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Risk Management


News InsuranceMergers and Aqcuisitions

What’s New: In Brief (December 11, 2007)

December 11, 2007 by Canadian Underwriter

The time to play up the sale of fire insurance in B.C. is during the winter holidays, based on statistics offered by BCAA Insurance.According to Fire Prevention Canada, December generates 20 times the average monthly number of candle-related incidents. “In

News Insurance

Government data breaches highlight need for encryption

December 7, 2007 by Canadian Underwriter

A recent discovery of a security flaw in Passport Canada’s Web site, coupled with the loss of computer discs belonging to the United Kingdom’s revenue agency, serve as reminders of the threat of data loss and cyber crime.An Ontario man

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (December 06, 2007)

December 6, 2007 by Canadian Underwriter

CNA Canada, a commercial insurer with more than 60 years of experience in writing construction, has announced the launch of its new construction insurance product, CNA Build.CNA Build was developed in consultation with distribution partners and CNA professionals in the

News Climate ChangeInsurance

IBC to provide data to governments on domestic oil spills

December 6, 2007 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) on Jan. 1, 2008 is launching a project that will accurately track domestic oil spills in Atlantic Canada for the first time. The data will be provided to governments as part of an effort

News Insurance

Little time for actuarial analysis within insurance companies, roundtable finds

December 4, 2007 by Canadian Underwriter

Process inefficiencies, increasing business complexity, regulatory demands and data volume are leaving little time for crucial actuarial analysis within insurance companies, driving a growing trend towards automation, according to the fourth Actuarial Transformation Roundtable organized by Ernst & Young LLP.

News Climate ChangeInsuranceMergers and Aqcuisitions

Climate change will triple number of people exposed to flooding by 2070

December 4, 2007 by Canadian Underwriter

As a result of climate change and urban development, as many as 150 million people in the world’s major cities could be reliant on flood defenses by 2070 more than three times the 40 million people who face such exposure

News Insurance

RIMS pledges US$30,000 to William H. McGannon Foundation

December 4, 2007 by Canadian Underwriter

The Risk and Insurance Management Society (RIMS) has pledged US$30,000 to the William H. McGannon Foundation. The Canadian foundation is dedicated to providing financial resources and career development opportunities to risk management students and practitioners. The funds provided by RIMS

News Climate ChangeInsurance

Poor risk management leads to overreactions in face of crisis

December 4, 2007 by Canadian Underwriter

The recent subprime mortgage crisis exposed narrowly focussed risk management programs in financial institutions around the world, which could lead to overreactions when unforeseen or damaging events arise, a TowerGroup report notes.In “Multifunctional Integration: The Positive Side of Risk,” researchers

News Insurance

Umbrella endorsement covers occurrence, not claims made coverage

December 3, 2007 by Canadian Underwriter

Ontario’s Court of Appeal has affirmed that an endorsement contained in a commercial umbrella liability policy provided by Liberty Mutual Insurance Company provided coverage on an occurrence basis rather than on the basis of when the claim was made.The case

News Insurance

S&P’s: Improve pricing on commercial lines or downgrade sector

November 30, 2007 by Canadian Underwriter

If evidence continues to mount in the next six months that North American commercial insurers will not be able to avoid another price war, Standard & Poor’s (S&P’s) may revise the sector outlook to negative.Barring a major negative “surprise” in

News Climate ChangeInsurance

ICLR to host international disaster research program

November 30, 2007 by Canadian Underwriter

Lloyd’s has dedicated Cdn$100,000 a year, for the next ten years to help sponsor the Institute for Catastrophic Loss Reduction (ICLR)’s latest endeavour hosting and managing an international Integrated Research on Disaster Risk program. The announcement was made at a

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (November 29, 2007)

November 29, 2007 by Canadian Underwriter

The Loyalist Insurance Group Limited reported a Q3 2007 net loss of Cdn$94,143 compared to a net income of Cdn$143,953 for the same period in 2006.The decrease in revenue was due to the non-renewal of a few commercial accounts in