Segment
P&C Companies
Swiss Re issues securities covering earthquakes in Canada
April 10, 2007 by Canadian UnderwriterSwiss Re has structured and placed US$150 million [approximately Cdn$172 million] of securities covering flood and earthquake catastrophic events in Canada, Great Britain, and the United States on behalf of Allianz Global Corporate & Specialty AG.The multiperil issuance is part…
Threat of energy expropriation in Latin America casues spike in political risk
April 10, 2007 by Canadian UnderwriterPolitical risk trends in emerging markets are taking on a troublesome retro feel back to the 70s, in a sense led by energy-sector expropriation moves in South American countries, A.M. Best has reported.The A.M. Best analysis cites the findings of…
Alberta lawyers launch constitional challenge against auto injury cap
April 10, 2007 by Canadian UnderwriterThe Alberta Civil Trial Lawyers Association (ACTLA) has officially started its Charter challenge of the Alberta governments automobile insurance minor injury policy in the Court of Queens Bench (Calgary) before Mr. Justice Neil Wittmann.ACTLA President Arthur Wilson, Q.C. says in…
Extreme weather events cost rising by 2% a year since ’70s
April 9, 2007 by Canadian UnderwriterThe financial costs of extreme weather events have been increasing by an average of two per cent a year since the 1970s, Dr. Robert Muir-Wood, chief research officer of Risk Management Solutions (RMS), said in response to the chapter, The…
What’s New: In Brief (April 09, 2007)
April 9, 2007 by Canadian UnderwriterThe Loyalist Insurance Group Limited (TSX: LOY) announced that it has filed revised financial statements for the year of 2005, as well as interim periods throughout 2006. The annual and interim management discussion and analysis (MD&A) have been revised to:…
Insurance industry concerned about data management
April 9, 2007 by Canadian UnderwriterThere are growing concerns about the governance and management of data the insurance industry is required to maintain, particularly in light of enhanced financial reporting requirements.The concerns were expressed by senior insurance executives attending the Actuarial Transformation Roundtable, organized by…
Lloyd’s observes dramatic increase in UK cybercrime
April 9, 2007 by Canadian UnderwriterCybercrime is on the increase in the United Kingdom and elsewhere, and risk managers need to be better prepared to deal with cases of Internet-crime including Internet fraud, junk email or ‘spam’, viruses and hacking, according to Lloyds of London.In…
CIP Society launches monthly, “emerging trends” papers
April 5, 2007 by Canadian UnderwriterThe CIP Society, the professionals division of the Insurance Institute, has launched a series of monthly “emerging trends and issues” papers to focus discussion by experts on a variety of leading-edge topics.The first in the series is an analysis of…
Insurers should model for flooding, drought as a result of global warming
April 5, 2007 by Canadian UnderwriterThe insurance industry should start planning and modeling for a higher level of losses across the world by the middle of this century, as sea levels rise and large portions of polar ice sheets begin to melt, according to a…
Flanders Insurance Management fined $200,000
April 5, 2007 by Canadian UnderwriterFlanders Insurance Management and Administrative Services Ltd. has pleaded guilty to 210 counts filed against it by the Autorit des marches financiers (AMF) and has been ordered to pay more than $200,000 in fines.The Winnipeg-based business pleaded guilty to the…
Integro launches global insurance/reinsurance unit
April 5, 2007 by Canadian UnderwriterIntegro Ltd. announced the formation of an international insurance and reinsurance business unit, designed to offer unique worldwide insurance and reinsurance business capabilities for independent brokers and partners. Based in London, its brokers will have access to the global markets…
OIAA to hold seminar on new auto insurance health claims system
April 4, 2007 by Canadian UnderwriterThe Ontario Insurance Adjusters Association (OIAA) is presenting a seminar in Toronto about the new Health Claims for Auto Insurance (HCAI) system.The Apr. 11 seminar will include an overview of the HCAI system and its capabilities, the changes that can…