Segment
Risk Management
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…
What’s New: In Brief (April 02, 2008)
April 2, 2008 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has issued warnings to Ontario and Atlantic policyholders of overland flooding due to spring thaw. IBC stresses preventative actions, because overland flooding is not covered by home insurance policies. Sewer back-up coverage is usually available…
What’s New: In Brief (April 01, 2008)
April 1, 2008 by Canadian UnderwriterChief information officers (CIOs) for US insurers are more concerned about the impact of a soft market than their European counterparts, according to a Celent report.In Insurance CIO/CTO Pressures, Priorities Projects, and Plans 2008: The View Across the Atlantic, Celent…
Captive market grows in spite of soft-market conditions
April 1, 2008 by Canadian UnderwriterAlthough the growth of captive insurance companies has been relatively “flat” in the current soft insurance market, growth is still possible during soft markets because captives are driven more by market volatility than by market cycles, keynote speaker Nancy Gray…
Federal issues still persist in wake of Bank Act review
March 28, 2008 by Canadian UnderwriterLivestock insurance, the increase in off-shoring of financial services and fiscal imbalance between the levels of government are all issues that still need to be addressed by the federal government in the wake of the Bank Act review, said Normand…
What’s New: In Brief (March 28, 2008)
March 28, 2008 by Canadian UnderwriterNeil Morrison of HKMB in Toronto has been appointed treasurer of the World Broker Networks’ (WBN, Ltd.) board of directors, according to AJC Consultants Ltd. WBN, Ltd, a privately owned international insurance broker network, has sixty member companies in fifty-six…
What’s New: In Brief (March 27, 2008)
March 27, 2008 by Canadian UnderwriterThe Reinsurance Association of America (RAA) is urging the U.S. Senate to oppose the proposed expansion of the National Flood Insurance Program (NFIP). The RAA, in conjunction with a coalition representing insurers, environmentalists, consumer advocates and taxpayer groups, is opposing…
Climate research: Canadian winters warmer now than 50 years ago
March 27, 2008 by Canadian UnderwriterDaily temperature extremes have risen by up to 4 C over the last 50 years, climate experts from the British Meteorological Office (Met Office) say in research published this month in the Journal of Geophysical Research.The article explores how extreme…
Majority of North American (re)insurers have “adequate” ERM programs
March 26, 2008 by Canadian UnderwriterEighty-three per cent out of the 274 global insurance and reinsurance groups evaluated in Standard & Poor’s 2007 scorecard had “adequate” ERM programs.Further, S&P’s noted in its 2007 scorecard, only 11 of the organizations had improved over their 2006 Standard…
Insured entitled to business interruption coverage despite collateral benefits (March 26, 2008)
March 26, 2008 by Canadian UnderwriterIn a business interruption claim, an insurer is not entitled to a “credit” in the form of a deductible if an insured business gains a collateral benefit during the shutdown of its operations, Alberta’s Court of Appeal has ruled.In Neste…
London companies not prepared for terrorist incident
March 26, 2008 by Canadian UnderwriterMany companies remain under-prepared for a terrorist attack in London, England according to a Marsh survey. Roughly one-third of 80 delegates attending a Marsh seminar on terrorism, representing large and mid-size firms in the Greater London area, noted they did…