Segment
Risk Management
Report examines lessons learned from South California wildfires
February 21, 2008 by Canadian UnderwriterGiven the potential for US$2.5 billion in insured losses for wildfires in California alone, last year’s wildfire season ranks as one of the costliest wildfire seasons in recent history, according to a joint report by Risk Management Solutions (RMS) and…
New coverage designed for cyber-liability and privacy breaches
February 21, 2008 by Canadian UnderwriterArmed with an initial capitalization of Cdn$10 million, Executive Risk Insurance Services is developing a new breed of insurance coverage specifically geared towards risks associated with cyber-liability and privacy breaches.In a seminar in Toronto, Executive Risk said its insurance product…
ING Canada posts 2007 net income drop, cites “unfavourable capital markets”
February 20, 2008 by Canadian UnderwriterING Canada Inc. reported net income of Cdn$95.8 million for 2007 Q4.This is down from $109.4 million in 2006 Q4, mainly due to lower results from invested assets, the company notes.“Our investment activities continue to generate substantial interest and dividend…
What’s New: In Brief (February 19, 2008)
February 19, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) announced that York Fire and Casualty Insurance Company is continuing its investment as a full partner of the Broker Identity Program for 2008.“York Fire and Casualty is proud to continue as a full…
Kingsway reports decreasing profits
February 15, 2008 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS) reported a net loss of US$103.5 million for 2007 Q4 and a net loss of US$18.5 million for the year, marking a decrease of 716% and 115% over the same periods of 2006, respectively. The…
What’s New: In Brief (February 15, 2008)
February 15, 2008 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) has decided to eliminate its current three-class structure of its board of directors, subject to shareholder approval. As a result of the Board’s declassification, all directors would become subject to annual election as their…
CCIR collecting information on adherence to disclosure of conflict principles
February 13, 2008 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is collecting information on behalf of the Canadian Council of Insurance Regulators (CCIR) to determine whether insurers and their brokers or intermediaries are following standards for managing conflicts of interest.FSCO is collecting the…
Marsh 2007 Q4 profits fall
February 12, 2008 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) has reported a 2007 Q4 profit of US$85 million, compared to US$226 million over the same period last year.Consolidated revenue in 2007 Q4 was US$2.9 billion, up 8% from 2006 Q4. Income from continuing…
Insurer appeal dismissed, exclusion language found ambiguous
February 12, 2008 by Canadian UnderwriterAn insurer has a duty to defend an insured against a plaintiff’s claim for bodily injury arising from his exposure to mould and/or bacteria despite a policy exclusion that suggests otherwise, an Ontario court has ruled.The court also disallowed the…
Markets looking at insurance event-linked futures
February 11, 2008 by Canadian UnderwriterAs preparations for the next hurricane season proceed apace, the insurance industry continues to look for ways that capital markets can be used as the basis for building up capital this time, the industry is looking at event-linked insurance futures,…
Financial forecasting off by average of 13%, KPMG finds
February 8, 2008 by Canadian UnderwriterIn a study that might be of interest to D&O insurers, KPMG and the Economist Intelligence Unit have co-authored a report, ‘Forecasting with Confidence,’ which notes that “although organizations invest significant time and effort in this important task [of financial…
Study shows jurors believe terrorist attacks foreseeable
February 8, 2008 by Canadian UnderwriterStudies on potential jurors have revealed some predisposition to the belief that all terror attacks in certain high-risk venues are predictable, regardless of the preventative measures taken or the lack of specific information available in advance of the attack, reports…