Segment
Risk Management
Scientists propose “the Other Big One” storm scenario in California
January 17, 2011 by Canadian UnderwriterScientists at the U.S. Geological Survey unveiled a potential one-in-100-year or one-in-200-year storm scenario in California that could result in more than $300 billion in damage, putting it in the same category as the San Andreas earthquakes.Under this scenario, a…
Andy Hall returns to CNA Financial Corporation
January 17, 2011 by Canadian UnderwriterAndy Hall is returning to CNA Financial Corporation as branch vice president of its Seattle office.Hall joined CNA in 1990, and held a number of branch and leadership positions, eventually serving as the president and chief operating officer of CNA…
Insurers’ views vary on costs of Solvency II readiness: PwC report
January 17, 2011 by Canadian UnderwriterInsurers’ views vary considerably about the costs involved in preparing for Solvency II, prompting a PricewaterhouseCoopers (PwC) survey to question whether the total outlay related to Solvency II will exceed initial projections of EUR3 billion.Due to take effect in January…
Risk managers should become more involved in understanding digital risks: Lloyds
January 14, 2011 by Canadian UnderwriterRisk managers need to better understand how digital risks might affect their organizations and what they can do to mitigate them, according to a Lloyd’s 360 Risk Insight report.“Digital risks,” in this context, refers to the effects of natural disasters…
Elliott Special Risks names Glenn Minnis to its new B.C. office
January 14, 2011 by Canadian UnderwriterElliott Special Risks LP (ESR), a Markel International company, has opened an office in Vancouver, B.C. The B.C. office will be home to Elliott’s newest member of the team, Glenn Minnis. ESR operates across Canada with offices in Toronto, Montreal…
‘Double Down’ approach to buying cat bonds gains currency
January 14, 2011 by Canadian UnderwriterTechniques for drumming up investment into cat bonds has evolved, with one new technique allowing investors to essentially “double down” as they would in Blackjack, said Philip Cook, CEO of Omega General Insurance Holdings.Cook was the keynote speaker at the…
MEA Forensic appoints Xaine Bhatia
January 14, 2011 by Canadian UnderwriterMEA Forensic has appointed Xaine Bhatia as its business development specialist in Ontario. Bhatia has more than 13 years of experience in business development, project management and communications. She has a Masters degree from the University of Toronto.“This unique combination…
Canadian P&C market “nowhere close” to hardening: analyst
January 13, 2011 by Canadian UnderwriterThe Canadian P&C industry is not even on the cusp of a hard market, despite analysts’ predictions, said Philip Cook, CEO of Omega General Insurance Holdings.Cook offered his projections for 2011 at the Insurance Institute’s ‘Annual Industry Trends Breakfast’ breakfast…
Zurich forms strategic partnership with manufacturers’ association
January 13, 2011 by Canadian UnderwriterCanadian Manufacturers & Exporters (CME) and Zurich Canada have formed a strategic business alliance that will provide CME members with a suite of insurance products. As CME’s preferred business insurance provider, Zurich Canada is offering additional manufacturing insurance coverages at…
Excess capital squeezes Canadian P&C industry’s return on investment
January 13, 2011 by Canadian UnderwriterInvestment income boosted the Canadian property and casualty industry’s financial results in 2010 by more than 11%, but two-thirds of that investment income was generated through the investment of “static” excess capital, said Philip Cook, CEO of Omega General Insurance…
Risk managers cautioned against “over-treating” risks
January 12, 2011 by Canadian UnderwriterRisk managers should be careful not to “over-treat” their company’s risks, panelists told an Ontario Risk and Insurance Management (ORIMS) seminar in Toronto on Jan. 12.Panelists defined “treating” risks as modifying the source of risk, as opposed to controlling or…
ORIMS panelists urge streamlining of corporate risk monitoring
January 12, 2011 by Canadian UnderwriterRisk managers monitoring risk management plans need to be mindful that organizations’ executives are feeling over-monitored in the wake of the financial crisis of 2008-09. As a result, if risk managers can think of any ways to reduce redundancy in…