Segment
Risk Management
Insurance industry gives OSFI a lukewarm grade on clarity of regulations
February 3, 2011 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) got a lukewarm rating from the insurance industry on the clarity and ease of understanding of its regulations and guidelines. Of the 104 insurers surveyed, 9% rated the regulator ‘very good,’…
Cyclone Yasi estimated to cause between $2 billion and $5 billion in damages: Eqecat
February 3, 2011 by Canadian UnderwriterCatastrophe modeller Eqecat forecasts losses stemming from the severe tropical cyclone Yasi to range from $2 billion to $5 billion. Yasi hit the flood-ravaged state of Queensland, Australia as a category 4 Saffir Simpson Scale cyclone on Feb. 3.Eqecat compared…
Property damage estimates increase to $1.3 billion in 2010: Xactware
February 2, 2011 by Canadian UnderwriterThe value of property loss estimates reported through Xactware in Canada grew to $1.32 billion in 2010 from $1.10 billion in 2009. The total monthly loss estimate value started at $84.9 million in January 2010 and peaked at $148.3 million…
Cyclone Yasi reportedly hits Queensland, Australia with Category 5 force
February 2, 2011 by Canadian UnderwriterAfter weathering some of the worst flooding in the area’s history, residents of Queensland in Australia are now feeling the fury of Tropical Cyclone Yasi, a Category 5 storm packing heavy rains and winds of almost 300 mp-h.Yasi has been…
$74 billion loss needed to trigger US hard market: Advisen
February 2, 2011 by Canadian UnderwriterHard market conditions would be triggered by a $74-billion loss of excess capacity in the U.S. commercial insurance market, according to Advisen. In its ‘QuickNote: $74 billion away from a hard market,’ Advisen cites surging supply – explained by rebounding…
Forensic Investigations acquires Mustang
February 1, 2011 by Canadian UnderwriterForensic Investigations Canada Inc. (FIC) acquired Mustang Investigations Inc. “We’re very excited by the coming together of our two companies,” says Corey Smith, president of FIC said. The combined organization – which will operate as Forensic Investigations Canada – will…
MarketPlace (February 01, 2011)
February 1, 2011 by Canadian UnderwriterCanadian Market Canadian catastrophes in 1998, 2005, 2009 and 2010 cost industry $3.8 billion Canadian catastrophes in 1998, 2005, 2009 and 2010 affected 850,000 insured properties and collectively cost the industry $3.8 billion, according to data from PCS-Canada. These figures…
Special e-Delivery
February 1, 2011 Martin Ouellet, Applied Systems Canada Inc.Services are now available providing legally admissible proof that your email has been received and your clients’ information is protected.
Data Migration
February 1, 2011 Debbie Olsen, vice president, iter8 Inc.A risk management approach to data conversion can provide useful insights into both planning and resourcing conversion tasks.
Commercial Data Exchange
February 1, 2011 Steve Pieroway, vice president, marketing and client services, Policy Works Inc.In the future, commercial insurers will increasingly be moving towards the ideal of a no-touch, straight-through data exchange with brokers.
ORIMS Christmas Luncheon (February 01, 2011)
February 1, 2011 by Canadian UnderwriterThe Ontario Chapter of the Risk & Insurance Management Society (ORIMS) held its Christmas Luncheon on Dec. 16, 2010, at the Sheraton Centre Hotel in Toronto. More than 650 attended. In keeping with the spirit of giving, the ORIMS executive…
Chubb Corporation estimates its Australian flood losses to be between $75 million and $100 million
January 31, 2011 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] said its preliminary estimate of losses due to the floods in Australia would be in the range of $75 million to $100 million before tax. The company reported this estimate in its 2010 Q4 results,…