Risk
Chubb Group of Insurance Companies (NYSE: CB) recently received the title of “Best Overall Commercial Property/Casualty Insurer” by readers choice Awards. The award is based on readers’ evaluations of insurance companies on service, value, quality and innovation. Thomas F. Motamed, vice chairman and chief operating officer of The ChubbCorporation, says customers, agents and brokers appreciate […]
By Canadian Underwriter | October 11, 2005
2 min read
Many car drivers and passengers in B.C. still aren’t wearing seat belts, according to police-reported collision statistics. Among victims killed in passenger cars in 2003, B.C. police statistics show that approximately 41% were not wearing a seat belt or using a child restraint. The numbers are worse for motorists in light trucks, where approximately 57% […]
By Canadian Underwriter | October 6, 2005
Board directors at global businesses are failing to identify and manage emerging risks effectively, according to a recent survey conducted by Lloyd’s and the Economist Intelligence Unit.The survey dealt with complex risk and although companies are spending more time on risk management, they are having difficulty managing new areas of risk such as cyber crime […]
Canada-specific software solutions developer PowerSoft and provider of technology solutions for the p&c insurance industry Applied Systems Canada have integrated PowerSoft’s PowerQuote rate comparison and sales tool with Applied Systems’ agency management systems, The Agency Manager (TAM) and TAMOnline. Making use of Applied Systems technology, PowerSoft will develop a two-way integration that will allow the […]
By Canadian Underwriter | October 5, 2005
3 min read
Wawanesa Mutual Insurance Company, one of Canada’s largest property and casualty insurers, has been ranked first among property and casualty insurance companies in Canada in terms of capital and surplus, according to ratings A.M. Best Co.A.M. Best says it gave Wawanesa an ‘A+ (Superior)’ rating based on the insurer’s superior level of capitalization, strong operating […]
By Canadian Underwriter | October 4, 2005
1 min read
The Insurance Brokers Association of Canada (IBAC) says it is “optimistic” the federal government won’t allow local bank branches to advertise insurance products after learning that Finance Minister Ralph Goodale is putting off a final decision about bank mergers.Goodale recently postponed a discussion of changing the Bank Act to allow bank mergers. “I do not […]
By Canadian Underwriter | October 3, 2005
Private-sector insured losses resulting from Hurricane Katrina are now expected to reach US$40-$60 billion with total economic losses exceeding US$125 billion, while losses to the offshore oil and gas industry, private automobiles and marine insurance, as well as commercially insured flood damages are expected to range from US$11and $19 billion, according to risk modeling companies […]
September 30, 2005
In Swagger Construction Ltd. v. ING Insurance Co. of Canada, the B.C. Supreme Court effectively crafted a new interpretation of the province's construction insurance policies. A boon to insurers, Swagger reverses a trend in the B.C. courts to rule that when considering an insurer's duty to defend a building contractor, policy wordings must be read liberally and exclusion clauses narrowly. The decision, likely destined for appeal, aligned B.C. caselaw with Privest-style insurance policy interpretations in other Canadian jurisdictions.
7 min read
There's an old saying about a statistician who drowned in a river that is an average of six feet deep. Analytics is a method that gives insurers are more accurate depiction of statistical nooks and crannies that fade away in the calculation of averages. The method can point out those areas of the lake where an insurer's boat will float - and also where an insurer may run aground.
Insurance underwriters must be able to distinguish the risks involved when they are asked to provide third party liability coverage. Currently, the Canadian market for third party liability coverage is limited and premiums are relatively high. But third party coverage requests are expected to increase, as pressure mounts on companies to minimize their costs of business by requesting that insurance costs be borne by other parties to the company's business contracts. One useful example of third party coverage includes the ERISA bond available in the United States.
5 min read
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