Claims
Canadian and Bermudian insurers are more likely than their U.S. or Asian/Pacific counterparts to deliver quarterly reports on risk to their boards, according to a study by Tillinghast of Towers Perrin.The study is Tillinghast’s fourth biennial survey of risk and capital management practices among insurers worldwide.The 2006 study focuses on a number of issues including […]
By Canadian Underwriter | December 6, 2006
2 min read
Year 2007 promises to be profitable for the insurance industry, experts at Swiss Re’s recent economic forum predict. “Balance sheets of most non-life insurers are very strong going into 2007 and we expect this to improve in 2007,” said Thomas Hess, chief economist at Swiss Re’s forum.A key to sustaining the profits “will be for […]
By Canadian Underwriter | December 5, 2006
1 min read
Standard & Poor’s Ratings Services is maintaining its stable outlook on the U.S. commercial lines sector, saying the effects of softening pricing won’t be felt on insurers’ balance sheets until about 2008.A “stable” outlook means S&P’s expects the number of upgrades and downgrades over the next six to 12 months to be fairly balanced, with […]
The current boom in steel demand has triggered steep rises in insurance rates and deductibles in this sector, according to a recent report by Benfield.”The dynamics underpinning this move could also prompt similar action on the mining sector,” the report adds.Benfield’s FAC report notes that as the steel sector strives to maximize output, it is […]
By Canadian Underwriter | December 1, 2006
As the 2006 Atlantic hurricane season comes to a close on Nov. 30, NOAA scientists announced that seasonal activity was lower than expected due to the rapid development of El Nio.The 2006 Atlantic hurricane season produced near-normal activity with a total of nine named storms including five hurricanes, two of which became major hurricanes of […]
By Canadian Underwriter | November 30, 2006
An earthquake measuring 4.1 on the Richter scale sent tremors through the Sudbury region in northern Ontario, but failed to cause any damage.The epicentre of the quake was about five kilometres from the town of Lively, west of Sudbury, the CBC reported. Tim Beadman, director of emergency management for the City of Sudbury, says the […]
By Canadian Underwriter | November 29, 2006
Insurers are responsible for paying out flood claims filed as a result of Hurricane Katrina, a Federal Court Judge in New Orleans has ruled.Justice Stanwood R. Duval, Jr. overturned an initial court ruling that insurers are exempt from flood claims due to policy exclusions. “There is coverage as a result of the ambiguity in the […]
Even though the reinsurance industry suffered major losses as a result of natural disasters in 2005, it succeeded in posting profits nevertheless, according to a new report published by the International Association of Insurance Supervisors (IAIS). “The reinsurance sector has shown considerable resilience in the face of two years of higher-than-expected natural catastrophes,” said Julian […]
By Canadian Underwriter | November 28, 2006
The high price of oil in recent years has led to rising investment in the energy sector, providing opportunities for risk underwriting, according to a Swiss Re advisory panel.”Those insurers and reinsurers with specialist skills across many disciplines, as well as superior financial strength, are best positioned to take advantage of the accelerating investment being […]
Staying at home with one’s mother while at the same time as being in a surety relationship with her is not the same as being “principally dependent” upon her for care (as defined in the Statutory Accident Benefits Schedule), according to the Ontario Court of Appeal.The appellate court made the decision in November in the […]
By Canadian Underwriter | November 27, 2006
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