Segment
Risk Management
Credit union employees granted intervenor status in insurers’ appeal against credit union
April 29, 2008 by Canadian UnderwriterThe Ontario Court of Appeal is currently picking its way through a difficult fraud case that has pitted a credit union suffering substantial losses against its two insurers.The Iroquois Falls Community Credit Union, represented at the appeal court by its…
Expanding companies opening themselves up to potential for fraud: Kroll
April 28, 2008 by Canadian UnderwriterCompanies expanding globally, outsourcing their business operations and adding new IT systems are making themselves more vulnerable to fraud, according to a report from Kroll, a risk consulting company.The latest Kroll Global Fraud Report highlights the growing danger of supply…
Small companies at greater risk of experiencing foreign losses than larger companies
April 28, 2008 by Canadian UnderwriterSmall to mid-size companies are more likely to experience a loss to corporate assets outside the United States or Canada than larger companies, according to a Chubb Group of Insurance Companies (NYSE: CB) 2008 Multinational Risk Survey. “Compared to companies…
What’s New: In Brief (April 28, 2008)
April 28, 2008 by Canadian UnderwriterIntegro Ltd., an international insurance brokerage and risk management firm, is sponsoring the MSA/Baron Outlook Reports for 2008 for risk managers across Canada. The report will be distributed to 150 Ontario Risk & Insurance Management Society (RIMS) and RIMS Canada…
Bermuda P&C industry posts good results, but fundamentals “deteriorating”
April 25, 2008 by Canadian UnderwriterBermuda-based property and casualty (re)insurers have bounced back from two years of unprecedented losses to post strong results in 2006 and 2007, but “industry fundamentals are expected to continue deteriorating,” A.M. Best says in a special report.The Bermuda P&C sector…
AccuWeather predicts hurricane landfalls in Southeast U.S.
April 25, 2008 by Canadian UnderwriterThe number of storms in the Atlantic basin will likely be above average, with an increased chance of hurricane landfall in the United States this year, predicts AccuWeather.com.Joe Bastardi, AccuWeather.com Hurricane Center chief meteorologist, released his early predictions for the…
Chubb’s Q1 profits dip
April 25, 2008 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] reported a 2008 Q1 net income of US$644 million, a decrease from 2007 Q1’s net income of US$710 million.Net written premiums increased 2% to US$2.9 billion, a Chubb release says. The combined loss and expense…
What’s New: In Brief (April 24, 2008)
April 24, 2008 by Canadian UnderwriterChubb Insurance Company of Canada has launched a policy for film producers that insures certain losses straight through post-production.Typically such policies are restricted to covering losses that occur during the “principal photography” period only. Chubb unveiled its “Film Producers Risk…
Allstate Q1 profits plummet in wake of tornadoes
April 24, 2008 by Canadian UnderwriterThe Allstate Corporation (NYSE: ALL) reported a 76.7% drop in its 2008 Q1 profits over 2007 Q1.The company’s Q1 profits tumbled from US$1.495 billion in 2007 to US$348 million, an Allstate release says. Catastrophe losses climbed from US$161 million to…
XL Capital’s Q1 profits take a hit
April 23, 2008 by Canadian UnderwriterXL Capital Ltd. reported a net income of US$211.9 million for 2008 Q1, a 39% drop from the same period of last year’s profit of US$549.7 million.The reduction of US$337.8 million in net income is partly due to a decrease…
What’s New: In Brief (April 22, 2008)
April 22, 2008 by Canadian UnderwriterIn order for the current soft market cycle to differ from previous ones, the current market must be able to respond to inadequate profit opportunities with swifter adjustments in market capacity and corresponding rate increases, according to a FitchRatings report.In…
Canadian companies lagging in move to IFRS
April 22, 2008 by Canadian UnderwriterMany companies are closer to the starting gate rather than the finish line when it comes to preparing for the country’s transition to International Financial Reporting Standards (IFRS), a survey by the Chartered Accountants of Canada (CA) has found.Just over…