Canadian Underwriter

Segment
Risk Management


News Insurance

Toronto firm calls for spin-off of MMC subsidiaries

November 28, 2007 by Canadian Underwriter

K.J. Harrison & Partners Inc. (KJH), a Toronto-based private client investment management firm, has filed a proposal that Marsh & McLennan Companies (MMC) Inc., the holding company of global advice and solutions providers in risk, strategy and human capital, spin

News Climate ChangeInsurance

Don’t rely on alternative markets for terrorism coverage, Swiss Re warns

November 28, 2007 by Canadian Underwriter

Insurance-linked securities (ILS) will not be able to provide adequate coverage for terrorism risk for the foreseeable future, warns a Swiss Re report.Because the ILS market is still in its infancy and terrorism risk has limited insurability, a sufficient market

News Climate ChangeInsurance

Lloyd’s: Canada needs public-private, risk-sharing pool for terror cover

November 28, 2007 by Canadian Underwriter

Canada needs a formal, public-private, risk-sharing pool to provide businesses with coverage against the risk of terrorist attacks, Lloyd’s of London chairman Lord Peter Levine indicated in a prepared address to The Empire Club in Toronto.Fighting a spell of the

News Climate ChangeInsurance

Another 5 years of above-average hurricane landfall rates likely

November 26, 2007 by Canadian Underwriter

The average risk of landfalling hurricanes in the Atlantic Basin for the next five years remains at significantly above the risk averaged over the long term, warns Risk Management Solutions (RMS).The current activity rates lead to estimates of average annual

News Insurance

Insurers need to re-evaluate pricing in energy sector

November 23, 2007 by Canadian Underwriter

The booming energy sector, along with the hot oil and gas construction industry, can have a serious impact on replacement costs and business interruption coverages so insurers need to ensure exposures are adequately priced, warns a Swiss Re report.In its

News Climate ChangeInsurance

Nanotechnology, climate change, infrastructure among top risks

November 22, 2007 by Canadian Underwriter

The four emerging risks facing insurers moving forward are nanotechnology, climate change, aging infrastructure and the unknown, Robert Landry, president and CEO of Zurichs Canadian operations told delegates of the Property Casualty Underwriters Club luncheon.While the science is still new,

News InsuranceMergers and Aqcuisitions

Canadian P&C insurers’ profits predicted to fall Cdn$1 billion between 2006 and 2007

November 22, 2007 by Canadian Underwriter

Pricing and claims trends in Canadas property and casualty industry over the past year suggest Canadian insurers will see a Cdn$1-billion drop in net income between 2006 and 2007, according to KPMG senior manager Blair Manktelow.Speaking at KPMGs 16th annual

News Insurance

OSFI: Canadian insurers underestimating work involved in becoming Basel 2-compliant

November 22, 2007 by Canadian Underwriter

Canadas insurance industry may be looking for their own form of Basel 2 capital framework, but they are seriously underestimating the time and effort involved to achieve compliance with its capital standards, according to the Superintendent of Financial Institutions, Julie

News Insurance

Keep ERM approach simple to avoid “frenzy”

November 21, 2007 by Canadian Underwriter

When designing and implementing an enterprise risk management (ERM) program, risk managers need to avoid getting caught in a frenzy and approach the undertaking systematically, Paul Brehm, managing director of Guy Carpenter & Companys Instrat Unit, told delegates of the

News Insurance

A.M. Best to review Swiss Re’s ‘A+’ financial strength rating

November 21, 2007 by Canadian Underwriter

A.M. Best Co. has placed the A+ financial strength rating of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its similarly-rated subsidiaries under review with negative implications, following Swiss Res revelation that it took a loss linked to the subprime mortgage

News Insurance

P&I claims and premiums on the rise, Aon report says

November 20, 2007 by Canadian Underwriter

The surge in costly in protection and indemnity (P&I) pool claims in 2006 could be a sign of the times, as booming shipping operations become more expensive, according to Aons P&I Pre-renewal Report 2007. In anticipation, P&I clubs are already

News Insurance

XL Insurance purchases Global Asset Protection Services (GAPS)

November 20, 2007 by Canadian Underwriter

XL Insurance, the global insurance operation of XL Capital Ltd (NYSE: XL), has reached an agreement with Swiss Re to purchase Global Asset Protection Services LLC (GAPS), a loss prevention consulting service provider. The transaction is expected to be completed