Segment
Risk Management
Canada’s insurance market has Cdn$11 billion in excess capital
June 25, 2008 by Canadian UnderwriterCanada’s insurance market has Cdn$11 billion in excess capacity, enough to underwrite another replica of Canada, which could fuel a soft market well into 2012.Joel Baker, president of MSA Research, made the above observation and prediction as a panelist at…
What’s New: In Brief (June 25, 2008)
June 25, 2008 by Canadian UnderwriterMore than 3,000 people are injured and 116 people are killed, on average, in nearly 5,000 alcohol-related crashed in British Columbia each year, according to ICBC. The public auto insurer says these stats translate into more than Cdn$140 million in…
Global non-life premium growth expected to stagnate, at best: Swiss Re
June 24, 2008 by Canadian UnderwriterWorld insurance premium income grew 3.3% in real terms in 2007, reaching US$4.06 trillion, with global non-life premium growth slowing to 0.7% in real terms, totalling US$1.668 trillion, according to a Swiss Re sigma study.The results from six major primary…
What’s New: In Brief (June 24, 2008)
June 24, 2008 by Canadian UnderwriterAon eSolutions has released a new environmental module as part of RiskConsole, its browser-based risk management information system (RMIS).Developed in conjunction with Aon Environmental Services Group, the module provides organizations with the ability to effectively manage the multi-faceted environmental due…
Standard & Poor’s gives North American insurance market a stable rating
June 23, 2008 by Canadian UnderwriterStandard & Poor’s has given the North American insurance market a stable outlook in a recent report, meaning its positive and negative ratings for insurers in 2008 are expected to balance out evenly.The ratings agency noted the 2008 Q1 results…
Risk management still not fully accepted in the boardroom: Marsh study
June 23, 2008 by Canadian UnderwriterRisk management has yet to be fully integrated into the decision-making process at board level among top European businesses, according to a survey conducted by Marsh U.K.The survey was conducted among risk managers attending the recent annual conference of the…
Global energy-sector insurer launches, backed by private equity firm
June 23, 2008 by Canadian UnderwriterFirst Reserve Corporation has provided US$720 million to launch a new energy sector specialty insurer, Torus Insurance Holdings Limited.Senior management of Torus has also invested personally in the new venture, a First Reserve release says.“Torus will focus on large commercial…
What’s New: In Brief (June 20, 2008)
June 20, 2008 by Canadian UnderwriterWomen in Insurance Cancer Crusade (WICC Ontario and WICC Quebec) will be the official charity of the National Insurance Conference of Canada (NICC). As part of this partnership: WICC will hold a fundraising silent auction at the NICC. NICC will…
Quebec insurers see rise in premiums, decrease in claims in 2007
June 20, 2008 by Canadian UnderwriterProperty and casualty insurers in 2007 wrote a total of Cdn$7.3 billion in premium in Quebec, marking a 3.6% increase from 2006’s Cdn$7.1 billion, reports the Autorit des march financiers (AMF).Automobile and property insurance premiums increased 3%, up nearly CDn$172…
A.M. Best takes rating actions on more than 50 Canadian p&c insurers
June 20, 2008 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating (FSR) of seven Canadian property and casualty insurers, downgraded five, assigned ratings to four and affirmed the FSR of 37 insurers.The following companies have received FSR upgrades: CUMIS General Insurance, B+…
Insurers prepare for claims related to tomato contamination
June 19, 2008 by Canadian UnderwriterInsurers globally are preparing for business interruption claims related to the recent salmonella outbreak that has affected at least 228 people in the United States.As a result of a warning issued by the U.S. Food and Drug Administration (FDA), a…
What’s New: In Brief (June 19, 2008)
June 19, 2008 by Canadian UnderwriterSCOR has established a “hub” structure for the Americas in New York, encompassing SCOR Canada, SCOR US, and SCOR Global Life Re US.Henry Klecan Jr. is the managing director of the hub. He will remain CEO of SCOR Canada and…