The Insurance Corporation of British Columbia (ICBC) recently filed a statement of claim in BC Supreme court to take civil action with the intent to recover claims paid and investigation costs, plus damages, associated to an alleged motorcycle theft scheme.In 2003, ICBC investigators received information through its Tip Line the ICBC’s tool to combat fraud […]
By Canadian Underwriter | August 24, 2005
1 min read
After serving the life and property and casualty insurance and reinsurance industry for almost 50 years, Pat King will retire from the position of chief agent and principal officer for Alea Canada. King spent 24 years with the direct writer as vice president and in 1987, King joined the Canadian Home Assurance Company as president […]
By Canadian Underwriter | August 22, 2005
2 min read
Capital markets minimize exposure to catastrophic insurance risks and as a result, public and private equity investors are buying notes exposed to natural peril and mortality catastrophic risks with high excess casualty exposure recently being securitized and rated by Standard & Poor’s Ratings Services.Avalon Re Ltd. recently issued three notes for $135 million each that […]
By Canadian Underwriter | July 28, 2005
2 min read
The Chubb Corporation (NYSE: CB News) net income in the second quarter of 2005 is $496 million, a 39% increase over net income of $356 million in the second quarter of 2004. Net income per share increased 32% to $2.45 from $1.85.Operating income, which the company defines as net income excluding after-tax realized investment gains […]
By Canadian Underwriter | July 27, 2005
3 min read
Results for the property and casualty insurance industry are expected to be stronger than anticipated for 2004 despite the fact that the industry’s performance will degrade over the next three years, according to Clint Harris, analyst at Conning Research and Consulting, Inc.The report “Property-Casualty Forecast & Analysis by Line of Insurance-Second Quarter 2005” released by […]
By Canadian Underwriter | July 19, 2005
1 min read
Approximately one third of members of the insurance industry expect that insurers will not be able to keep up their current monetary status thorough the underwriting discipline. The Canadian Underwriter Web Poll for June asked “Moving ahead throughout 2005, do you expect that insurers will be able to maintain the same level of underwriting profit […]
By Canadian Underwriter | July 5, 2005
1 min read
Underwriters must develop loss prevention techniques to address businesses prone to coverage liability claims exposures arising out of discrimination, harassment and other employment practices issues, according to recent findings from the PLUS Employment and Fiduciary Issues Symposium. Panelists at the symposium suggested underwriters must begin to anticipate third-party exposures because the nature of employment practices […]
June 30, 2005
1 min read
Damage from flooding across southern Manitoba may result in insured claims of approximately $225 million, with about 10% of this figure resulting from damage incurred to commercial property, according to Jim Rivait, vice president Insurance Bureau of Canada (IBC) prairies, Northwest Territories and Nunavut region’s. To date, Rivait says insurers covering 65% of the marketplace […]
June 30, 2005
3 min read
Aon (NYSE: AOC) recently announced the results of its 2004 Insurance Earnings Volatility Study, which reports that insurers and reinsurers exhibit the least volatile earnings. “Investors place a large amount of emphasis on earnings growth and earnings volatility … when evaluating investment opportunities,” Michael Bungert, president of Aon Re Global, says. He elaborates that less […]
June 30, 2005
1 min read
OneBeacon Insurance Group, a unit within the White Mountains Insurance Group Ltd., has been subpoenaed by Connecticut officials investigating the industry for collusion with insurance brokers. OneBeacon received a subpoena from Attorney General Richard Blumenthal seeking information on conduct with brokers. The Company is cooperating with the request. Former Montana Gov. Marc Racicot is the […]
By Canadian Underwriter | June 13, 2005
1 min read