Segment
Risk Management
Subprime liability claims could reach US$9 billion
April 10, 2008 by Canadian UnderwriterLitigation surrounding subprime exposure will result in D&O liability and E&O insurance claims estimated at between US$3 billion and US$4 billion and possibly as high as US$9 billion, Fitch Ratings reports.Insurers’ potential losses could be substantially higher if credit issues…
Individuals must carefully re-examine auto coverage limits
April 9, 2008 by Canadian UnderwriterIn the wake of the introduction of Bill 18 in Ontario, and given an ever-increasing size of damage awards (often running in the multi-millions of dollars), everyone needs to re-think what qualifies as adequate limits.Maurice Audet of Aon Reed Stenhouse…
What’s New: In Brief (April 09, 2008)
April 9, 2008 by Canadian UnderwriterAviva Canada Inc. has reached an agreement to acquire National Home Warranty Group of Companies (National Home). The deal is expected to close within the next 90 days, an Aviva release says.National Home provides new home warranty coverage to new…
What’s New: In Brief (April 08, 2008)
April 8, 2008 by Canadian UnderwriterAviva Canada, has re-branded its subsidiaries Pilot Insurance Company and Scottish & York Insurance Co. Ltd. Moving forward the companies will be known as Aviva Pilot and Aviva Scottish & York.Aviva, which has been insuring Canadians since 1906, was created…
AIG reshuffles its organizational structure
April 8, 2008 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has renamed its Domestic General Insurance operations the AIG Property Casualty Group, and has shuffled a number of executive positions.“These organizational changes will contribute substantially to an improved operating environment, provide greater results in our…
Direct offshore foreign insurers must be authorized by Australia’s regulator prior to June 2008
April 8, 2008 by Canadian UnderwriterThe Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are jointly reminding direct offshore foreign insurers (DOFIs) and local insurance brokers about new authorization requirements for foreign insurers that come into effect on July 1,…
What’s New: In Brief (April 08, 2008)
April 8, 2008 by Canadian UnderwriterPaul Taylor, the CEO of the Insurance Corporation of British Columbia (ICBC), is moving to a new position in the private sector.Details of his new position were not included in an ICBC release.“Mr. Taylor’s move to the private sector was…
OSFI to focus on quick identification of emerging risks in next three years
April 7, 2008 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) says enhanced identification of emerging risks is Priority 1 for the next three years.The regulator intends to improve its ability to identify emerging risks through more inter-sector communication, more focus on…
Commercial lines market softening at an accelerating pace
April 7, 2008 by Canadian UnderwriterCommercial lines insurance premiums in 2008 Q1 experienced the largest quarterly drop since 2005, according to the Risk and Insurance Management Society (RIMS) Benchmark Survey.Undeterred by mounting claims from the meltdown of the subprime mortgage market, the average directors and…
What’s New: In Brief (April 03, 2008)
April 3, 2008 by Canadian UnderwriterThe European Commission’s Solvency II Directive is expected to increase substantially regulatory capital requirements for most European insurers, although no extra capital is likely to be required for the market as a whole.A.M. Best’s review of Solvency II’s implications found…
Lloyd’s reports increase in profits to Cdn$7.6 billion
April 3, 2008 by Canadian UnderwriterLloyd’s has reported a profit of 3.8 billion (approx. Cdn$7.6 billion) in 2007, an increase over 2006’s profit of 3.6 billion (approx. $7.2 billion). The market reported a combined ratio of 84.0%, a slight increase over 2006’s 83.1%. This compares…
April reinsurance renewals show plenty of capacity and capital
April 2, 2008 by Canadian UnderwriterReinsurers appear to be experiencing an increasingly competitive market in 2008, with the greatest rate reductions evident in smaller markets, according to Willis Re’s April renewals review.The reduction in the smaller markets is driven by an increase in both the…