Insurance & Risk, Analysis, Events and Careers
Claims
Property and casualty insurance pricing in the United States is expected to hit the bottom of the trough in the first two quarters of 2009, with flat pricing for renewals being the norm.”In the second quarter or second half of 2009, it is likely that single-digit percentage rate increases will be commonplace, with more placements […]
By Canadian Underwriter | February 18, 2009
1 min read
Fitch Ratings has revised its outlook on the Bermuda reinsurance market from ‘Stable’ to ‘Negative.’“The revision in the rating outlook primarily reflected expectations of additional unrealized mark-to-market losses and impairment losses related to financial market conditions, reduced access to capital and corresponding reductions in financial flexibility, and the adverse effects on current earnings of soft […]
By Canadian Underwriter | February 13, 2009
2 min read
*** CLARIFICATION Canada’s national fire prevention strategy and FireSmart are two separate programs. This clarifies information that was originally posted on Feb. 12. Canada has a national strategy for fire prevention that “is among the most progressive in the world,” yet it lacks long-term investment, the Institute for Catastrophic Loss Reduction reports.The Canadian Wildland Fire […]
Deteriorating underwriting and investment results drove the U.S. property and casualty industry’s net income down by nearly 80%, to US$14 billion, in 2008.Two consecutive years of underwriting profits are expected to give way to an underwriting loss of US$21.5 billion in 2008, A.M. Best notes in a special report entitled ‘U.S. P/C Industry’s Profits Plunge; […]
By Canadian Underwriter | February 9, 2009
CNA Financial absorbed a 2008 Q4 net loss of US$336 million, compared to a profit of US$164 million over the same period in 2007.For the entire year of 2008, CNA reported a loss of US$299 million, well below the US$851 million profit it recorded in 2007.”CNA’s core property and casualty operations performed well, with a […]
Adjusters are not immune to strong emotional reactions following a traumatic event that can interfere with their life, delegates of the 42nd annual Canadian Insurance Claims Managers’ Association/Canadian Independent Adjusters’ Association Joint Conference (CICMA/CIAA) in Toronto.Post Traumatic Stress Disorder (PTSD) can set in acutely or have delayed onset, according to Robert Senn, a retired firefighter […]
By Canadian Underwriter | February 3, 2009
For claims adjusters, good communication and providing timely information are keys to preventing minor property damage losses from turning into major catastrophes.The subject “Little, Loss? Total Loss?” was the theme of the 42nd annual CICMA/CIAA joint conference held in Toronto, Ontario on Feb. 3.James Giffen of Crawford Canada said it is important for adjusters arrive […]
3 min read
Health Claims for Auto Insurance (HCAI), an electronic claims system funded by insurers to the tune of $20 million, is expected to be rolled out in 2010, the Insurance Bureau of Canada (IBC) has announced. HCAI was designed to be a significant upgrade over the standardized, paper-based, medical-rehab insurance system implemented in Ontario in 2001. […]
January 31, 2009
The Ontario Court of Appeal has confirmed that if an insured fails to disclose a material change in a risk to a commercial insurance policy, the insurance company may reject the claim without being obligated to void or cancel the policy instead. In Patriquin v. Great Lakes Forest Products, the Great Lakes Forest Products company […]
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