Risk

Alberta project targets safer highway construction zones

A pilot project using a digital display to notify drivers of their speed was recently launched in Alberta in order to test the impact of speed monitoring on motorists’ driving habits in highway construction zones.The Alberta Solicitor General and Public Security, Parks Canada, RCMP and Affiliated Computer Services partnered to test the use of speed […]

By Canadian Underwriter | October 26, 2005

1 min read

Risk

Large company insolvency increasingly common

The recent rumblings about large companies possibly seeking bankruptcy protection should serve as a warning to the Large company insolvency that is sweeping the market may hurt smaller businesses and, according to global trade credit insurer Euler Hermes Canada, the protection of accounts receivable should be a major consideration to companies dealing in domestic and […]

By Canadian Underwriter | October 26, 2005

1 min read

Risk

The IBC joins SMARTRISK to reduce injuries nationwide

Canadian p&c insurers recently joined forces with SMARTRISK and other consultative partners, in calling on the federal government to implement the recommendations contained in their National Injury Prevention Strategy “Ending Canada’s Invisible Epidemic: A Strategy for Injury Prevention.”The research released by Canada’s insurance industry and prevention groups is meant to help save thousands of lives, […]

By Canadian Underwriter | October 25, 2005

3 min read

Risk

US NAIC approves finite reinsurance disclosure requirements

The full body of the National Association of Insurance Commissioners (NAIC) recently approved enhanced disclosure requirements for US insurers that utilize finite reinsurance reinsurance with limited risk transfer features. The recent misuse of finite reinsurance by a few major insurers has place its use in the media spotlight and as such insurance regulators have been […]

By Canadian Underwriter | October 18, 2005

1 min read

A.M. Best reports solid gains for p&c insurers

The U.S. p&c industry recorded an underwriting profit of US$13.2 billion during the first six months of 2005, according to A.M. Best Company.Robust operating results drove the industry’s surplus base upwards despite unrealized capital losses, increased shareholder dividends and other losses in surplus as insurers continued to benefit from the hard market. However, these results […]

3 min read

Ratings agency creates ERM rating for insurers

Standard & Poor’s Ratings Services has developed a separate enterprise risk management (ERM) category for insurers and other financial institutions, the ratings service has announced. “What the new ERM category delivers to investors is greater transparency, in that users of ratings will be able to more readily access Standard & Poor’s views on risk management […]

2 min read

Third-quarter Ontario auto insurance rates decline

Ontario private passenger auto insurance approved rates decreased during the third quarter of 2005, the Financial Services Commission of Ontario (FSCO) reports. “The rate changes posted reflect cost saving measures arising from recent reforms to the automobile insurance system, which are being passed on to consumers in the form of lower rates,” FSCO says on […]

2 min read

British insurers underestimating capital: regulator

Britain’s insurance regulator, the Financial Services Authority, says British insurance companies are underestimating how much capital “they need to maintain so that there is no significant risk that they are unable to pay liabilities as they fall due.”Furthermore, he added, some firms are relying too much on management actions to mitigate risk of reduced capital. […]

2 min read

Hub International completes acquisition of CEB

Hub International Limited (NYSE/TSX: HBG) has completed the fold-in acquisition of CEB Business Insurance Services (“CEB”) by the company’s California-based regional group, Hub International of California Insurance Services, Inc.CEB is a retail employee benefits brokerage specializing in serving the benefits needs of school districts, municipalities and private sector clients. Terms of the acquisition were not […]

1 min read

Insurance industry gets harmonized data dictionary

An international coalition of standard bodies Association for Cooperative Operations Research and Development (ACORD), eEG7 and Centre for Study of Insurance Operations (CSIO) recently harmonized their existing data dictionaries to create a “universal” dictionary for the insurance industry as part of a United Nations initiative.This new data dictionary provides the technology neutral, reusable building blocks […]

2 min read