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What’s New: In Brief (September 23, 2008)

September 23, 2008 by Canadian Underwriter

Swiss Re expects its collective net claims for Hurricanes Gustav and Ike will total approximately US$300 million, the reinsurer announced Sept. 23.Swiss Re estimated its Hurricane Gustav claims exposure would amount to approximately US$50 million when all was said and…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (September 23, 2008)

September 23, 2008 by Canadian Underwriter

American International Group Inc. (AIG) may need to sell more than half of its businesses, and the most coveted of its properties could be its international life businesses and the domestic retirement unit, according to Reuters, citing a Credit Suisse…

News Climate ChangeInsurance

Expressing empathy immediately is key to riding out a crisis, risk managers told

September 23, 2008 by Canadian Underwriter

When faced with a crisis endangering a company’s reputation, it is vital for the spokesperson of that organization to immediately express empathy and then stress what the organization is doing at that moment to investigate and remedy the situation. The…

News Insurance

Good environmental policies lead to sound economies, RIMS Canada Conference told

September 23, 2008 by Canadian Underwriter

Good environmental policy is identical to good economic policy, Robert F. Kennedy Jr. told delegates attending the 33rd Annual Risk and Insurance Management Society (RIMS) Canada Conference in Toronto.He suggested de-carbonizing a society quickly would lead to greater efficiency, more…

News Insurance

Financial crisis highlights important role of risk managers, panelists say

September 22, 2008 by Canadian Underwriter

The recent global financial services turmoil may produce opportunities for risk managers to have their voices heard within the upper echelons of their organizations, a panel of international risk managers told delegates attending the 33rd Annual Risk and Insurance Management…

News Insurance

International insurance regulators intensify coordination in response to financial turmoil

September 22, 2008 by Canadian Underwriter

Following the U.S. Federal Reserve’s US$85-billion bailout of the American International Group Inc., the International Association of Insurance Supervisors (IAIS) says it is “taking steps to intensify supervisory coordination efforts in response to the current financial market turmoil.”Key insurance supervisors…

News Insurance

George Simpson receives the 2008 Donald M. Stuart Award

September 22, 2008 by Canadian Underwriter

The RIMS Ontario Chapter named George Simpson, senior manager of risk management and insurance of EPCOR Utilities Inc., as the 2008 recipient of the Donald M. Stuart Award. The award was presented at the 33rd Annual Risk and Insurance Management…

News Insurance

Failure to assess risk properly contributed to financial turmoil, UN envoy Stephen Lewis tells RIMS Canada Conference

September 22, 2008 by Canadian Underwriter

At least US$1 trillion will be used to bail out the major capitalist financial structures of the United States of America because of a complete contempt for regulation and the absence of intuitive discernment on the part of risk managers,…

News Insurance

Space insurers profitable in first half of 2008

September 19, 2008 by Canadian Underwriter

Space insurers earned approximately US$411 million in premium in the first two quarters of 2008, putting the market in a profitable position with US$252 million in reported claims. However, five additional in-orbit failures, mean insurers will perceive market volatility persisting…

News Insurance

What’s New: In Brief (September 19, 2008)

September 19, 2008 by Canadian Underwriter

Plant Hope Adjusters continues to grow in Atlantic Canada and has recently opened its eighth office in the region, this one in Grand Falls, NB. Lise Frenette, whose career has spanned 22 years, has been appointed branch manager of the…

News InsuranceMergers and Aqcuisitions

Motion to adjourn trial to continue discovery denied

September 19, 2008 by Canadian Underwriter

Ontario’s Superior Court has dismissed a defendant’s motion to file an amended Statement of Claim, serve a jury notice and adjourn a three-week trial fixed to commence Sept. 22, 2008.The action arises out of a motor vehicle accident that occurred…

News Insurance

What’s New: In Brief (September 19, 2008)

September 19, 2008 by Canadian Underwriter

More than 1,500 risk professionals will descend upon Toronto on Sept. 21 for the 33rd annual Risk and Insurance Management Society (RIMS) Canada Conference.RIMS Canada, themed, ‘The Exchange: Where Great Ideas Come Together,’ runs until Sept. 24 and will feature…