Segment
Risk Management
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…
Key risk areas creating significant liabilities: World Economic Forum
January 12, 2011 by Canadian UnderwriterThe frequency and severity of risks to global stability have amplified, while the financial crisis has drained the ability of global governance systems to deal with shocks, according to the World Economic Forum (WEF)’s Global Risks 2011, Sixth Edition.“Twentieth century…
Australian floods likely to break the $1-billion insured loss mark
January 11, 2011 by Canadian UnderwriterFloods ravaging large swaths of the Australian state of Queensland will likely trigger insured losses in the billions, according to unnamed sources in an Australian newspaper. If so, this would make the floods one of the costliest catastrophes to hit…
A.M. Best changes outlook on U.S. commercial lines to ‘Negative’
January 11, 2011 by Canadian UnderwriterA.M. Best has revised its outlook to negative from stable for U.S. commercial lines for 2011. The revision implies that negative rating actions will outnumber positive rating actions in 2011, despite the fact that the vast majority of rating actions…
RIMS unveils new logo and tagline
January 11, 2011 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has a new look. The association unveiled its new logo and tagline, ‘the risk management society.’The logo incorporates three stripes, swooping upwards, representing its key areas of service to its members: resources, networking…
RSA finalizes GCAN acquisition
January 10, 2011 by Canadian UnderwriterRSA Canada finalized its acquisition of GCAN Insurance, the second-largest insurance transaction of the past decade in Canada.RSA announced in Oct. 2010 that it agreed to acquire GCAN, a Canadian mid-market, large risks and specialty commercial insurer with gross written…
Resources failing to keep pace with demands on risk managers: AIRMIC chair
January 10, 2011 by Canadian UnderwriterDemands on risk managers are increasing but the resources to allow them to meet the demands are not, says the UK’s Association of Insurance and Risk Managers (AIRMIC) chair Nicola Harvey.“All our businesses are going through different degrees of…difficult times,”…
McLarens Canada acquires Mercer Myers & Associates
January 5, 2011 by Canadian UnderwriterMcLarens Canada has acquired Mercer Myers & Associates Insurance Adjusters Ltd. Mercer Myers will continue to operate under the same brand name, as a division of McLarens Canada. It’s a full-service adjusting firm, with expertise in bodily injury investigation and…
Legacy modernization and replacement dubbed top IT challenge in 2011
January 5, 2011 by Canadian UnderwriterLegacy modernization and replacement will be the top IT challenge for the insurance industry in 2011, according to X by 2, an insurance industry technology consulting firm.When it comes to legacy systems, insurers will face critical decisions about whether to…