Segment
Risk Management
FirstOnSite Restoration’s RIMS luncheon
June 1, 2011 by Canadian UnderwriterFirstOnSite Restoration hosted a RIMS Vancouver luncheon at Joey Bentall One on May 3. On offer was FirstOnSite’s exclusive “Fire” martini; a luncheon buffet for invited guests; a chance to chat with members of FirstOnSite’s commercial division; and NHL hockey…
MarketPlace
June 1, 2011 by Canadian UnderwriterCanadian Market Mutual policyholders of The Economical vote against dissident proposal to replace board Mutual policyholders of The Economical Mutual Insurance Company voted 649-192 on May 26 against a motion that would have removed its current board of directors and…
RIMS Annual Conference and Exhibition
June 1, 2011 by Canadian UnderwriterRisk professionals from around the world came to Vancouver between May 1 and 5 for the 2011 Risk and Insurance Management Society (RIMS) Annual Conference and Exhibition. The theme of this year’s conference was ‘Advantage: RIMS.’ Conference speakers included Apolo…
Calculating Canada’s Hurricane Risk
June 1, 2011 Matthew Nielson and Clare Salustro, Risk Management SolutionsRMS has released its first-ever Canadian hurricane risk model. Estimates show a direct hit on Nova Scotia could cost the Canadian P&C insurance industry up to $6 billion in losses.
RIMS Annual Conference & Exhibition
June 1, 2011 by Canadian UnderwriterHundreds of exhibitors filled the Exhibit Hall at the RIMS 2011 Annual Conference & Exhibition in Vancouver. Held at the Vancouver Convention Centre, the show floor bustled with thousands of delegates from throughout North America and around the globe. The…
The Co-operators estimates between $30 and $35 million in losses from Slave Lake
May 30, 2011 by Canadian UnderwriterThe Co-operators General Insurance Company estimates its claims costs stemming from the Slave Lake, Alberta wildfires will range between $30 million and $35 million after tax and net of reinsurance.The estimate is a preliminary figure because of the restricted access…
Honda Canada warns customers about data security breach
May 30, 2011 by Canadian UnderwriterHonda Canada has advised its customers of a data breach involving the unauthorized access of 2009 records, including names, addresses, Vehicle Identification Numbers (VIN) and, “in a small number of cases,” Honda Financial Services (HFS) account numbers.The breach has reportedly…
Auctions carry regulatory risk and uncertainty in M&A scenarios: commercial lawyer
May 27, 2011 by Canadian UnderwriterInsurers being sold through an auction channel, rather than through a traditional acquisition deal, face greater regulatory risk and uncertainty of the transaction being completed, said Brian Rose, senior partner with Stikeman Elliott’s corporate commercial section.Rose spoke as a panel…
Desjardins announces hefty investment in small- to medium-sized businesses
May 26, 2011 by Canadian UnderwriterThe Caisse de dépôt et placement du Québec and Capital regional et coopératif Desjardins have announced $12.5 million in Québec-based businesses. The funds will enable ten companies located in Québec City, Montréal, and the Saguenay-Lac-Saint-Jean, Eastern Townships, Centre-du-Québec and Côte-Nord…
Intact estimates financial impact of Slave Lake and area wildfires to be between $45 million and $55 million
May 26, 2011 by Canadian UnderwriterIntact Financial Corporation estimates the financial impact on the company of wildfires in Slave Lake and surrounding areas will be between $45 million and $55 million.Intact said the 800 claims it has received are thus far “predominantly” for property-related damage,…
Convective storms continue to batter US midwest
May 26, 2011 by Canadian UnderwriterAnother string of tornadoes pummelled the US Midwest on May 24, 2011, leaving a swath of damage that crossed three states and killed more than a dozen people.Several tornadoes touched down in Oklahoma City and its suburbs, during evening rush…
Models don’t yet allow researchers to link local wildfire incidence with global climate change patterns: fire expert
May 26, 2011 by Canadian UnderwriterClimate change models are still too rudimentary to be able to link global climate change with the wildfire incidence in specific parts of Canada, according to a wildfire expert at the University of Toronto.Brian Stocks, president of B.J. Stocks Wildfire…