Segment
Risk Management
Powerful, Magnitude-9.1 earthquake in Japan triggers global tsunami warnings, including in B.C.
March 11, 2011 by Canadian UnderwriterA powerful, Magnitude-9.1 earthquake occurred offshore of the east coast of Honshu, Japan on Mar. 11, triggering a tsunami that washed over the Pacific coastal area of Honshu, Hawaii and prompted a tsunami advisory for the north and central coasts…
NatCat events in Canada expected to increase by 2050: climate change research
March 11, 2011 by Canadian UnderwriterLightning-caused wildfires in western Canada, intense winter storms in B.C., freezing rain events in Ontario and Quebec and intense hurricane events in Eastern Canada are all expected to increase by 2050, based on climate change research posted online by the…
Guy Carpenter selected as new placing broker for Caribbean Catastrophe Risk Insurance Facility
March 11, 2011 by Canadian UnderwriterGuy Carpenter & Company, a global risk and reinsurance specialist, and a member of Marsh & McLennan Companies (NYSE: MMC), has been selected as the new placing broker for the Caribbean Catastrophe Risk Insurance Facility (CCRIF). CCRIF is a risk…
Solvency II may drive mergers and acquisitions activity: Guy Carpenter
March 10, 2011 by Canadian UnderwriterSolvency II capital requirements may put pressure on insurers to diversify their risks, which is likely to generate incentives for mergers and acquisitions activity within the insurance industry, according to a March 2011 report by Guy Carpenter. The report, Succeeding…
PartnerRe estimates its 2011 New Zealand earthquake losses to be between $180 million and $240 million
March 9, 2011 by Canadian UnderwriterPartnerRe Ltd. (NYSE, Euronext:PRE) estimated its losses following the February 2011 earthquake near Christchurch, New Zealand to be in the range of between $180 million and $240 million. The Magnitude-6.3 earthquake resulted in at least 165 deaths and caused billions…
US government to study shale gas extraction process amid environmental concerns
March 8, 2011 by Canadian UnderwriterEnvironmental concerns related to a process used to extract shale gas – a fuel often hailed as a potential ‘energy saviour’ – have prompted the United States Congress to direct the Environmental Protection Agency (EPA) to study the practice, reports…
Alberta incorporated P&C insurers show signs of growth in 2010
March 7, 2011 by Canadian UnderwriterAlberta incorporated property and casualty insurers showed strong signs of growth in 2010, with an increase in collective net income growing from $40.7 million in 2009 to $63.1 million in 2010, according to postings by Alberta’s Superintendent of Insurance.The figures…
Markel International announces executive appointment for Canadian operations
March 7, 2011 by Canadian UnderwriterMarkel International, a London-based specialist insurer, has appointed Nick James to its specialty division as a class underwriter in Canada and the US property treaty reinsurance.James has more than 14 years of experience handling international property in the insurance and…
B.C. judge cautions defence bar against swearing affidavits on behalf of clients
March 7, 2011 by Canadian UnderwriterA British Columbia judge has cautioned the insurance defence bar that lawyers should not be swearing affidavits on behalf of clients, except in the most limited of circumstances, and doing so might result in the waiver of solicitor-client privilege.British Columbia…
Good faith claims may just ‘distract’ from common law principles that apply to insurance contracts: lawyer
March 4, 2011 by Canadian UnderwriterAn insurer’s duty to act in good faith may not actually mean much beyond the standard common law doctrines that apply to insurance contracts, according to Roderick Winsor of Blaney McMurtry LLP.Winsor is the author of Good Faith in Canadian…
RMS releases major upgrade to its U.S. hurricane model
March 4, 2011 by Canadian UnderwriterRisk Management Solutions (RMS) has released a “major” upgrade to its U.S. hurricane model.The latest version of the model incorporates 10 times more onshore and offshore wind observation data since the last hazard update in 2003. Also, it incorporates the…
Protecting against the loss of a key business figure
March 3, 2011 by Canadian UnderwriterLloyd’s of London is offering “key-man insurance” as a way to protect a company from economic loss if a key person in the organization dies or leaves as a result of illness.“It is a sad fact that in the workplace,…