News
Willis Group’s academic arm wins prize for flood modelling paper
December 7, 2012 by Canadian UnderwriterThe academic and analysis arm of Willis Group, Willis Research Network (WRN) has won the Lloyd’s Science of Risk prize in the category of Natural Hazards for a research paper on flood modelling. The winning paper, “A simple inertial formulation…
Many clean tech companies vulnerable to global business risks: survey
December 7, 2012 by Canadian UnderwriterMany “clean tech” companies may not be paying enough attention to managing the risks of sourcing components and sending goods and employees across borders, suggests a new study from the Chubb Group of Insurance Companies. More than a third (36%)…
XL Group announces new senior VP of capital markets
December 6, 2012 by Canadian UnderwriterXL Group plc’s reinsurance operations announced Thursday it had appointed Craig Wenzel senior vice president of capital markets. In this newly-created role, Wenzel will be responsible for managing and developing relationships with third party capital providers in support of XL’s…
FSCO warns consumers of two unlicensed individuals selling auto insurance
December 6, 2012 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers that two people are not licensed to do insurance business in Ontario. Lisa Rossi and Sam Soso claimed to sell auto insurance on behalf of Zenith Insurance Company, FSCO said in…
Chinese solar panel maker offers property, loss of income insurance for Japanese buyers
December 6, 2012 by Canadian UnderwriterPhono Solar Technology Co. Ltd. of Nanjing, China announced this week it is offering insurance for Japanese customers buying solar photovoltaic modules. The insurance service, PhonoSolar says, would give parties who invest in solar power plants a “guarantee, should an…
U.K. flood losses reach five year high after heavy rain in November
December 6, 2012 by Canadian UnderwriterTorrential rainfall in November has pushed 2012 into becoming the costliest flood year in the United Kingdom in five years, Aon Benfield’s global catastrophe recap for the month suggests. At least four people were killed and 1,100 homes damaged as…
Tropical cyclones in North Atlantic could get more ferocious: paper
December 5, 2012 by Canadian UnderwriterA recent paper by two American scientists projects an increase in the intensity of tropical cyclones in the North Atlantic and suggests an increased probability of hurricanes in the future. The paper, dubbed Projected Increases in North Atlantic tropical cyclone…
P&C insurers must understand “evolving” terrorism risk: report
December 5, 2012 by Canadian UnderwriterGrowing political instability in the world, combined with civil unrest and the expansion of new technologies has led to a major shift in the nature of terrorism risk and how it needs to be addressed in the property and casualty…
ClaimsPro acquires Manitoba’s Westman Claims Adjusters
December 5, 2012 by Canadian UnderwriterIndpendent adjusting company ClaimsPro has announced its acquisition of Westman Claims Adjusters, effective Dec. 4. Based out of Brandon, Man., Westman has been serving the property and casualty market since 2008 and has strong relationships with its local brokerages. Related…
Canadian Broker Network to acquire Intact affiliate South Western Insurance Group
December 5, 2012 by Canadian UnderwriterCanadian Broker Network and Intact Financial Corp. announced Wednesday that they have reached an agreement whereby CBN will acquire Intact affiliate South Western Insurance Group Ltd., a wholesale insurance intermediary that provides brokerages with specialty and niche insurance markets. Terms…
Canadian businesses ill-prepared for big data era: survey
December 5, 2012 by Canadian UnderwriterInvestment in technologies that would enable companies to act on data in real time is out of step with the view expressed by the lion’s share of surveyed Canadian executives who say having that capability is important. This is putting…
Attitude toward Solvency II implementation increasingly negative: survey
December 4, 2012 by Canadian UnderwriterThe attitude among insurance companies toward implementing the Solvency II directive has become more negative over the past few years, suggests a recent survey from advisory firm Grant Thornton UK. Only 24% of participants said they believe Solvency II is…