Claims
The Canadian Council of Insurance Regulators (CCIR) has prepared a ‘Report on Action on the IPRC Principles by Industry Associations,’ which is anticipated to be posted on the CCIR website. The CCIRs industry practices review committee (IPRC) is conducting a review confirming the extent to which its 2006 recommended principles have been embraced by industry […]
By Canadian Underwriter | April 26, 2007
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Insurers need to consider insuring against a contagion, rather than a pandemic, Barrett Hubbard, managing director of MINT Canadian Specialty, told attendants of the Insurance Institute Ontario Chartered Insurance Professionals Societys Symposium 2007.A pandemic is an epidemic that is geographically widespread; occurring throughout a region or the world, Hubbard explained, whereas a contagion is the […]
By Canadian Underwriter | April 24, 2007
Attendees at the The Insurance Institute Ontario – Chartered Insurance Professionals Societys Symposium 2007 were warned to focus on their companies interdependencies and resiliencies while developing a catastrophe contingency plan.Bruce Nelson, critical infrastructure assurance program coordinator for Emergency Management Ontario, teamed up with Susan Meltzer, Aviva Canadas assistant vice president, risk manager, to deliver the […]
1 min read
The Chubb Corporation [NYSE: CB] reported 2007 Q1 income of US$710 million, compared to a 2006 Q1 income of US$672 million.Net written premiums for 2007 Q1 declined 2%, to US$2.9 billion. Premiums for the insurance business increased 1%; they decreased 1% in the U.S. and increased 7% outside the U.S. (1% in local currencies).The 2007 […]
By Canadian Underwriter | April 23, 2007
Standard & Poor’s Ratings Services increased its financial strength rating on the U.K.-based Lloyd’s insurance market (Lloyd’s or the Market) to ‘A+’ from ‘A.’ At the same time, Standard & Poor’s raised its counterparty credit rating on The Society of Lloyd’s to ‘A+’ from ‘A.’ The outlook is stable.”The upgrade reflects the recent successful conclusion […]
The Women in Cancer Crusade (WICC) Alberta chapter is rallying around its Fifth Annual WICC Day, to be held May 1, 2007.Your generosity in supporting WICC has resulted in contributions of more than Cdn$525,000 to the Alberta division of the Canadian Cancer Society since we began in 2000, WICCs Alberta chapter announced in a statement.Those […]
By Canadian Underwriter | April 20, 2007
The Canadian reinsurance market has been impacted by a decrease in cession rates, and now there is a need for sustainability to combat the volatile underwriting results, Jean-Jacques Henchoz, president and CEO of Swiss Reinsurance Company of Canada, told attendants of the Insurance Institutes At the Forefront breakfast in Toronto.The main reason for cession rates […]
By Canadian Underwriter | April 19, 2007
Renewals in January 2007 have demonstrated some negative trends in the market that are expected to intensify through 2007, according to Partner Res 2006 Annual Report, entitled The Value of Risk.Partner Re reported that Jan. 1, 2007 was a good renewal for us, with 55% of the reinsurers non-life book up for renewal and a […]
By Canadian Underwriter | April 18, 2007
A combination of increased capacity, more predictable premium rates and innovative program design is creating steady growth in the take up of stand-alone terrorism insurance, according to Aons latest Stand-alone terrorism market update. Also, the ongoing bombardment of television images from Iraq, intelligence about foiled attacks and frequent evidence emerging about the intentions and ongoing […]
When you think of U.S. states most vulnerable to huge insured tornado damage losses, think New Jersey.In its 2007 Special Report: U.S. Tornadoes, A.M. Best notes that New Jersey tops Connecticut, Massachusetts, Ohio and Rhode Island for the title of Tornado Alley when it comes to potential insured losses arising from tornadoes.Most people associate tornado […]
By Canadian Underwriter | April 17, 2007
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