Segment
Risk Management
WHO pushes international sharing of H5N1 vaccines
May 24, 2007 by Canadian UnderwriterIn an attempt to better prepare all countries in the case of an influenza pandemic, the World Health Organization (WHO) has reached an agreement that encourages international cooperation to ensure equal access to H5N1 vaccines and other pandemic vaccines. The…
SCOR to take WTC settlement to arbitration
May 24, 2007 by Canadian UnderwriterSCOR Reinsurance has served notice that it intends to take to arbitration a recent US$2-billion settlement that was designed to bring an end to the six-year legal battle between seven insurers and the leaseholder of the World Trade Centre over…
RIMS publishes compensation survey
May 24, 2007 by Canadian UnderwriterOn average, a U.S. enterprise-wide risk management professional earns an annual salary of US$130,997, according to The Risk and Insurance Management Society Inc. (RIMS)s 2007 Risk Management Compensation Survey.The survey presents base salary and incentive data for 12 industry-specific jobs,…
Insufficient risk management barrier to insurance fraud detection: IAIS
May 23, 2007 by Canadian UnderwriterBarriers to addressing insurance fraud include insufficient risk management, commercial interests and public attitudes about fraud, according to findings in Report on the survey on preventing, detecting and remedying fraud in insurance, issued by the International Association of Insurance Supervisors…
What’s New: In Brief (May 22, 2007)
May 22, 2007 by Canadian UnderwriterRisk Management Solutions (RMS) has designed a trigger mechanism and performed the risk analysis for a Swiss Re securitization of typhoon risk in Japan. A Cayman Islands special purpose vehicle, Akibare Ltd. has provided collateralized coverage of $120 million over…
NOAA predicting above-average 2007 hurricane season
May 22, 2007 by Canadian UnderwriterThere is a 75% chance the 2007 hurricane season will be above normal, according to the NOAA [National Oceanic & Atmospheric Administration].An average season is one in which there are 11 storms, six of which become hurricanes and two of…
What’s New: In Brief (May 22, 2007)
May 22, 2007 by Canadian UnderwriterMarsh Inc. announced the launch of a dedicated renewable energy team, and named Susan K. Stokes and Tom Sexton as its co-leaders. The team will work closely with the firms global marine and energy practice and the power and utilities…
U.K. insurance market must modernize, Lloyd’s CEO says
May 22, 2007 by Canadian UnderwriterLondon market businesses must continue to modernize and improve customer service levels, Lloyds CEO Richard Ward recently told a meeting of senior market figures.In a speech at the London Insurance Day Summit, Ward said that modernization was vital to the…
B.C. caps vicarious liability for vehicle rental companies
May 18, 2007 by Canadian UnderwriterThe B.C. government has capped at Cdn$1 million the vicarious liability car rental companies and by extension, their insurers face for accidents and damages caused by customers who rent vehicles.Currently, car rental companies face unlimited liability for accidents and damages…
What’s New: In Brief (May 18, 2007)
May 18, 2007 by Canadian UnderwriterThe Autorit des marches financiers (AMF) has imposed new registration conditions on the brokerage firm Centre de courtage Assep inc. The firm is required to replace its officer in charge, Martin Beaul, and to provide AMF, within 5 days after…
What’s New: In Brief (May 18, 2007)
May 18, 2007 by Canadian UnderwriterSGI has pledged an annual donation of $200,000 to the Regina QuAppelle Health Region (RQHR) for the Sleep Disorders Program at the Regina General Hospital. The program serves to diagnose and treat patients with sleep disorders — the most common…
Reinsurers wary of “naive,” short-term capital providers
May 17, 2007 by Canadian UnderwriterTraditional or legacy reinsurers, those who have been in the business a long time, are confronting a recent sea change in reinsurance philosophy, according to the senior vice president and chief agent in Canada for the Toa Reinsurance Company of…