Segment
Risk Management
Insurers need to re-evaluate pricing in energy sector
November 23, 2007 by Canadian UnderwriterThe 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…
Nanotechnology, climate change, infrastructure among top risks
November 22, 2007 by Canadian UnderwriterThe 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,…
Canadian P&C insurers’ profits predicted to fall Cdn$1 billion between 2006 and 2007
November 22, 2007 by Canadian UnderwriterPricing 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…
OSFI: Canadian insurers underestimating work involved in becoming Basel 2-compliant
November 22, 2007 by Canadian UnderwriterCanadas 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…
Keep ERM approach simple to avoid “frenzy”
November 21, 2007 by Canadian UnderwriterWhen 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…
A.M. Best to review Swiss Re’s ‘A+’ financial strength rating
November 21, 2007 by Canadian UnderwriterA.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…
P&I claims and premiums on the rise, Aon report says
November 20, 2007 by Canadian UnderwriterThe 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…
XL Insurance purchases Global Asset Protection Services (GAPS)
November 20, 2007 by Canadian UnderwriterXL 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…
Municipal critical infrastructure assurance plan places focus on services
November 16, 2007 by Canadian UnderwriterThe City of Hamilton and the Niagara Region are proposing a joint Critical Infrastructure Assurance Program (CIAP) that, if approved by city officials, would be the first of its kind in Canada, Richard Kinchlea, emergency management coordinator, City of Hamilton,…
E-L Financial reports 74% decrease in 2007 Q3 profits
November 15, 2007 by Canadian UnderwriterE-L Financial Corporation Limited, parent company of the Dominion of Canada General Insurance Company, has reported a 74% decrease in 2007 Q3 profits over the same period last year.The company posted a net income of Cdn$20.3 million for 2007 Q3,…
Only 10% of North American companies have integrated ERM into practices: Aon survey
November 15, 2007 by Canadian UnderwriterEven though government regulators and corporate stakeholders are demanding that companies do more to address and mitigate enterprise-wide risks, only 10% of companies in the Americas and Europe have fully integrated an enterprise risk management (ERM) strategy into their practices,…
AIR launches new terrorism model
November 13, 2007 by Canadian UnderwriterAs TRIA teeters on the brink of expiration at years end, AIR Worldwide Corporation has launched its updated U.S. terrorism model.The release of the new model incorporates the results of two years of research into the effects of a conventional…