Segment
Risk Management
OSFI casts a watchful eye on risks associated with a prolonged, uneven global financial recovery
May 19, 2011 by Canadian UnderwriterCanada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), is casting a watchful eye on the interconnected financial risks associated with a prolonged global economic recovery.In response, the regulator has made it a priority to address capital…
Canadian insurers, adjusters pour into Slave Lake, Alberta to aid in wildfire recovery efforts
May 19, 2011 by Canadian UnderwriterInsurance company and independent adjusters continue to pour into the area of the Town of Slave Lake, Alberta to aid displaced residents and help in recovery efforts, after wildfires have consumed much of the of the town since before May…
OSFI moves to consolidate MCT and BAAT into one guideline
May 19, 2011 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) is proposing the consolidation of the Branch Asset Adequacy Test (BAAT) and the Minimum Capital Test (MCT) into one guideline. OSFI released proposed changes to both the MCT and BAAT guideline…
ICBC backs off proposal to link traffic violations with premium calculations
May 18, 2011 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has withdrawn a rate restructuring proposal that would have linked traffic violations with premium calculations, instead committing to province wide consultation on other options for improving the way risks are shared among its…
Alister Campbell elected chair of PACICC
May 18, 2011 by Canadian UnderwriterAlister Campbell, CEO and chief agent of Zurich Canada, has been elected chair of the Property and Casualty Insurance Compensation Corporation (PACICC). Campbell has held his post at Zurich since October 2007. He has worked in the insurance industry for…
The Guarantee announces several senior level appointments
May 18, 2011 by Canadian UnderwriterThe Guarantee Company of North American has announced nine appointments at the regional, national and branch levels.The appointments include:Richard Pouliot, vice president of Eastern Canada. In this role, he will be responsible for all operations in Ontario, Quebec and Atlantic…
Canadian insurance industry responds to Slave Lake catastrophe
May 17, 2011 by Canadian UnderwriterThe Canadian insurance industry is leaping to action to assist in the aftermath of the wildfires that caused extensive and severe damage to a northern Alberta town.Paul Kovacs, executive director for the Institute of Catastrophic Loss Reduction, was quoted by…
Lloyd’s incurs $3.8 billion in catastrophe claims in Q1
May 17, 2011 by Canadian UnderwriterLloyd’s of London has incurred claims of Cdn$3.8 billion as a result of natural catastrophes in 2011 Q1, and the next major event that hit may be a capital event, said Richard Ward, Lloyd’s chief executive.A posting on the Lloyd’s…
Creechurch launches fidelity insurance product
May 17, 2011 by Canadian UnderwriterCreechurch International Underwriters Ltd. has launched a stand alone fidelity insurance policy to address the need for protection of corporate assets as employers face a marked increase in internal crimes. Policy highlights include: •broadest definition of employees, including part-time, seasonal…
Northern Alberta town engulfed by wild fires
May 16, 2011 by Canadian UnderwriterNearly half of a northern Alberta town has been destroyed or damaged by wildfires, reports the CBC.ca.Roughly 40% of the town of Slave Lake, about 200 kilometres northwest of Edmonton, was damaged or destroyed by a 700-hectare wildfire on May…
Thunderstorm, tornado, wind and hail events increasingly costly for U.S. insurers: A&M Best
May 13, 2011 by Canadian UnderwriterLosses stemming from thunderstorms, tornadoes, wind and hail are exerting pressure on U.S. property insurers’ results even before the industry has entered what is forecasted to be an active Atlantic hurricane season, A.M. Best reported.Above-normal frequency and severity of thunderstorms,…
Lloyd’s reports 2011 Q1 claims losses of $3.7 billion based on catastrophes in Japan, New Zealand and Australia
May 13, 2011 by Canadian UnderwriterLloyd’s of London has estimated total net claims losses of about $3.7 billion arising from the March 2011 earthquake and tsunami in Japan, the February 2011 earthquake in Christchurch, New Zealand and the January 2011 floods in Australia. Lloyd’s said…