News
What’s New: In Brief (April 27, 2007)
April 27, 2007 by Canadian UnderwriterLoyalist Insurance Group reported revenue of Cdn$2.1 million in 2006, an increase from Cdn$2 million for the year ended Dec. 31, 2005. The company also reported a smaller operating loss of Cdn$50,399 in 2006, compared to the Cdn$266,040 loss it…
Risk managers and senior company executives at odds over risks
April 27, 2007 by Canadian UnderwriterTop-level company executives and risk managers may not always see eye-to-eye when it comes to the risks associated with international expansion, according to the 2007 Chubb International Risk Survey. The survey was conducted jointly in March 2007 by Opinion Research…
Mooney Insurance and Rogers Insurance team up
April 27, 2007 by Canadian UnderwriterMooney Insurance Ltd. and Rogers Insurance Ltd. have teamed up to allow both firms to better service existing clients and to realize new business opportunities.The strategic alliance involves a minority equity investment in Red Deer, Alberta-based Mooney by Calgary-based Rogers…
What’s New: In Brief (April 26, 2007)
April 26, 2007 by Canadian UnderwriterGuy Carpenter is hosting the first annual (Re)Insurance Industry Charity Poker and Casino Event for WICC (Women in Insurance Cancer Crusade). The event will be held at 6 p.m. on May 30, 2007 at the Four Seasons Hotel Toronto. Although…
Willis reports profits of $169 million for Q1
April 26, 2007 by Canadian UnderwriterWillis Group reported a net income of US$169 million [approximately Cdn$189 million] for 2007 Q1, as compared to US$140 million [approximately Cdn$156 million].Each business unit contributed to overall organic growth in commissions and fees in the first quarter, with global…
What’s New: In Brief (April 26, 2007)
April 26, 2007 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has prepared a ‘Report on Action on the IPRC Principles by Industry Associations,’ which is anticipated to be posted on the CCIR website. The CCIRs industry practices review committee (IPRC) is conducting a…
IBC pushing for tougher punishments for auto theft
April 26, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is urging federal MPs to support Bill C-343, which would make auto theft a separate offence under the Criminal Code and implement mandatory jail times for repeat offenders.According to the IBC auto theft costs…
Workforce demographics a concern for insurance industry
April 25, 2007 by Canadian UnderwriterWorkforce demographics represent a major issue looming over the horizon, according to five senior executives sitting on the CIP Symposium 2007s leadership panel in Toronto.Silvy Wright, the president and CEO of Markel Insurance Company of Canada, says she has often…
Claims officers, underwriters must talk way through litigious environment
April 25, 2007 by Canadian UnderwriterGiven that litigation against insurers is on the rise in Canada and the countrys courts have responded with unpredictable decisions regarding policy coverage it is critical for insurance claims and underwriting departments to be in constant communication, a seminar leader…
Boost Canadian Wheat Board as risk management tool, CWB director says
April 25, 2007 by Canadian UnderwriterIn a plea to the Commons Standing Committee on Agriculture, Ian McCreary, farmer-elected director of the Canadian Wheat Board (CWB), asked for legislative support to strengthen the CWB and thereby help manage farmers risks. Risk management tools such as the…
Succession Planning 101: Difference Between Generation X and Y
April 25, 2007 by Canadian UnderwriterOne of the key hiring mistakes insurers and other employers make is not to recognize the different expectations of Generation X and Y employees, according to Andrea Plotnick, the national expertise director of organizational effectiveness at the Hay Group.Plotnick was…
Insurers advised to insure against contagions, not pandemics
April 24, 2007 by Canadian UnderwriterInsurers need to consider insuring against a contagion, rather than a pandemic, Barrett Hubbard, managing director of MINT Canadian Specialty, told attendants of the Insurance Institute Ontario Chartered Insurance Professionals Societys Symposium 2007.A pandemic is an epidemic that is geographically…