Segment
Risk Management
Regulators issue recommendations for avoiding conflicts
February 13, 2006 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have issued a third consultation paper that includes three recommendations for harmonizing best practices across the country so as to avoid conflict of interest situations.…
Kingway’s 2005 Q4 net income increases
February 9, 2006 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) reported its 2005 Q4 net income increased 16% over its 2004 Q4 results from Cdn$36.3 million in 2004 to Cdn$42.1 million in 2005 despite lower premium volumes in 2005.Overall Kingsway’s net income in 2005…
Sovereign pulls plug on personal auto, homeowners lines
February 8, 2006 by Canadian UnderwriterFocusing on its core strength of commercial insurance, The Sovereign General Insurance Company has announced that it will no longer write personal auto and home insurance in Alberta, Nova Scotia, Saskatchewan and the Northwest Territories.“The size of the portfolios and…
Construction theft increases after hurricanes
February 7, 2006 by Canadian UnderwriterCould it be that catastrophe modeling may soon have to deal with factors such as “construction theft” when calculating rebuilding costs in the wake of natural disasters?According to A.M. Best, the widespread rebuilding effort along the U.S. Gulf coast in…
D&O market softens, Tillinghast finds
February 6, 2006 by Canadian UnderwriterThe market for D&O liability coverage has continued to soften, while claims frequency and severity have continued to increase, according to a 2005 survey conducted by the Tillinghast business of Towers Perrin.The Tillinghast survey included 2,645 U.S. and 49 Canadian…
Terrorism risk management tools help insurers respond
February 3, 2006 by Canadian UnderwriterRisk Management Solutions (RMS) has reaffirmed that terrorism risk management products can assist insurers in responding to the terrorism section of the ‘2005 Statement Year Supplemental Rating Questionnaire’ (SRQ), recently issued by rating agency A.M. Best Co.In December 2005, TRIA…
Guy Carpenter notes ratings, reinsurance changes post-Katrina
February 1, 2006 by Canadian UnderwriterUnprecedented catastrophe losses in 2005 were true ‘market-changing’ events for the property segment, with substantial short- and long-term consequences for pricing, capitalization, reinsurance and insurance ratings, according to Guy Carpenter & Company Inc.The 2005 catastrophes “have led reinsurers to readjust…
Canadian economy faces negative pressures
January 30, 2006 by Canadian UnderwriterA trend towards the reduction of Canadian bankruptcies in 2006 is on the horizon but global trade credit insurer Euler Hermes says the Canadian economy will still face negative pressures from several sources, including export countries, regional trends, and structural…
Property insurance rates rise due to hurricane losses
January 30, 2006 by Canadian UnderwriterA two-year trend of steadily falling property insurance premiums is changing as evidenced by the sharp increase of property insurance rates in the fourth quarter of 2005, according to the new RIMS Benchmark Survey.Through the industry-wide survey of current policy…
Allstate signs new reinsurance agreements
January 30, 2006 by Canadian UnderwriterThe Allstate Corporation, the second-largest property casualty insurer in the U.S., has announced new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes.…
RIMS offers expertise to TRIA panel
January 27, 2006 by Canadian UnderwriterIf a recent request to President Bush is realized, than a Risk and Insurance Management Society Inc. (RIMS) member may soon be appointed as a policyholder representative functioning as both an analyst of the terrorism insurance market and a consultant…
The low down on D&O, 2005
January 27, 2006 by Canadian UnderwriterA recent survey by the Tillinghast unit of Towers Perrin revealed that directors at almost half of all public companies polled were inquiring about their directors and officers liability coverage in 2005; scrutiny which incited changes to the coverage at…