Claims
The insurance industry posted solid profits in 2005 despite record losses, according to comments made by Swiss Re’s senior economist Thomas Holzheu during the company’s mid-year Economic and Insurance Industry teleconference.Regarding the property and casualty insurance business, Holzheu says that 2005 is characterized by record losses from hurricanes Katrina, Rita, and Wilma. However he says […]
By Canadian Underwriter | June 27, 2006
1 min read
The US federal anti-terrorism task force has been put on the spot to research terrorism insurance concerns prior to issuing its terrorism insurance market report due for release later this year.Under the terms of the 2005 Terrorism Risk Insurance Extension Act (TRIEA), the report must be delivered to Congress by Sept. 30, 2006. Specific areas […]
Maggie Moody, 59, a long-time member of the Toronto Insurance Women’s Association (TIWA) and the Canadian Association of Insurance Women (CAIW), passed away suddenly on June 16.A long-time employee of Marsh Canada, Moody has served as president for both TIWA and CAIW.Moody was named Insurance Woman of the Year at a 1991 CAIW convention. At […]
Deirdre Martin, 52, senior counsel for the Insurance Bureau of Canada, passed away on June 21 following a battle with lung cancer. Martin acted as counsel to the IBC’s national claims committee, the standards and practices committee (which reviews and recommends revisions to IBC advisory policy wordings), the investigative services division, and the Institute for […]
By Canadian Underwriter | June 23, 2006
The Graduated Driver License Law appears to result in lower death and injury rates for teen drivers, with the median age being 16-years old, according to a study by the AAA Foundation for Traffic Safety. Death and injury crashes for 16-year-old drivers were 20% lower in jurisdictions which place restrictions on nighttime driving and number […]
By Canadian Underwriter | June 22, 2006
2 min read
Five years after 9-11 and nearly a year after Hurricane Katrina most of the United States remains unprepared to deal with a major disaster, according to the U.S. Department of Homeland Security (DHS).U.S. insurers appear to be looking at ways to use such information in the future to aid their rate-setting and risk management efforts.A […]
By Canadian Underwriter | June 21, 2006
The use of economic capital models by insurers has grown significantly in recent years and will play an increasingly important role in the rating of such companies, according to a report by Moody’s Investors Service.”Although banks have led the way in the development of economic capital frameworks, the role of economic capital models has increased […]
According to a recent study conducted for The Co-operators, 66% of Canadians find insurance “difficult to understand,” and 63% are “unsure how premiums are calculated.” “The findings are troubling, because insurance is an important financial planning tool and part of most household budgets,” The Co-operators president and CEO Kathy Bardswick said in a press release […]
Property and catastrophe capacity, especially in U.S. areas highly prone to losses, was high on the list of concerns for panelists from the property and casualty (P/C) industry at Standard & Poor’s Ratings Services’ recent annual insurance conference, “Insurance 2006: Rethinking Risk.” Whether U.S. P/C insurers price risk properly was a chief concern for the […]
By Canadian Underwriter | June 20, 2006
The Financial Services Commission of Ontario has issued new guidelines for the maximum expenses payable by automobile insurers under the SABS related to the services of health care professions or health care providers.The maximums apply to services rendered on or after July 1, 2006.The maximums are applicable to medical benefits, rehabilitation benefits, case management services, […]
By Canadian Underwriter | June 19, 2006
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