Segment
Risk Management
Insurance Council of New Zealand says quake aftershocks may cause long-term concerns about insurability
June 17, 2011 by Canadian UnderwriterThe Insurance Council of New Zealand (ICNZ) has expressed concern that the long-term effect of continuing earthquake aftershocks in the Christchurch area may eventually prompt insurers to re-examine whether earthquakes in the area are insurable.The ICNZ made the observation in…
City of Vancouver, local businesses assessing damage following Stanley Cup riot on June 15
June 16, 2011 by Canadian UnderwriterStanley Cup riots in Vancouver have now become a 1-in-17-year exposure for property and casualty insurers.After the Vancouver Canucks hockey team lost Game 7 of the Stanley Cup finals to the Boston Bruins on June 15, many businesses were damaged…
FSCO highlights amendments to Insurance Act concerning public transit auto claims
June 16, 2011 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released a bulletin highlighting recent amendments to the Insurance Act intended to help municipal transit systems control fraudulent claims.These amendments include adding a definition of ‘public transit’ to the act, where previously…
Zurich to transfer runoff business of Zurich Specialties London Ltd. to Swiss Re
June 15, 2011 by Canadian UnderwriterZurich Financial Services Group (Zurich) has announced one of its non-core subsidiaries in the United Kingdom, Zurich Specialties London Ltd, will transfer its run off insurance business to Swiss Re at book value. “This transaction forms an integral part of…
RSA Travel Insurance agrees to acquire etfs Travel Insurance
June 14, 2011 by Canadian UnderwriterRSA Travel Insurance Inc./Assurance Voyage RSA inc. has agreed to acquire the business assets and insurance expertise of etfs, along with the etfs trademarks. Headquartered in Sherbrooke, Quebec, etfs Travel Insurance currently provides a full range of travel and health…
Bed bug insurance coverage now available
June 14, 2011 by Canadian UnderwriterBed bug insurance is now being offered to the at-risk market. Aon Risk Solutions has aligned with Global Excess Partners and Terminix to provide a bed bug insurance solution for hotels, landlords, student housing, corporate business and leisure travellers. The…
June 2011 earthquakes in Christchurch to cost an additional $3 billion to $5 billion in insured damages: EQECAT
June 14, 2011 by Canadian UnderwriterA series of earthquakes striking near Christchurch, New Zealand on June 13 is expected to cause an additional $3 billion to $5 billion in insured losses, according to the catastrophe modeler EQECAT. The U.S. Geological Survey describes the quakes as…
Transatlantic Re to merge with Allied World Assurance Company
June 13, 2011 by Canadian UnderwriterTransatlantic Holdings Inc. (NYSE: TRH) and Allied World Assurance Company Holdings AG will merge to form a global specialty insurance and reinsurance company under a holding company structure with the name TransAllied Group Holdings AG.The merger is expected to be…
Penn West Petroleum Ltd. intends to draw on business interruption insurance following wildfires, floods in Western provinces
June 13, 2011 by Canadian UnderwriterAn official from Penn West Petroleum Ltd. has said the company expects to draw on its business interruption insurance after taking a cash flow hit of between $60 million and $70 million following the wildfires still blazing in northern Alberta,…
The Travelers losses stemming from US Midwest storms could top $1 billion
June 13, 2011 by Canadian UnderwriterThe Travelers Companies Inc. estimates its catastrophe losses related to the numerous and severe catastrophes in the U.S. Midwest in April and May of 2011 to range between $1 billion and $1.05 billion after-tax and net of reinsurance.These losses resulted…
Sustainability Principles would allow policymakers to leverage insurance expertise: UN
June 13, 2011 by Canadian UnderwriterA set of global principles will allow public policymakers to leverage the experience and information stored within the global insurance industry to help mitigate ‘unknown’ risks and adapt to a changing global climate, said Paul Clements-Hunt, the head of the…
Consumer affinity for insurance product and how it is sold decreases dramatically over last year: IBAO
June 10, 2011 by Canadian UnderwriterConsumers this year have a markedly decreased affinity to the insurance product and how it is sold than they did last year, according to figures presented by the Insurance Brokers Association of Ontario (IBAO).IBAO CEO Randy Carroll and board chairman…