Segment
Risk Management
State Farm Insurance will stop writing new policies for Mississippi
February 15, 2007 by Canadian UnderwriterCiting uncertainties in the Mississippi legal and business environments, State Farm Senior Vice President Bob Trippel recently told Mississippi’s Commissioner of Insurance George Dale that State Farm Fire and Casualty Company will suspend writing new homeowners and commercial property insurance…
What’s New: In Brief (February 14, 2007)
February 14, 2007 by Canadian UnderwriterNancy Ng has been appointed manager of insurance services at PPG Canada Inc.PPG Industries is a diversified manufacturer that supplies vehicle-related products and services around the world. In addition, PPG’s Lynx Services provides claims management solutions and handles more than…
Marsh & McLennan report 500% increase in profit
February 14, 2007 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) reported a hefty 2006 Q4 profit of US$226 million, an increase of more than 500% over 2005’s final quarter.Full-year consolidated net income was US$990 million, compared with US$404 million in 2005.Risk and insurance services…
Quantify risk first, before considering captives
February 13, 2007 by Canadian UnderwriterInsureds need to quantify their catastrophe risks as accurately as possible first, before considering whether a captive is an appropriate financial tool for managing those risks, according to Kate Westover, the vice president of the Vermont-based alternative risk financing organization,…
Willis draws on earth simulator to better handle catastrophes
February 13, 2007 by Canadian UnderwriterIn order to help insurers understand the frequency and severity of natural catastrophes, Willis Research Network has joined forces with internationally renowned universities in a research program on climate simulations at the NEC Earth Simulator in Yokohama, Japan. The research…
A.M. Best warns that 2007 may be ‘Year of the Regulator’
February 12, 2007 by Canadian UnderwriterIn an analysis piece, A.M. Best says it’s possible “the global insurance market will one day come to recognize 2007 as the ‘Year of the Regulator.’”A.M. Best says recent political events in the United Kingdom and the United States are…
CNA Financial Corp. reports 2006 profit of US$329 million.
February 12, 2007 by Canadian UnderwriterCNA Financial Corporation (NYSE:CNA) announced a 2006 Q4 profit of US$329 million and a net income of US$1.1 billion throughout 2006.The Q4 income marks an increase of US$546 million as compared with the same period in 2005. Net income for…
AON releases 2006 financial results
February 9, 2007 by Canadian UnderwriterAON Corporation (NYSE: AOC) has reported a 2006 Q4 profit of US$224 million, compared with a 2005 Q4 net income of US$224 million.Throughout all of 2006, AON reported a net income of US$721 million, compared to a reported net income…
IBC provides $500,000 for research into building safer homes
February 7, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is providing Cdn$500,000 to support a unique facility at the University of Western Ontario called The Insurance Research Lab for Better Homes.Formerly known as the Three Little Pigs project, the facility is a typical…
Identity theft declines in United States
February 5, 2007 by Canadian UnderwriterIdentity theft in the U.S. is on the decline, according to the 2007 Identity Fraud Survey Report by Javelin Strategy & Research (Javelin), which also identified risk differentiators between age and income demographics.“Identity fraud is dropping in the United States…
RIMS survey finds drop in D&O premium rates
February 5, 2007 by Canadian UnderwriterDirectors and officers (D&O) and workers’ compensation reported the largest decreases in premium rates in the fourth quarter of 2006, according to the Risk and Insurance Management Society, Inc. (RIMS)’s Benchmark Survey.Commerical insurance premiums experienced some of the most dramatic…
AXA Group’s global P&C revenues up 4%
February 2, 2007 by Canadian UnderwriterThe AXA Group reported its global property and casualty revenues were up 4% in 2006.“Property and casualty revenues increased by 4% to EUR19.793 billion [about Cdn$30.4 billion],” AXA reported in a press release. “Personal lines were up 5% resulting from…