Topic
Insurance
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…
Munich Re’s operating result in 2008 down 35.5% from the previous year
March 4, 2009 by Canadian UnderwriterThe Munich Re Group recorded an operating result of EUR3.3 billion (Cdn$5.3 billion) in 2008 (compared to EUR$5.1 billion, or Cdn$8.2 billion, in 2007), a decrease of 35.5%. “The marked price losses on the stock markets impacted the investment result,…
What’s New: In Brief (March 04, 2009)
March 4, 2009 by Canadian UnderwriterA.M. Best’s outlook on the U.S. commercial market is stable despite the ongoing soft period in the cycle, a contracting economy and the financial market crisis. In commercial lines, most key indicators suggest rates will continue to be soft and…
Capacity levels for energy risks increased by 5%: Willis
March 4, 2009 by Canadian UnderwriterCapacity levels for energy risks have increased by approximately 5%, based on little or no withdrawals from the energy insurance market in January 2009, the latest Energy Market Review from Willis has found.“With capacity levels up at the start of…