February 7, 2005 by Canadian Underwriter
Zurich Financial Services Group says claims relating to the South Asian tsunami disaster of December 26, 2004 will cost US$65 million, after tax and net of reinsurance (US$90 million pre-tax). Zurich also revised upward its estimate of losses from the four U.S. hurricanes last fall to US$520 million after tax and net of reinsurance (US$700 million pre-tax), from the earlier estimate of US$400 million. The increase is related to demand surge for repair costs following the storms, as well as business interruption periods lengthened by the successive hurricanes.
Aviva Canada has extended its current IT contract with CGI Group until 2011. The contract is valued at $19 million, and includes data center services, applications maintenance and support serves for the insurer’s policy system.
The Ontario chapter of RIMS Canada (ORIMS) has scheduled its “Professional Development Day” for Wednesday, March 2, starting at 8:30 a.m. and running for the full day, at the Toronto Board of Trade at First Canadian Place. Topics include public sector risk management, marketing your risk and broker service agreements. The full schedule, registration and information on becoming a sponsor are at http://ontario.rims.org.