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Cost of storm damage to increase insured and uninsured loses by two-thirds

June 29, 2005 by Canadian Underwriter

Combined, global costs resulting from catastrophic storm damage may show an increase of two-thirds by the 2080s, according to the Association of British Insurers (ABI).The new report, “Financial Risks of Climate Change,” provides a global analysis of the projected climate-change

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Northbridge affiliates rate positively with A.M. Best

June 28, 2005 by Canadian Underwriter

The financial strength of the companies comprising Northbridge Financial Corp. (Toronto) recently received confirmation of A- ratings (Excellent) from A.M. Best Co. In addition the Company’s received assigned issuer credit ratings of “a-.” A.M. Best’s ratings of Northbridge reflect the

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Trucker strike costs West coast millions

June 28, 2005 by Canadian Underwriter

The recent eruption of a Vancouver-based trucking dispute has stalled close to half of container traffic that flows in and out of the Port of Vancouver. According to a port official, this is a pricey spat that poses a price

News Climate ChangeInsurance

Cunningham Lindsey Canada sends CAT team to Alberta

June 28, 2005 by Canadian Underwriter

Cunningham Lindsey Canada is sending numerous catastrophe adjusters to devastated southern Alberta, where recent mass flooding has caused insurmountable damage. The Company is sending over 30 CAT adjusters who have been working on Alberta’s claims resulting from flood and hail

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Directors and officers covered from personal liability

June 27, 2005 by Canadian Underwriter

Independent corporate directors have access to a directors and officers insurance policy that may shield them from personal liability stemming from regulator or shareholder lawsuits.Hartford Financial Services Group Inc.’s Priority Protection-IDL coverage begins when an entity is barred by law

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Western Oil loss of profit insurance claims partially settled

June 27, 2005 by Canadian Underwriter

The Athabasca Oil Sands Project Joint Venture recently reached a settlement withcertain of its insurance underwriters under Section III of the policy issued in relation to the project, according to Western Oil Sands. Profit loss due to insurance claims that

News Climate ChangeInsurance

Canadian security gains strength (June 27, 2005)

June 27, 2005 by Canadian Underwriter

Canadian security is set to skyrocket with the inception of a new North American plan intended to improve the response to internal and external threats while bolstering free flow of trade between Canada, U.S. and Mexico, according to Deputy Prime

News Climate ChangeInsurance

Update: NOVA’s Alberta ethane outage

June 24, 2005 by Canadian Underwriter

NOVA Chemicals Corp. (TSX: NCX) continues to work to mitigate the impact of the severe weather-related shutdown of six natural gas processing plants owned and operated by third parties at Empress, AB. Production at the Compnay’s Joffre, AB manufacturing site

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Finite investigations lead to Fairfax subpoena

June 24, 2005 by Canadian Underwriter

Fairmont Specialty Group, a subsidiary of Toronto-based Fairfax Financial Holdings Ltd., recently received a subpoena from the U.S. Securities and Exchange Commission.The subpoena, according to Fairfax Financial, seeks information on “any nontraditional insurance product transactions” with General Re and its

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AXA Canada Inc. subsidiaries receive downgrade rating

June 24, 2005 by Canadian Underwriter

The financial strength ratings for several of AXA Canada Inc.’s wholly owned property and casualty insurance subsidiaries were recently downgraded by A.M. Best. The financial strength ratings have been downgraded to A (Excellent) from A+ (Superior) for AXA Assurances Inc.

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What’s New: In brief (June 24, 2005)

June 24, 2005 by Canadian Underwriter

Clarification: On June 22nd Cowan announced the future site of its Waterloo Region operations located at Fountain Street North and the 401. This will become the head office of Cowan Insurance Group and house two of its three operating companies,

News Climate ChangeInsurance

NIST stresses need to secure tall buildings through design

June 23, 2005 by Canadian Underwriter

The National Institute of Standards and Technology (NIST) has recommended the technical community implement changes in the design, materials, construction, maintenance and techniques i.e. changes to codes and standards to improve tall building safety and performance. The report, based on