Claims
Auto insurance fraud has been in the news lately, with the recent announcements of court judgments obtained against individuals in B.C. and the bust of an inter-provincial fraud ring by the Insurance Bureau of Canada (IBC).Recently, the IBC congratulated the Ontario Provincial Auto Theft Team on Project Eastbound, resulting in the bust of an inter-provincial […]
By Canadian Underwriter | November 8, 2006
2 min read
Despite relatively good times compared to the hurricane disasters of 2005, the global insurance industry nevertheless risks falling off “the edge of a cliff” if it becomes complacent, Lloyd’s director of worldwide markets, Julian James, warned in a speech to the U.S. insurance industry.In a recent speech to the Property Casualty Insurance Conference, James observed […]
For the first known time, the Ontario Court of Appeal has awarded punitive damages in a drunk driving case that resulted in serious injury. The decision, the court’s dissenting opinion suggests, means insurers will be on the hook for paying out rare punitive damage awards in similar drunk driving cases.In Andrea McIntryre et al. v. […]
3 min read
Munich Re has recorded a profit of EUR2.86 billion (Cdn$4.12 billion) in the first nine months of 2006, compared to a EUR1.39-billion (Cdn$2-billion) profit during the first nine months of 2005.Gross premiums written amounted to EUR28.1billion (Cdn$40.5 billion), which, after adjustments, “is about the same as last year’s,” the company noted in a press release.Munich […]
By Canadian Underwriter | November 7, 2006
The Toronto Insurance Women’s Association (TIWA) has announced it will be hosting its February 2007 Wine and Cheese event at the Metro Toronto Convention Centre in Toronto.The event will take place on Feb. 15, 2007, from 5 p.m. to 8 p.m., in the Constitution Hall of the Convention Centre.Tickets for the event will only be […]
RenaissanceRe Holdings Ltd. (NYSE: RNR) has reported a 2006 Q3 profit of US$251.1 million, compared to a net loss in 2005 Q3 of US$287.3 million.”We are very pleased to report another strong quarter with record results,” RenaissanceRe CEO Neill A. Currie said of the results. “Our core property cat business generated exceptional earnings, and our […]
By Canadian Underwriter | November 6, 2006
1 min read
Echoing a similar trend in Canada, commercial insurance premiums in the United States are declining in 2006 Q3, continuing a phenomenon over the past two quarters, according the quarterly RIMS Benchmark Survey, prepared by the industry analyst Advisen.In the United States, property insurance was the only line of business that increased in the third quarter, […]
Belfor Holdings Inc. has purchased 100% of Belfor International GmbH, the world’s largest insurance restoration company, from the Haniel Group of Duisburg, Germany.Haniel will retain an interest in the business through its 25% ownership of Belfor Holdings. As part of the management buyout, the company will continue to be run by president and CEO Sheldon […]
By Canadian Underwriter | November 3, 2006
One year after sustaining enormous catastrophe losses, The Allstate Corporation posted a net profit in 2006 Q3 of about US$1.2 billion.That’s compared to a $US1.5-billion loss registered during 2005 Q3, in the wake of Hurricane Katrina’s destruction in New Orleans and the southern United States generally.”After-tax catastrophe losses, net of reinsurance, totaled US$110 million in […]
Achieving price discipline and not preparing for catastrophes should be the primary focus for insurers and reinsurers when considering their own risk management practices, Aon Re Services president Bryon G. Ehrhart told the Aon Re Canada’s Rendezvous 2006 in Mississauga.Ehrhart presented several charts and graphs showing what investors have come to expect from the U.S. […]
By Canadian Underwriter | November 2, 2006
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