Keyword
Commercial Risk Management
Dispute over ‘faulty workmanship’ exclusion on construction project could reach Supreme Court of Canada
September 22, 2015 by Canadian UnderwriterA construction contractor who unsuccessfully sued Northbridge Indemnity Insurance Company over a disputed claim, under an all risks policy that excluded “making good faulty workmanship,” is applying for leave to appeal with Canada’s highest court. Ledcor construction was the general…
California governor requests presidential major disaster declarations
September 22, 2015 by Canadian UnderwriterCalifornia governor Jerry Brown has requested presidential disaster declarations for the state following the Valley Fire and Butte Fire, which have claimed the lives of at least three people, destroyed thousands of homes and structures, and scorched more than 145,000…
U.S. p&c insurers must be careful investors: A.M. Best
September 22, 2015 by Canadian UnderwriterProperty and casualty insurance companies in the United States have demonstrated continued interest in equity holding, but are advised to be prudent and careful investors by managing the risk of their invested premium dollars, A.M. Best suggests in a special…
Robust cybersecurity at risk as 44% of CFOs cite insufficient understanding of IT issues: EY study
September 21, 2015 by Canadian UnderwriterAlmost three-quarters (71%) of global chief financial officers (CFOs) have had increased involvement in the IT agenda in the last three years, but 44% cite insufficient understanding of IT issues as a barrier to collaboration with chief information officers (CIOs),…
Insured losses from Chilean earthquake estimated at between US$600-900 million: AIR Worldwide
September 21, 2015 by Canadian UnderwriterCatastrophe modelling firm AIR Worldwide estimated on Monday that insured losses from the magnitude 8.3 earthquake that struck Chile’s central coast near Illapel on Sept. 16 will be between US$600 million and US$900 million. Authorities have stated that at least…
Zurich Insurance Group will not make offer for RSA Insurance Group plc
September 21, 2015 by Canadian UnderwriterZurich Insurance Group has announced that it does not intend to make an offer for RSA Insurance Group plc, in light of Zurich’s recent deterioration in its General Insurance Business related to the Port of Tianjin explosions last month in…
Global auto insurance market sees 2.9% growth since 2010 to US$669.7 billion in 2014, more growth expected
September 21, 2015 by Canadian UnderwriterThe global market value of auto insurance premiums last year rose to US$669.7 billion in gross written premiums GWP) and is expected to continue growing in most countries up to 2018, notes a new report issued Monday by U.K.-based Finaccord.…
B.C. forestry minister announces 2016 FireSmart Grant Program
September 21, 2015 by Canadian UnderwriterSteve Thomson, British Columbia’s Minister of Forests, Lands and Natural Resource Operations, announced on Friday that his ministry is working with the Union of British Columbia Municipalities to introduce the 2016 FireSmart Grant Program. Under the program, fifty grants of…
Aon Benfield identifies seven emerging risk opportunities for insurance growth
September 21, 2015 by Canadian UnderwriterAon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, has identified seven emerging risks that present re/insurers with business opportunities over the next five to 10 years: United States mortgage credit, the sharing economy, reputation and brand,…
Marsh managing director to replace Stauffer as Oil Insurance CEO
September 18, 2015 by Canadian UnderwriterBermuda mutual energy insurer Oil Insurance Ltd. announced that chief executive officer Robert Stauffer will retire this January and be replaced by Bertil Olsson, who will join OIL from Marsh & McLennan Companies Inc. Olsson held the position of managing…
Lien bonds, building contractors’ trust funds are two separate remedies in Manitoba: Supreme Court of Canada
September 18, 2015 by Canadian UnderwriterUnder Manitoba’s Builders’ Liens Act, a construction contractor could access both a lien bond and a trust claim if there is a dispute over payment because a firm could have a trust claim independent of a lien claim, the Supreme…
U.S. study explores ways to build resilience to wildfire, recommends developing a sustainable strategy: Swiss Re
September 18, 2015 by Canadian UnderwriterMost states in the United States lack a sustainable financial strategy to respond to the changing climate landscape, including wildfires, notes a study released Thursday by Swiss Re and Johns Hopkins School of Advanced International Studies (SAIS). “Although individual decision-makers…