Industry
Europe’s Top 10 insurers saw their 2011 written premiums increase by 3% over the previous year, despite turbulence over the sovereign debt crisis in the euro zone, according to a recent report by Spanish-based insurer Fundación Mapfre. Insurers in the group reported a hike in overall gross premiums to €198 billion ($251 billion), an increase […]
By Canadian Underwriter | July 5, 2012
2 min read
Canadians who vacation without travel insurance are taking an expensive risk that they won’t be sick or injured while away. Findings from BMO Insurace’s online Summer Travel Insurance Study, conducted last month by Pollara and involving a random sample of 1,000 Canadian adults, show that extra medical costs could put a damper on the fun. […]
A minority of executives and risk managers monitor risk on a continuous basis, according to a recent poll by Deloitte & Touche LLP and Forbes Insights. The survey reported that less than 25% of respondents said they continuously monitor risk, while 91% indicated they plan to reorganize their approach to risk management over the next […]
By Canadian Underwriter | July 4, 2012
A 17-year veteran broker in B.C. received a reprimand on June 26 for failing to witness a signature at a car dealership because she was in a hurry to serve another client. B.C. Insurance Council admonished Anjaline Lata Kuhn and ordered her to pay council investigation fees of $750 after an incident in 2009, when […]
Reinsurers are using a highly “segmented approach” to pricing and underwriting renewal business for June 1 and July 1 renewals, Willis Re notes in a recent release of its 1st View report Looks Can be Deceiving. The reinsurance arm of the international broker states that modest loss activity over the last 12 months in North […]
By Canadian Underwriter | July 3, 2012
1 min read
Many drivers are unaware of standard safety features in modern vehicles, even though these have been shown to prevent crashes and reduce injuries, notes a poll released by the Traffic Injury Research Foundation (TIRF). The survey, which asked 2,506 Canadians about their familiarity with safety features, found that less than one-third of respondents did not […]
Consolidation in Canada has caused reinsurers to look at new ways to share premium in a marketplace filled with hungry elephants. Reinsurers here point to a gradual, growing imbalance fed by the increasing demand for excess of loss reinsurance and a dwindling supply caused in part by a lack of premium growth. In response, reinsurers are looking to sate their appetite for more premium by moving into Canada's primary insurance market.
By David Gambrill, Senior Editor | July 1, 2012
13 min read
CANADIAN MARKET Federally regulated Canadian P&C insurers boost results in 2012 Q1 Federally regulated property and casualty insurers in Canada posted improved financial results in 2012 Q1, recording a collective quarterly profit of $1.048 billion this quarter as opposed to a $721.7-million profit in the same period last year. Figures from the Office of the […]
July 1, 2012
4 min read
Economical Insurance has announced the appointments of David Crozier as chairman and Philip Mather as vice-chairman of Family Insurance Solutions. Crozier is senior vice president of operations at Economical, while Mather is the company’s chief financial officer. Economical Insurance has been the parent company of Family, a managing general agent, since 1999. Crozier described Family […]
By Canadian Underwriter | June 29, 2012
American International Group Inc. (AIG) intends to re-brand select businesses, including Chartis, back to AIG this fall. “While we have not yet officially re-branded, Chartis will begin using the AIG brand in the fall,” states a June 29, 2012 letter to Chartis business colleagues. “The decision to re-brand follows research conducted with our customers and […]
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