Industry
The Canadian property and casualty market is increasingly becoming dominated by domestic players, a trend that brokers cannot and should not ignore, one industry head says. “Globalization was the trend we were all reading about,” several years ago, but now the trend here is toward deglobalization, Alister Campbell, CEO of the Guarantee Company of North […]
By Canadian Underwriter | January 25, 2013
3 min read
There appears to be a gap between the perception that polled insurers in the United States have about their readiness for the Risk Management and Own Risk Solvency Assessment Model Act and how complete their enterprise risk management (ERM) frameworks are, notes a new survey from PwC. The U.S. insurance industry is making strides toward […]
2 min read
Global financial instability and some political risks are still evident as impediments in African markets, but the region still presents an opportunity for growth and untapped demand, notes a special report from rating agency A.M. Best. “Given anticipated development of gross domestic product (GDP) in the region,” the continent presents a good opportunity for the […]
Brokers would be well-advised to be prepared for dealing with the influence of telematics – something that George Cooke suggests will ultimately revolutionize the way personal insurance is sold – or risk being left behind. “The reality is that this is coming. It will change the way we all do business. We can’t stop it, […]
Experimentation may help identify how best to combat erosion in the broker channel, Brigid Murphy, president and CEO of The Dominion, suggested at an Insurance Brokers of Toronto Region luncheon on Tuesday. The Dominion is “very interested in experimenting with ways to stop the erosion,” and drive business to the broker channel, Murphy told luncheon […]
By Canadian Underwriter | January 24, 2013
Reinsurance intermediary Aon Benfield has launched a new weather reinsurance product to help insurers protect against weather losses in the United Kingdom. WExcessm, launched Wednesday, was developed in partnership with Swiss Re and CelsiusPro, a weather risk management specialist. “It is based on official weather data and transparent, flexible triggers which can be tailored to […]
1 min read
The property and casualty insurance industry has more than 6,000 firms in Ontario employing more than 22,000 people, contributing billions every year to the province’s economy, according to a study released Thursday. “In total, the property & casualty insurance industry in Ontario directly contributed $4.1 billion to real gross domestic product (GDP) in 2009,” according […]
Low interest rates have increased the risk for insurance companies worldwide but have produced some benefits for property and casualty firms, according to a recent report from ratings agency Standard & Poor’s Financial Services LLC. “For P/C insurers, although investment returns are depleted, low interest rates have had some benefits because of the resulting focus […]
Bermuda reinsurers have entered the year strong, withstanding natural catastrophe losses in 2012 well because of “strong capitalization and favorable risk management,” reports Fitch Ratings. While companies will take a hit to their fourth quarter earnings from 2012, October’s Hurricane Sandy was an “earnings event and not a capital event” for the 17 large publicly […]
Canadian art owners should be looking into the true value of their collections and make sure they’re properly protected, especially following art losses from Hurricane Sandy, notes a prominent insurer. XL Group’s Fine Art and Specie insurance team suggests that more Canadians are looking into investing in art, leading to value increases. “Art is increasingly […]
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