News

More companies are employing mature enterprise risk management practices to enhance organizational value and resiliency, according to the findings of Aon’s 2010 Global Enterprise Risk Management Survey. “Organizations in the more mature stages of ERM report they are able to…

As of the end of October 2009, Facility Association (FA) has paid and incurred more than $11.5 million in statutory accident benefit claims connected to insolvent insurer Markham General Insurance Company.Markham General was ordered wound-up under the provisions of the…

Financial service institutions’ spending on global information technology is expected to reach US$357.4 billion in 2010, according to a new Celent report.This is an increase of 2.9% over 2009, and substantially higher than the 2.5% decline in growth experienced last…

Kenneth V. Lavigne has been appointed senior vice president and manager of FM Global’s Canada division.Lavigne replaces Perry Brazeau, who retired at the end of 2009 after 33 years with the company. Lavigne joined FM Global in 1980 as a…

Premiums continued to tumble for commercial insurance buyers in 2009 Q4, with few signs that the soft phase of the pricing cycle is nearing the end, according to the RIMS Benchmark Survey. The survey, administered by Advisen Ltd., tracks changes…

A.S.A.P. Secured Inc. has launched a mobile command centre for easy deployment to large loss sites across Ontario. The centre will allow adjusters and other insurance industry professionals to offer immediate assistance and support to their customers in the midst…

A severe earthquake hitting near Haiti’s capital city of Port-au-Prince has likely caused economic damages in the “hundreds of millions of dollars,” catastrophe-modelling firm EQECAT says in a press release.Nevertheless, because of Haiti’s weak economic conditions, private insurers will likely…

The lowest auto insurance rates quoted by Kanetix in Q4 2009 increased on average 5.3% when compared to the same period of 2008.The increase, consistent with rate changes previously approved and announced by Ontario’s auto insurance regulator, means drivers should…

Canada’s property and casualty insurance industry is “strongly cautioning” the Alberta government to scrap a proposal that would prohibit insurers from excluding claims for fire damage following terrorist or earthquake events.Primary insurers would run a higher risk of insolvency if…

Manitoba Public Insurance (MPI) has a reported net income of $32.1 million for the nine months ended Nov. 30, 2009, compared to a net income of $1.8 million for the same period of 2008. The improvement was achieved in part…

John Tagle has been appointed senior vice president of national sales and business development at ClaimsPro, an SCM company.Tagle will be responsible for the augmentation of strategy and implementation of plans at ClaimsPro, leading sales and business development.In addition, Ian…

Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has posted 14 high-level principles to guide the development of a new capital framework for property and casualty insurers.  OSFI says the principles are intended to encourage the…