Claims
The choice of whether to use traditional reinsurance or capital markets to transfer risk “will depend on careful consideration of a number of different factors, including the risk, size of insurer and ability to absorb basis risk,” PartnerRe says in a recent report on insurance-linked securities.PartnerRe’s report, ‘A Balanced Discussion on Insurance-Linked Securities (ILS),’ identifies […]
By Canadian Underwriter | May 16, 2008
2 min read
In eight years, tort awards in catastrophic cases have increased from the Cdn$600,000-$7000,000 range to between Cdn$10 million and Cdn$15 million, Jess Bush, partner with Blaney McMurtry LLP, told delegates at the Insurance Law: Spring Update 2008 in Toronto on May 15. Health care costs are “going through the roof,” he noted, by way of […]
By Canadian Underwriter | May 15, 2008
A 7.9-magnitude earthquake that rocked China on May 12 is estimated to have caused damage losses ranging between US$10 and $20 billion, according to catastrophe modelers. Risk Management Solutions (RMS) estimates property losses to be between US$10 and US$15 billion, while AIR Worldwide Corporation estimates total losses will exceed US$20 billion (with insured losses between […]
By Canadian Underwriter | May 14, 2008
Record snowfalls and severe winter storms in central Canada caused ING Canada’s 2008 Q1 profit to shrink from Cdn$126.2 million down to Cdn$23 million. ING Canada also cited lower operating income and declines in equity markets as factors in its 2008 Q1 results. “The harsh winter conditions during the first three months of the year […]
1 min read
Brokers who work with Jevco Insurance Company, which recently introduced a new Web portal, can now input policy information online.Those who do so can receive client documents from Jevco immediately, and a policy document within a day or two. Prior to the implementation of Harcase’s Point of Sale Portal, Jevcom brokers were paperbound; it would […]
By Canadian Underwriter | May 13, 2008
First American Corporation (NYSE: FAF), in partnership with Swiss Re, has launched a flood catastrophe model for the U.S. market that is designed to allow insurers to measure flood exposures at the portfolio, policy and property level.First American Corporation confirmed they are exploring opportunities to develop a similar flood risk model for the Canadian market. […]
The Government of New Brunswick has launched a detailed recovery program for victims of recent flooding along the St. John River system.”This comprehensive program will help New Brunswickers recover from flood damage and return to their way of life as safely and as quickly as possible,” Premier Shawn Graham said, announcing the program for non-insured […]
By Canadian Underwriter | May 5, 2008
Proposed amendments to Alberta’s and British Columbia’s insurance acts lack certainty and clarity with regard to fire-following earthquake coverage, Insurance Bureau of Canada (IBC) says.Both governments jointly introduced harmonized amendments to their insurance acts. A joint release between the two governments outlines some of the key elements of the legislation. They include:clarifying and lengthening (from […]
By Canadian Underwriter | May 2, 2008
Aon has introduced its Global Rapid Response program to Canada.Global Rapid Response provides post-loss mitigation and recovery consulting, helping on the ground at the loss location. The program is designed to help minimize the financial impact of a catastrophic property-damaging event, document the loss, and create a claim foundation that will lead to the maximum […]
Although 2007 was a profitable year for Canada’s P&C industry, “it is increasingly clear that the soft phase of the insurance cycle is now upon us,” Swiss Re reported in its 2008 Q1 Canada Property & Casualty Quarterly. “Net income declined 15% from 2006 as rising claims eroded underwriting margins and volatile financial markets kept […]
By Canadian Underwriter | May 1, 2008
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
