Segment
Risk Management
What’s New: In Brief (December 16, 2008)
December 16, 2008 by Canadian UnderwriterNorm Angrove has been appointed senior manager of value-added programs with PPG Automotive Refinish. Angrove will be responsible for marketing the CertifiedFirst and MVP programs in North America effective Jan. 1, 2009.He will lead the strategic direction of CertifiedFirst in…
High-tech crime on the rise
December 15, 2008 by Canadian UnderwriterNearly 70% of member companies in a U.K.-based business association have reported increases or dramatic increases in deliberate high-tech crime, according to a membership survey by The Corporate IT Forum.The U.K. business association has a membership of more than 150…
Using ERM is increasingly important for determining insurers’ credit quality
December 15, 2008 by Canadian UnderwriterEnterprise risk management (ERM) will be increasingly critical to assessing the credit quality of North American insurance companies looking forward into 2009, according to a Standard & Poor’s report.“The insurers that can best identify, aggregate and control their liquidity, credit…
2009 hurricane season predicted to have above average activity
December 12, 2008 by Canadian UnderwriterThe 2009 hurricane season will likely be above average in activity, according to Colorado State University forecasters. It is estimated the season will have roughly seven hurricanes, three of which will be intense (Category 3-5), and 14 named storms. The…
XL Capital responds to market rumours it is putting itself on auction block
December 11, 2008 by Canadian UnderwriterXL Capital Ltd. (NYSE: XL) has responded to — but did not confirm or deny — rumours that the insurer is exploring the option of putting itself up for sale amid reports of large Q4 investment losses.“The company remains focused…
New rules for certifying annual filings to take effect on Dec. 15
December 11, 2008 by Canadian UnderwriterCompany chief executives and chief financial executives will not only have to certify their own company’s financial statements as of Dec. 15, 2008, but they will have to vouch for their internal and disclosure controls over reporting as well.New rules…
Many retailers and manufacturers lacking recall strategy
December 11, 2008 by Canadian UnderwriterApproximately two-thirds of manufacturers and retailers have no crisis or recall strategy in place, according to a survey conducted at a Marsh product risk seminar.Most of the other one-third had not tested or reviewed their procedures in more than six…
OSFI issues draft revisions of guideline for outsourcing business functions
December 10, 2008 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions Canada (OSFI) is requesting comment from industry stakeholders on its draft revision of Guideline B-10, Outsourcing of Business Functions.On April 20, 2007, as a result of Bill C-37 coming into force, the…
What’s New: In Brief (December 10, 2008)
December 10, 2008 by Canadian UnderwriterThe William H. McGannon Foundation has awarded Jean-Francois Haeck with the John Faulds Memorial Award. The John Faulds Memorial Award includes a Cdn$5,000 scholarship. It is not given on an annual basis, but only to worthy students studying risk management…
A.M. Best sees future deterioration of D&O market in 2009-10
December 9, 2008 by Canadian UnderwriterUnderwriting deterioration lies ahead for the directors and officers (D&O) liability insurance market, beginning with the 2008 year-end results, A.M. Best predicts in a special report.“A.M. Best believes calendar-year combined ratios in the 125[%] to 200[%] range were the norm…
Saskatchewan court upholds insurer’s duty to defend
December 9, 2008 by Canadian UnderwriterIn a case involving a contractor’s attempt to move a mobile home onto a foundation, thus damaging both, Saskatchewan’s Court of Queen’s Bench found an insurer’s policy exclusion applied to damage to the home, but the insurer had a duty…
Canada’s insurance industry broadly supporting principles around managing conflicts: CCIR
December 8, 2008 by Canadian UnderwriterCanada’s insurance industry is broadly supporting three principles for managing conflicts of interest proposed by the country’s insurance market conduct regulator in 2006, a survey has found.These principles include ensuring:• the priority of a client’s interest;• disclosure of conflicts or…