News
Need to shift focus from cat model to cat risk
April 23, 2013 by Angela Stelmakowich, EditorA new approach to catastrophe modelling is required to ensure companies and organizations using the tools gain a better understanding of risks, Karen Clark, president and CEO of Karen Clark & Company, told Canadian Underwriter in advance of speaking at this…
Heavy rain, storms cause flood damage to homes in U.S. Midwest
April 23, 2013 by Canadian UnderwriterResidents in the United States’ Midwest states are still feeling the effects of flooding, after heavy rainfall and severe thunderstorms occurred in the region last week. While much of the rainfall events have passed, many rivers in the region are…
Sichuan earthquake could affect Chinese manufacturers: EQECAT
April 23, 2013 by Canadian UnderwriterA new report from catastrophe modeling firm EQECAT Inc. suggests there is “large potential” for damage to manufacturing plants in China’s Sichuan province, where an earthquake occurred last Saturday. The epicenter of the April 20 earthquake, which measured measured 6.6…
Customer satisfaction down in U.S. auto claims experience: J.D. Power
April 23, 2013 by Canadian UnderwriterOverall satisfaction with the auto claims experience is down, according to the J.D. Power and Associates 2013 Auto Claims Satisfaction Study — Wave 2. Overall satisfaction has declined by 11 points to 850 on a 1,000 point scale, compared top…
Travelers reports slight increase in first-quarter net written premiums
April 23, 2013 by Canadian UnderwriterThe Travelers Companies Inc. released Tuesday its financial results for the three months ending March 31, recording a slight drop in total revenues but improved combined ratios, especially in home and personal auto as well as financial and professional insurance.…
Actuary takes top spot on job ranking list for 2013
April 23, 2013 by Canadian UnderwriterActuaries should be pleased to hear their career takes the first place spot on a rankings list of 200 jobs by CareerCast.com. The job search and resource website ranked the 200 jobs based on environment, income, outlook and stress. Each…
RIMS commitment to global expansion illustrated with new chapters, award recipients announced
April 23, 2013 by Canadian UnderwriterRIMS, the risk management society, now has 82 chapters, welcoming Australasia and Peru to the fold, notes a statement released Monday during the 2013 RIMS Annual Conference & Exhibition in Los Angeles, where RIMS also announced several presitigous award winners. …
Opportunity for risk management to deliver more value: RIMS/Marsh survey
April 23, 2013 by Angela Stelmakowich, EditorDespite greater alignment in how senior executives and risk professionals view the role that risk management should play in strategic planning, there is room for improvement and certain opportunities have yet to be realized. Those are among the findings of…
Risk management becoming more involved in critical decision-making: RIMS president
April 22, 2013 by Angela Stelmakowich, EditorRisk management has become a multi-disciplinary engine of growth and profit, with the discipline crossing all organizations and industries, RIMS president John Phelps said during the opening session of the 2013 RIMS Annual Conference & Exhibition. With the discipline starting…
How a director of a failed company can still be on the hook for employees’ pay after resigning
April 22, 2013 by Greg Meckbach, Associate EditorA recent court decision means that directors of corporations regulated by the federal government could, in some cases, be held liable for unpaid wages even if they delivered a resignation letter, a blog post from law firm Heenan Blaikie LLP…
Seven Ontario municipalities declare states of emergency, claims teams on standby
April 22, 2013 by Laura Kupcis, Editor, Claims CanadaSeven Ontario municipalities have declared states of emergency due to flooding caused by melting snow from to a jump in temperatures last week, in addition to in excess of 75mm of rainfall in certain areas. As of Sunday, much of…
Ontario court rules against insurer denying defence costs
April 22, 2013 by Canadian UnderwriterAn Ontario court ruled last week against State Farm Fire and Casualty Company, which had settled an injury claim made against a horse racetrack and a property maintenance contractor but had declined to defend the racetrack operator. In June 2009,…