Claims
Lloyd’s of London in Canada paid out more for claims in 2005 than it collected in premium, Lloyd’s chairman, Lord Levene, indicated in a July speech to the Vancouver Board of Trade.”What we’ve seen in Canada has caused a few frown lines,” Levene said in the text of his speech. “In 2005, Lloyd’s underwriters paid […]
By Canadian Underwriter | July 24, 2006
2 min read
Royal & SunAlliance recently released a public announcement advising insureds on how to stay protected during a hailstorm.First and foremost the insurer says you should: * Find shelter – avoid water, high ground, isolated trees, picnic shelters and open spaces* Stay indoors, and away from windows, glass doors and skylights, which can shatter if hit […]
By Canadian Underwriter | July 21, 2006
The incredible complexity of risk for large, multi-national companies is driving managers and board to embrace enterprise risk management (ERM), A.M. Best notes, although ERM techniques often require incomplete data and board-level commitment that isn’t always there.Speaking at the 42nd annual seminar of the International Insurance Society in Chicago, Gregory C. Case, president and CEO […]
By Canadian Underwriter | July 19, 2006
Average insured homeowners throughout Gulf and Atlantic coastal communities have taken only half the steps that would best position them to recover from a major storm, according to a new Hurricane Readiness Index released in July.The Index is based on a survey that asked 4,200 people who live in the Gulf and Atlantic coastal regions […]
By Canadian Underwriter | July 18, 2006
The B.C. Utilities Commission has confirmed a 6.5% increase that came into effect on an interim basis on Mar. 15, 2006.”ICBC is committed to keeping auto insurance rates low and stable,” Donnie Wing, ICBC’s senior vice president of insurance, marketing and underwriting, said. “But the fact of the matter is that the cost of claims […]
1 min read
As a result of enhanced risk management and three consecutive years of significant profit, Lloyd’s was well positioned to absorb the substantial claims arising from a second year of unprecedented natural catastrophes in 2005, according to an overview of the Lloyd’s Market by Guy Carpenter & Company, Inc.”Lloyd’s underlying performance continued to be strong in […]
By Canadian Underwriter | July 17, 2006
When it comes to insuring against terrorism, getting the right intelligence is key, Lloyd’s says. That’s why Lloyd’s has partnered with a company that uses ex-Special Forces operatives, the insurer posted on its Web site. To do their job effectively, underwriters need to know the threat levels associated with a risk so that they can […]
The terrorism risk catastrophe bond written by Golden Goal Finance Ltd. To cover the cancellation of the 2006 FIFA World Cup was recently applauded by Risk Management Solutions (RMS).RMS, a provider of products and services for the management of natural hazard risk, says the bond stayed the tournament without incident, proving to be successful for […]
By Canadian Underwriter | July 14, 2006
Life and non-life insurance sectors showed entirely different developments in 2005, a Swiss Re annual study of the global insurance market found.In 2005, the worldwide insurance industry wrote premiums to the tune of US$3.4 billion. According to a Swiss Re sigma study, life insurance grew by 3.9% whereas non-life insurance grew by only 0.6%.The report […]
By Canadian Underwriter | July 13, 2006
The Vancouver-based marine services branch of Crawford Adjusters Canada has been appointed to handle the insurable repercussions resulting from a recent oil spill into an inlet off North Vancouver’s waterfront.Vessel owner’s liability insurers appointed Crawford Marine Services to investigate and adjust claims arising from the July 4, 2006 release of fuel bunker oil into Burrard […]
By Canadian Underwriter | July 12, 2006
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