Segment
Risk Management
Calculating Canada’s Hurricane Risk
June 1, 2011 Matthew Nielson and Clare Salustro, Risk Management SolutionsRMS has released its first-ever Canadian hurricane risk model. Estimates show a direct hit on Nova Scotia could cost the Canadian P&C insurance industry up to $6 billion in losses.
RIMS Annual Conference & Exhibition
June 1, 2011 by Canadian UnderwriterHundreds of exhibitors filled the Exhibit Hall at the RIMS 2011 Annual Conference & Exhibition in Vancouver. Held at the Vancouver Convention Centre, the show floor bustled with thousands of delegates from throughout North America and around the globe. The…
RIMS Canada Night
June 1, 2011 by Canadian UnderwriterThe 2011 RIMS Conference and Exhibition was held on ‘home turf’ in Vancouver, but that didn’t stop Canadian delegates from gathering for Canada Night, sponsored by SCM Insurance Services and the Canadian Litigation Counsel. The event offered fellow Canadians a…
Cracks in Cat Models
June 1, 2011 Karen Clark, president, CEO, Karen Clark & CompanyA catastrophe model may not be the best tool for all purposes, or for all users
The Co-operators estimates between $30 and $35 million in losses from Slave Lake
May 30, 2011 by Canadian UnderwriterThe Co-operators General Insurance Company estimates its claims costs stemming from the Slave Lake, Alberta wildfires will range between $30 million and $35 million after tax and net of reinsurance.The estimate is a preliminary figure because of the restricted access…
Honda Canada warns customers about data security breach
May 30, 2011 by Canadian UnderwriterHonda Canada has advised its customers of a data breach involving the unauthorized access of 2009 records, including names, addresses, Vehicle Identification Numbers (VIN) and, “in a small number of cases,” Honda Financial Services (HFS) account numbers.The breach has reportedly…
Auctions carry regulatory risk and uncertainty in M&A scenarios: commercial lawyer
May 27, 2011 by Canadian UnderwriterInsurers being sold through an auction channel, rather than through a traditional acquisition deal, face greater regulatory risk and uncertainty of the transaction being completed, said Brian Rose, senior partner with Stikeman Elliott’s corporate commercial section.Rose spoke as a panel…
Desjardins announces hefty investment in small- to medium-sized businesses
May 26, 2011 by Canadian UnderwriterThe Caisse de dépôt et placement du Québec and Capital regional et coopératif Desjardins have announced $12.5 million in Québec-based businesses. The funds will enable ten companies located in Québec City, Montréal, and the Saguenay-Lac-Saint-Jean, Eastern Townships, Centre-du-Québec and Côte-Nord…
Intact estimates financial impact of Slave Lake and area wildfires to be between $45 million and $55 million
May 26, 2011 by Canadian UnderwriterIntact Financial Corporation estimates the financial impact on the company of wildfires in Slave Lake and surrounding areas will be between $45 million and $55 million.Intact said the 800 claims it has received are thus far “predominantly” for property-related damage,…
Convective storms continue to batter US midwest
May 26, 2011 by Canadian UnderwriterAnother string of tornadoes pummelled the US Midwest on May 24, 2011, leaving a swath of damage that crossed three states and killed more than a dozen people.Several tornadoes touched down in Oklahoma City and its suburbs, during evening rush…
Models don’t yet allow researchers to link local wildfire incidence with global climate change patterns: fire expert
May 26, 2011 by Canadian UnderwriterClimate change models are still too rudimentary to be able to link global climate change with the wildfire incidence in specific parts of Canada, according to a wildfire expert at the University of Toronto.Brian Stocks, president of B.J. Stocks Wildfire…
Alberta wildfires result in call for feds to re-commit to Canadian Wildland Fire Strategy
May 25, 2011 by Canadian UnderwriterRecent wildfires that have evacuated residents and destroyed almost 400 lots in Slave Lake, Alberta have resulted in a call for the federal government to move forward with funding for the 2005 Canadian Wildland Fire Strategy (CWFS).Brian Stocks, author, wildfire…