Segment
Risk Management
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…
Federal natural catastrophe backstop debated in the U.S.
June 18, 2008 by Canadian UnderwriterBecause of a natural catastrophe’s high cost to society, some are debating whether or not the U.S. federal government should provide a program to backstop losses for natural catastrophes, Standard & Poor’s (S&P’s) says.In the current market, federal government participation…
What’s New: In Brief (June 18, 2008)
June 18, 2008 by Canadian UnderwriterA.M. Best Co. has affirmed the A+ (Superior) financial strength rating of ING Canada Group.The ratings agency cites ING’s “superior capitalization, above-average profitability and leading market position within the Canadian property/casualty industry,” as reasoning for the rating.At the same time,…
What’s New: In Brief (June 17, 2008)
June 17, 2008 by Canadian UnderwriterCunningham Lindsey Canada Claims Services Ltd. launched a Causation Forensic Specialists (CFS) division.The division will be lead by Bernard (Bernie) Lefebvre, a fire investigator, a Cunningham Lindsey release says.“CFS fills a very specialized niche which falls under a branch of…
Complexity of emerging risks outstripping cat models’ capacity to forecast losses
June 17, 2008 by Canadian UnderwriterTraditional modelling techniques will not work for emerging risks, Oxford University researcher Peter Taylor told delegates at a seminar in London, England, entitled “Catastrophe Modelling from a European Perspective.”The Reinsurance Association of America and the International Underwriting Association (IUA) of…
Insured value in hurricane-prone areas to double every decade
June 16, 2008 by Canadian UnderwriterThe insured value of properties in hurricane-prone areas of the United States over the past three years has continued to grow at a compound annual growth rate of just over 7%, a report from AIR Worldwide Corporation says.Despite the recent…
Swiss Re advocates new forms of public-private disaster risk financing
June 12, 2008 by Canadian UnderwriterNew forms of public-private partnerships can help governments worldwide cope financially with the increasing damage costs of natural catastrophes, according to a new report by Swiss Re. “While governments, development banks or NGOs are constantly getting better at managing disasters…
Global multi-line insurers face challenging times in 2008
June 12, 2008 by Canadian UnderwriterYear 2008 will represent a challenge for global multi-line insurers (GMIs) due to increased competition, downward pricing and regulatory changes, according to a Standard & Poor’s (S&P’s) report.“Management teams face the challenge of juggling top-line growth and profitability considerations at…
What’s New: In Brief (June 11, 2008)
June 11, 2008 by Canadian UnderwriterVale National Training Centers Inc. has launched an online extension to its classroom-based proficiency development curriculum for claim professionals.The training center has added roughly 500 distance-learning modules to its course offerings. These are available immediately through a standard Web browser,…