Topic Catastrophes
What’s New: In brief (August 09, 2006)
August 9, 2006 by Canadian UnderwriterZurich North America Commercial, a unit of the Zurich Financial Services Group, will welcome Mike Foley of McKinsey & Co. to the position of chief operating officer as of Sept. 1. Foley’s responsibilities will include taking charge of all operating…
The Co-operators reports increased net income in 2006 Q2
July 31, 2006 by Canadian UnderwriterCo-operators General Insurance Company has reported a 2006 Q2 consolidated after-tax net income of CD$49.6 million, compared to the CD$32.4 million profit for the same period in 2005.Gross written premium in the second quarter increased 4.3%, to CD$602.8 million, compared…
Fairfax announces 2006 Q2 earnings of US$223 million
July 28, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE:FFH) announced 2006 Q2 earnings of US$223.6 million, and has decided on the commutation of its Swiss Re cover worth US$1 billion.In a press release, the company also said it will issue a restatement…
LCBO helps raise money for traffic injury research
July 27, 2006 by Canadian UnderwriterStarting Aug. 1, the public can make donations to the Traffic Injury Research Foundation (TIRF) at all 600 LCBO stores throughout Ontario. Donation boxes for TIRF will be displayed at LCBO checkout counters until Aug. 31.“We thank the LCBO, its…
RIMS calls post-TRIA terrorism cover a “national security” issue
July 25, 2006 by Canadian UnderwriterRisk managers in the United States are worried about their potential inability to purchase terrorism insurance in the event that the Terrorism Risk Insurance Act (TRIA) is allowed to sunset on Dec. 31, 2007.“Without coverage, many companies will be vulnerable…
Lloyd’s absorbs major 2005-06 claims hits in Canadian market
July 24, 2006 by Canadian UnderwriterLloyd’s of London in Canada paid out more for claims in 2005 than it collected in premium, Lloyd’s chairman, Lord Levene, indicated in a July speech to the Vancouver Board of Trade.“What we’ve seen in Canada has caused a few…
Royal & SunAlliance advises on hailstorm protection
July 21, 2006 by Canadian UnderwriterRoyal & SunAlliance recently released a public announcement advising insureds on how to stay protected during a hailstorm.First and foremost the insurer says you should: * Find shelter – avoid water, high ground, isolated trees, picnic shelters and open spaces*…
ERM becomes big business
July 19, 2006 by Canadian UnderwriterThe incredible complexity of risk for large, multi-national companies is driving managers and board to embrace enterprise risk management (ERM), A.M. Best notes, although ERM techniques often require incomplete data and board-level commitment that isn’t always there.Speaking at the 42nd…
Gulf, Atlantic coast residents half-prepared for hurricanes
July 18, 2006 by Canadian UnderwriterAverage insured homeowners throughout Gulf and Atlantic coastal communities have taken only half the steps that would best position them to recover from a major storm, according to a new Hurricane Readiness Index released in July.The Index is based on…
B.C. Utilities Commisssion confirms auto rate increase
July 18, 2006 by Canadian UnderwriterThe B.C. Utilities Commission has confirmed a 6.5% increase that came into effect on an interim basis on Mar. 15, 2006.“ICBC is committed to keeping auto insurance rates low and stable,” Donnie Wing, ICBC’s senior vice president of insurance, marketing…
Lloyd’s Market shaken, not stirred by 2005 hurricanes
July 17, 2006 by Canadian UnderwriterAs a result of enhanced risk management and three consecutive years of significant profit, Lloyd’s was well positioned to absorb the substantial claims arising from a second year of unprecedented natural catastrophes in 2005, according to an overview of the…
Ex-Special Forces operatives help underwrite U.K. terrorism risk
July 17, 2006 by Canadian UnderwriterWhen it comes to insuring against terrorism, getting the right intelligence is key, Lloyd’s says. That’s why Lloyd’s has partnered with a company that uses ex-Special Forces operatives, the insurer posted on its Web site. To do their job effectively,…