Segment
Risk Management
Canadian P&C industry records first underwriting loss since 2002 in Q1
July 28, 2008 by Canadian UnderwriterThe Canadian insurance industry as a whole experienced an underwriting loss in 2008 Q1, marking the first industry-wide loss since 2002, according to the MSA/Baron Outlook Report.The industry’s combined ratio has crept up past the 100% mark, from 2007 Q1’s…
What’s New: In Brief (July 25, 2008)
July 25, 2008 by Canadian UnderwriterStephen J. Mallory has been appointed as a member of the Standards Council of Canada (SCC) by industry minister Jim Prentice, the minister responsible for the SCC. “I am very pleased to welcome Mr. Stephen J. Mallory to the SCC,…
RIMS calls on New York regulators to prohibit contingency fees
July 25, 2008 by Canadian UnderwriterRather than re-considering the use of contingency fee arrangements, the insurance industry should instead be eliminating them, the Risk and Insurance Management Society (RIMS) has testified at a public hearing in New York City.The hearings, before New York superintendent of…
Swiss Re, Zurich reveal exposure to heavily-indebted U.S. mortgage agencies
July 17, 2008 by Canadian UnderwriterShortly after Swiss Re announced it has an exposure of approximately US$9.6 billion to U.S. mortgage agencies Fannie Mae and Freddie Mac, Zurich Financial Services also announced it held US$8.3 billion in debt securities, reports MarketWatch.Fannie Mae and Freddie Mac…
Ecclesiastical insurer warns of oil thefts at Atlantic Canada churches
July 15, 2008 by Canadian UnderwriterGiven the rise in fuel prices over the past few months to $1.37 and higher, ecclesiastical insurers have a new risk to manage fuel theft. Ecclesiastical Insurance has issued a public statement expressing concern that two churches in Atlantic Canada…
What’s New: In Brief (July 15, 2008)
July 15, 2008 by Canadian UnderwriterKingsway Financial Services Inc. says it intends to repay outstanding debts under its US$175-million, three-year revolving facility before the end of July.The company arranged the credit facility with a syndicate of banks in June 2006. As of June 30, 2008…
Scientists a step closer to the possibility of predicting earthquakes
July 10, 2008 by Canadian UnderwriterScientists have measured changes in the speed of seismic waves that preceded two small earthquakes by 10 and two hours, allowing them to further develop a technique to predict future quakes, reports the Carnegie Institution for Science.“Detecting stress changes before…
What’s New: In Brief (July 08, 2008)
July 8, 2008 by Canadian UnderwriterYork Fire & Casualty Insurance has appointed Lori Corrigan to the position of vice president and COO.Corrigan brings to the post more than 20 years of insurance industry experience, from both a company and broker perspective, says a York Fire…
Bertha fires opening shot of 2008 hurricane season
July 7, 2008 by Canadian UnderwriterHurricane Bertha, the first hurricane of the Atlantic season, is also the first storm in recorded history to develop so far east so early in the season, according to Storm Exchange Inc., a firm specializing in weather-related risk management.Bertha was…
ERM embraced at executive level by insurers, but hasn’t completely filtered down
July 4, 2008 by Canadian UnderwriterDespite the endorsement of enterprise risk management (ERM) by executive leaders of North American insurance companies, a full appreciation of ERM hasn’t fully filtered down within their organizations, a PricewaterhouseCoopers study has found.“Despite progress at the top, the study found…
Canada ranks second-last among G8 countries on climate change efforts: Allianz SE
July 3, 2008 by Canadian UnderwriterWere it not for the United States, Canada would rank dead last among G8 countries when it comes to moving towards a low-carbon economy, according to a scorecard developed on behalf of Allianz SE and WWF International.Allianz and WWF recently…
Declining premium growth, diminished auto returns cited as obstacles for 2008
June 26, 2008 by Canadian UnderwriterLack of premium growth nationwide and diminished results in the Ontario auto segment have constrained results for Canadian property and casualty insurers in the past year, according to a recent report published by Standard & Poor’s Ratings Services. Although 2007…