News
What’s New: In Brief (October 13, 2006)
October 13, 2006 by Canadian UnderwriterThe Federation of European Risk Management Associations (FERMA) has launched an electronic training initiative designed to help smaller businesses avoid financial failure, A.M. Best reports.The program, known as Professional in Risk Management, was unveiled at FERMA’s fall seminar at the…
Cyber-risk field “is only beginning to open,” lawyer tells PLUS Canada
October 12, 2006 by Canadian UnderwriterRisk and liability associated with Internet communications is a “vast insurance field that is only beginning to open,” a lawyer told people attending a Professional Liability Underwriting Society (PLUS) Canada education seminar in Toronto.“As long as the Internet is around,…
What’s New: In Brief (October 12, 2006)
October 12, 2006 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating (ICR) to “a+” from “a-” of Allianz Global Corporate & Specialty AG (AGCS) (Germany), formerly known as Allianz Marine &…
R&SA revamps operational structure
October 12, 2006 by Canadian UnderwriterRoyal & Sun Alliance Insurance Group plc (R&SA) has made changes to the Group’s operating structure, reflecting the Group’s strategic focus set out to the market in June 2006.Moving forward, the Group will be organized into three main operating businesses…
What’s New: In brief (October 12, 2006)
October 12, 2006 by Canadian UnderwriterCollision Solutions Network (CSN) recently welcomed Sarnia, ON-based St. Clair Auto Repair as the newest member to the network. St. Clair represents the 45th facility to join the network. St. Clair Auto Repair, an 8000 sq ft facility with 15…
Aon Re: Homeowner business hasn’t covered capital costs
October 11, 2006 by Canadian UnderwriterAlthough they’ve improved steadily in the past four years, returns in the homeowners insurance business still aren’t adequate to cover the cost of capital, according to a new report prepared by Aon Re.Sharp increases in homeowners’ rates after the 2004…
ICBC, Fraser Institute lock horns over public auto insurance
October 11, 2006 by Canadian UnderwriterICBC has taken to the airwaves to dismiss a Fraser Institute report that slams government-run auto insurance schemes as, according to the study’s author, “among the worst performers within almost all measures of market quality, including cost and affordability.”In an…
Climate change requires insurer attention
October 11, 2006 by Canadian UnderwriterA report recently released by Allianz Group and the World Wildlife Fund reveals that insurers need to increase their efforts in dealing with damages resulting from climate change.Insurers are called to the table by the report, entitled “Climate Change and…
What’s New: In brief (October 11, 2006)
October 11, 2006 by Canadian UnderwriterDefective door latches are at fault for the recall of approximately 145,000 Ford Motor vehicles, including 13,683 in Canada. The Company plans to repair the defective parts which are found on vehicles including the 2005 Five Hundred, 2005 Mercury Montego…
MPI investment income decreases, claims up in 2006
October 10, 2006 by Canadian UnderwriterA strong first half of the year has put Manitoba Public Insurance (MPI) into a stable financial position as it heads into the traditionally claims-prone winter months, the government insurer noted in a press release.For the six months ended August…
Australian regulator releases guides for pandemic preparedness
October 10, 2006 by Canadian UnderwriterThe Australian Prudential Regulation Authority (APRA) has released an information paper and prudential practice guide (PPG) to assist APRA-regulated institutions including insurers and reinsurers with their planning for a potential pandemic.“The advice is being released following consultation with industry and…
AIG unit insured waste plant struck by fire
October 10, 2006 by Canadian UnderwriterA unit of American International Group Inc. issued The Environmental Quality Co. a pollution liability policy with a US$28 million aggregate limit along with other coverages to the operator of a hazardous material facility, which recently burned and forced thousands…