Segment
Risk Management
Replenishing reserves still a question mark
February 24, 2006 by Canadian UnderwriterEven though underwriting results for property and casualty companies globally have improved markedly over the past few years, the ongoing challenge of attaining ultimately adequate reserves remains, according to a recent report by Standard & Poor’s.“Insurers and reinsurers appear no…
After TRIA, what next for terrorism coverage?
February 24, 2006 by Canadian UnderwriterIn anticipation of the conclusion of TRIA’s extension in 2007, Aon Risk Services has been encouraging clients to maintain their relationships with insurers in the stand-alone terrorism insurance market, or with those that build added protection into their all-risks policies…
XN Risk offers new law liability policy
February 23, 2006 by Canadian UnderwriterXN Holdings, parent company of XN Risk Insurance Services (Canada) Inc. recently launched a Law Firm Management Liability Policy designed address a wide range of liabilities law firms may confront from customers, suppliers, job applicants and employees, unrelated to the…
Insurers must adjust for more extreme weather: report
February 23, 2006 by Canadian UnderwriterThe insurance industry must compensate for extreme changes in the number of tropical cyclones and hurricanes by assuming a different loss distribution for the current warm phase of the natural climate cycle than in the years before, according to a…
Lloyd’s likely to feel impact of UK robbery
February 23, 2006 by Canadian UnderwriterThe multimillion-pound armed robbery of a storage depot in the United Kingdom near London is likely to be felt within Lloyd’s, which has a worldwide reputation for writing insurance for this kind of risk, according to a report by A.M.…
FM Global reports strong 2005 financial results
February 22, 2006 by Canadian UnderwriterFM Global’s 2005 financial results state that the commercial and industrial property insurer has realized a 14% increase in net income to US$635 million, representing the Copmany’s fourth consecutive year of strong results.In addition, FM Global;s policyholder surplus grew 18.8%…
Benfield announces Web platform for facultative reinsurance
February 22, 2006 by Canadian UnderwriterBenfield, an independent reinsurance and risk intermediary, today announced the launch of eCatFac, a new electronic placing platform designed to help place facultative reinsurance for cedants with large catastrophe exposures.“Facultative reinsurance is a highly customized tool that is increasingly being…
Ontario changes liability for rented vehicle collisions
February 21, 2006 by Canadian UnderwriterThe Ontario government is amending the province’s Insurance Act so that motor vehicle liability policies carried by the customers of leasing and rental companies are first in line for liability for any damages arising from accidents caused by the negligent…
A.M. Best assigns negative outlook to U.S. P/C market
February 17, 2006 by Canadian UnderwriterA.M. Best has extended its negative outlook for the 2006 U.S. commercial insurance market. “A.M. Best anticipates there will be few rating upgrades or positive rating outlooks assigned in 2006 due to pricing deterioration in 2005, the expectation of continued…
IAIS to establish international solvency standards
February 16, 2006 by Canadian UnderwriterThe International Association of Insurance Supervisors (IAIS) established in 1994 to develop international principles and standards for insurance supervision has issued a paper that outlines a work plan and timetable for the development of international supervisory standards on insurance solvency…
ING Canada says Allianz acquisition boosts Q4 results
February 16, 2006 by Canadian UnderwriterING Canada Inc. (TSX: IIC.LV) reported net income of Cdn$196.9 million for the quarter ended Dec. 31, 2005 up 13.7% from Cdn$173.1 million in the same period of the preceding year. Revenues for the fourth quarter also increased to Cdn$1.1…
Chubb seeks court clarification in Nortel settlement
February 15, 2006 by Canadian UnderwriterChubb Insurance Company of Canada has filed a declaratory action in the Ontario Superior Court of Justice in Toronto related to its insurance policies for Nortel Networks Corporation.The action seeks a determination by the court regarding the insurance coverage available…