Segment
Risk Management
S&P affirms ‘A-‘ rating for Royal & SunAlliance
October 14, 2005 by Canadian UnderwriterStandard & Poor’s has affirmed its ‘A-‘ long-term counter-party credit and insurer financial strength ratings on the main operating entities of Royal & SunAlliance Insurance Group PLC. The ratings agency described Royal & SunAlliance’s outlook as stable, reflecting “the group’s…
British insurers underestimating capital: regulator
October 14, 2005 by Canadian UnderwriterBritain’s insurance regulator, the Financial Services Authority, says British insurance companies are underestimating how much capital “they need to maintain so that there is no significant risk that they are unable to pay liabilities as they fall due.”Furthermore, he added,…
Katrina losses predicted to exceed 9/11
October 7, 2005 by Canadian UnderwriterHurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as…
Royal & SunAlliance to buy business of Morgex
October 6, 2005 by Canadian UnderwriterThrough its subsidiary, Johnson Inc., Royal & SunAlliance Canada has acquired the commercial rights to the business of Morgex Insurance Group a leading insurance broker in Alberta for C$44.7 million. Royal & SunAlliance says the consideration, payable in cash, is…
B.C. drivers still aren’t wearing seat belts: police
October 6, 2005 by Canadian UnderwriterMany car drivers and passengers in B.C. still aren’t wearing seat belts, according to police-reported collision statistics. Among victims killed in passenger cars in 2003, B.C. police statistics show that approximately 41% were not wearing a seat belt or using…
Complex risks neglected by board directors
October 6, 2005 by Canadian UnderwriterBoard directors at global businesses are failing to identify and manage emerging risks effectively, according to a recent survey conducted by Lloyd’s and the Economist Intelligence Unit.The survey dealt with complex risk and although companies are spending more time on…
P&C industry in U.S. sees net income rise 29%
October 5, 2005 by Canadian UnderwriterThe U.S. property and casualty insurance industry’s after-tax net income rose 29.1% over last year from $23.9 billion in the first half of 2004 to a record-setting $30.9 billion in the first half of 2005.The Insurance Services Office (ISO) and…
ISO pegs Katrina losses at $34.4 billion
October 5, 2005 by Canadian UnderwriterHurricane Katrina is expected to cost U.S. property and casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.Katrina caused widespread damage…
Jewelery insurer says Katrina looting costs $700,000
October 4, 2005 by Canadian UnderwriterLooting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates…
Hub completes purchase of PLI
October 3, 2005 by Canadian UnderwriterChicago-based Hub International Limited (NYSE/TSX:HBG) has completed its purchase of Personal Lines Insurance Brokerage Inc. (PLI) from The Chubb Corporation.The acquisition expands Hub’s position in personal insurance across most of the United States and grows personal lines to nearly 20%…
Katrina victims offered retroactive flood coverage
September 30, 2005 by Canadian UnderwriterWhile individual states sue U.S. insurers over whether flood damage in New Orleans wrought by Hurricane Katrina is exempted from coverage, the U.S. federal government is preparing a bill that would allow victims of Hurricanes Rita and Katrina to buy…
IBC seeks tougher penalties for auto theft
September 30, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is hailing Canadian Attorney General Irwin Cotler for introducing new legislation to help curb organized auto theft, while at the same time calling on Canada’s department of justice to impose tougher penalties.“We are encouraged…