMergers and Aqcuisitions

Insurers lose appeals in transfer-of-loss case

August 29, 2008 by Canadian Underwriter

Two insurers, Royal & SunAlliance (now RSA) and Aviva Insurance Company of Canada, have lost their appeals from an arbitration under the loss transfer provisions of s. 275 of the Ontario Insurance Act. The arbitration arose from an incident occurring

News Climate ChangeInsurance

Tropical Storm Gustav could hit New Orleans as a Hurricane

August 29, 2008 by Canadian Underwriter

Although New Orleans’ levees have been strengthened since Hurricane Katrina ripped through them three years ago, they are not scheduled for completion until 2011, leaving the city “far from protected” as Tropical Storm Gustav approaches, according to the Seattle Times.

News Climate ChangeInsurance

Insurance linked security market rides out credit crisis storm

August 27, 2008 by Canadian Underwriter

Natural catastrophe (nat cat) bonds, currently the main insurance-linked securities (ILS) asset class, have proven generally resilient during the capital market’s turbulence over the past year, with the acid test being the current credit crunch, reports Standard & Poor’s.The pricing

News Insurance

Soft market pinches surplus lines market

August 26, 2008 by Canadian Underwriter

Surplus lines insurers outperformed the property and casualty industry in underwriting and operating performance in 2007, but the softening market and more aggressive competition portend deterioration in profitability for this sector (absent a catastrophe that curtails the incursion of standard

News Insurance

Kingsway to sell York Fire & Casualty to La Capital General Insurance

August 25, 2008 by Canadian Underwriter

Kingsway Financial Services Inc. is selling York Fire & Casualty Insurance Company to La Capitale General Insurance Inc., a member company of the mutual company La Capitale Financial Group Inc., which is owned by members of Quebec’s civil service. The

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (August 20, 2008)

August 20, 2008 by Canadian Underwriter

FirstOnSite Restoration L.P. has acquired Ezi-Way Cleaning Services Ltd. of Charlottetown, P.E.I and Ezi-Way Disaster Kleenup (Moncton) Ltd. of Moncton, N.B.“With this acquisition we have considerably strengthened our position in the Maritimes,” said Ian Milne, FirstOnSite’s CEO. The new acquisitions

News Insurance

Fitch predicts p&c market reserve cushion to diminish in coming years

August 19, 2008 by Canadian Underwriter

Canadian and U.S. property and casualty reserves were modest at year-end 2007, but Fitch Ratings predicts that reserve redundancy will begin to decline moving forward amid eroding market conditions and increasing accident-year loss ratios.In its report, Fitch Ratings examines the

News Climate ChangeInsuranceMergers and Aqcuisitions

What’s New: In Brief (August 19, 2008)

August 19, 2008 by Canadian Underwriter

Carstar Automotive Canada has created two new regional director positions aimed to help the company develop three distinct regions of operation within Canada. Bob Gagnon will assume the role of regional director eastern Canada (Quebec and the Maritimes), bringing to