Segment
Risk Management
BI&I appoints new executive members
January 17, 2007 by Canadian Underwriter**CORRECTON NOTICE**[Editor’s Note: The following news item corrects errors that appeared in a Jan. 16, 2007 item entitled ‘What’s New: In Brief.’] John R. Mulvihill has been appointed chief operating officer and senior vice president of the Boiler Inspection and…
What’s New: In Brief (January 17, 2007)
January 17, 2007 by Canadian UnderwriterGore Mutual Insurance Company has donated Cdn$1 million to their charitable Foundation.This is the third year in a row the company has made a Cdn$1-million contribution to the Gore Mutual Foundation.The Foundation was established to support worthwhile causes in the…
2006 catastrophes cost U.S. insurers US$8.8 billion
January 16, 2007 by Canadian UnderwriterU.S. catastrophes and insured losses cost the U.S. property and casualty industry an estimated US$8.8 billion in 2006, according to ISO’s property claims services unit.That’s a far cry from the estimated damage losses of US$61.9 billion the unit recorded after…
What’s New: In Brief (January 16, 2007)
January 16, 2007 by Canadian UnderwriterFollowing on the launch of a new Insurance Bureau of Canada (IBC) campaign about driver distractions, IBC president Stanley Griffin will be speaking to the Canadian Club at the Fairmont Royal York Hotel in Toronto on Jan. 19.Griffin will present…
Swiss Re obtains US$705 million of extreme mortality risk protection
January 16, 2007 by Canadian UnderwriterSwiss Re has transferred US$705 million of extreme mortality risk to the capital markets through its Vita Capital securitization program, according to a press release. This is Swiss Re’s third mortality catastrophe bond that has been issued privately to institutional…
Preparing for a pandemic
January 15, 2007 by Canadian UnderwriterAfter a noticeable absence from its usual media spotlight, bird flu or the H5N1 virus has been rearing its ugly head with reports of outbreaks across Asia in recent weeks.And according to Aon’s second white paper on the subject, entitled…
Reinsurance industry regains “calm” in 2007, Benfield says
January 15, 2007 by Canadian UnderwriterThe reinsurance market has regained “a universal, if fragile calm” in 2007, according to a report by reinsurance intermediary Benfield.The report, entitled ‘Global Reinsurance Market Overview: Pick ‘N Mix,’ noted “an acute shortage of catastrophe capacity at U.S. mid-year renewals.”…
Hedge fund managers to be registered
January 12, 2007 by Canadian UnderwriterCanadian Securities Administrators (CSA) will be requiring the registration of hedge fund managers and will also be looking to improve referral arrangements to hedge funds and the distribution and sale of Principle Protected Notes (PPNs).Its proposals are a result of…
Lloyd’s chairman addresses climate change
January 12, 2007 by Canadian UnderwriterInsurers need to address global climate change as they are faced with the growing cost of extreme natural disasters, advised Lord Peter Levene, chairman of Lloyd’s of London.“We cannot risk being in denial on catastrophe trends,” he recently said in…
IBC launches ad campaign warning against driver distraction
January 11, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada [IBC] has launched a Cdn$4-million public education campaign reminding drivers to keep their eyes on the road and avoid distractions such as cell phone use, text messaging, eating, personal grooming, queuing up CDs, keeping kids…
Report finds mounting global risks
January 10, 2007 by Canadian UnderwriterA disconnect continues to grow between the power of global risks to cause major systemic disruption and our ability to mitigate them, according to the Global Risks 2007 report released by the World Economic Forum (WEF).The report, published by the…
What’s New: In brief (January 09, 2007)
January 9, 2007 by Canadian UnderwriterMore and more Canadian insurers are offering identity theft protection as a stand-alone product, reports the Globe and Mail.While policies have been on the market over the past couple of years, typically they have been offered as an add-on to…