Topic
Insurance
Insurance investigators at odds with Canadian privacy commissioner over covert surveillance
March 9, 2009 by Canadian UnderwriterThe Canadian Association of Private Investigators (CAPI) believes the “tone and content” of the Privacy Commissioner of Canada’s latest draft Guidelines on Covert Surveillance in the Private Sector will “hinder the public goal of combating fraud.”A draft copy of the…
Intact Insurance (formerly ING) has capability to fund Cdn$1.1-billion acquisition
March 9, 2009 by Canadian UnderwriterING Insurance Company of Canada is formally changing its name this week to Intact Insurance, but its growth strategy — potentially through acquisition — has not.“Our strategy is one of growth, absolutely,” Intact Insurance spokesman Gilles Gratton says in a…
What’s New: In Brief (March 09, 2009)
March 9, 2009 by Canadian UnderwriterICBC invested roughly Cdn$9 million last year on 280 road improvement projects and engineering studies in 81 communities. ICBC launched the Road Improvement Program in 1989; it has since invested roughly Cdn$88 million on road improvements in British Columbia. The…
What’s New: In Brief (March 09, 2009)
March 9, 2009 by Canadian UnderwriterPeter Forstmoser has resigned as chairman of the board of directors of Swiss Re effective May 1, 2009. Walter B. Kielholz will succeed him as the new chairman of the board. “Swiss Re has set a new course for its…
New European environmental regulations may create need to review liability insurance
March 9, 2009 by Canadian UnderwriterEuropean organizations that had not previously thought of themselves as being at high risk of causing environmental damage may need to reconsider whether to buy specialist environmental impairment insurance as a result of new regulations.The Environmental Damage (Prevention and Remediation)…
What’s New: In Brief (March 09, 2009)
March 9, 2009 by Canadian UnderwriterCanadian Western Bank, of which Canadian Direct Insurance Incorporated is a subsidiary, announced a 2009 Q1 profit of Cdn$25.6 million, down 1% from the same period of the prior year.“First quarter net income from insurance operations of [Cdn$800,000] represented a…
What’s New: In Brief (March 06, 2009)
March 6, 2009 by Canadian UnderwriterInsurance Corporation of British Columbia (ICBC), the province of British Columbia and police will deploy red-light cameras at 140 of the province’s most crash- and casualty-prone intersections.The most recent study of B.C.’s decade-old camera program, conducted by ICBC in 2006,…
Increase in fraud as recession looms
March 6, 2009 by Canadian UnderwriterThe threat of global recession and the current financial turbulence will result in an increase in white-collar crime, coupled with significant changes in how fraudsters operate, according to the Kroll Global Fraud Report. An increase in full-scale fraud investigations involving…
Guy Carpenter to acquire John B. Collins Associates Inc.
March 5, 2009 by Canadian UnderwriterGuy Carpenter & Company LLC, a global risk and reinsurance specialist, has agreed to acquire John B. Collins Associates Inc. (Collins), a privately held company and the seventh largest reinsurance intermediary in the world. Established in 1987, Collins is a…
Risk managers should review D&O policy for cyber liability coverage
March 5, 2009 by Canadian UnderwriterProblems in the company’s server room can easily spread like a virus into the boardroom, and companies should make sure a proper risk management strategy for cyber risk is in place for a company’s directors and officers, BFL observes in…
Financial concerns bump environmental risks from industry’s risk list
March 5, 2009 by Canadian UnderwriterEnvironmental risk has dropped from the Top 10 risks facing the insurance industry and has been replaced by concerns related to investment returns, equity performance and access to capital, a joint survey between the Centre for the Study of Financial…
Determining optimal risk financing
March 5, 2009 by Canadian UnderwriterBy focusing only on the cost of insurance, companies ignore the opportunity to strike the right balance between transferring risk to an insurer and financing a degree of risk themselves, according to a Marsh report, Managing through the downturn. Should…