Segment
Risk Management
Allstate reports strong 2006 first quarter
April 19, 2006 by Canadian UnderwriterBuoyed by improved underwriting numbers, Allstate Corp reported an “excellent start to 2006” with strong 2006 1Q results.Allstate’s 1Q property liability premiums written grew 2.2% over the first quarter of 2005, driven by Allstate brand standard auto and homeowners increases…
Regulation of micro-insurance required, IAIS says
April 17, 2006 by Canadian UnderwriterRegulation and supervision of micro-insurance is a key factor for the further development of the insurance market, according to the International Association of Insurance Supervisors (IAIS).Micro-insurance is the provision of insurance to low-income households following basic insurance standards. These standards…
Commonwealth Insurance adopts EQECAT platform
April 17, 2006 by Canadian UnderwriterCommonwealth Insurance Company, a Canadian-based insurance company, has signed a licensing agreement to create an integrated catastrophe management system using EQECAT’s WORLDCATenterprise(TM) platform and XML interface technology. Financial terms of the agreement were not disclosed.“To give our underwriters the most…
NAIC classifies hybrid E-CAPS as equities
April 17, 2006 by Canadian UnderwriterMoody’s Investors Service says the recent classification of E-CAPS in the United States as an equity security, rather than a bond or preferred stock, will have capital requirement implications for insurers holding the security. The Securities Valuation Office of the…
Risk distribution for catastrophes must change: Munich Re
April 13, 2006 by Canadian UnderwriterA recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005.The report, entitled ‘The 1906…
A.M. Best softens cat stress test for prepared insurers
April 11, 2006 by Canadian UnderwriterA.M. Best Co. is making modifications to its catastrophe stress test, which in some cases will require less capital for a company to support its catastrophe exposure. The ratings agency says “those companies that would be afforded additional leeway in…
Technology may compromise hospital professional liability
April 10, 2006 by Canadian UnderwriterTechnological advancements in the medical field may improve hospital performance and safety leading to lower medical malpractice and professional liability costs but panelists told the Sixth Annual PLUS Medical Professional Symposium that such advances may also expose hospitals and doctors…
Sophistication in practice required for good risk managment
April 4, 2006 by Canadian UnderwriterIn light of today’s demanding global economy corporate risk managers must begin implementing more sophisticated loss prevention policies and processes, according to a presentation at the recent 2006 Industrial Fire World Conference in Baton Rouge.The speaker, chemical technical specialist for…
Lloyd’s in talks to insure “tourist” space flights
April 3, 2006 by Canadian UnderwriterLloyd’s is apparently in discussions to insure the first “tourist” flights into space in 2008.Virgin is proposing to launch the space flights for tourists from a site in New Mexico, and media reports have indicated that Lloyd’s are among the…
Commercial identity theft now covered in Canada
March 31, 2006 by Canadian UnderwriterSt. Paul Travelers (NYSE:STA) announced it’s the first insurance company to offer identity theft coverage for commercial businesses in Canada. The Identity Fraud Expense Coverage Master Policy is available to financial institutions, commercial businesses and business associations and their customers,…
Profitability of U.S. P&C industry will decline in 2005: Fitch
March 30, 2006 by Canadian UnderwriterThe U.S. property and casualty insurance industry will report a deterioration in profitability for 2005, Fitch rating agency predicts.“While operating performance was on a record-setting pace in the first half of the year, insurers encountered unfavorable surprises in the form…
Should risk-sharing consider geographic exposure?
March 29, 2006 by Canadian UnderwriterIf catastrophe damage losses continue to escalate as expected, the insurance industry may have to re-evaluate its model for risk-sharing, panelists told an audience attending an Ontario Risk and Insurance Management Society meeting in Toronto.A new model may, for example,…