Segment
Risk Management
Vancouver storm damage estimated at Cdn$30 million
November 24, 2006 by Canadian UnderwriterInsurance claims are pushing Cdn$30 million after a storm that caused a boil-water advisory in the Vancouver area, according to IBC regional officials quoted in the Victoria Times-Colonist.Lindsay Olson, B.C.-Yukon vice-president of IBC, said insurance claims for storm damage had…
Loyalist Insurance Group reports 2006 Q3 revenues dip
November 23, 2006 by Canadian UnderwriterThe Loyalist Insurance Group Limited has announced its 2006 Q3 revenues decreased to Cdn$449,380 from Cdn$488,331 for 2005 Q3.“The decrease, in part, was due to the sale of a small portion of the customer list to a former employee,” the…
What’s New: In Brief (November 23, 2006)
November 23, 2006 by Canadian UnderwriterAlmost one in three Canadians fail to shred their personal documents before throwing them in the garbage, indicating they are not taking measures to avoid identity theft, according to online research conducted by Royal & SunAlliance (RSA).The RSA survey found…
RMS calls for more U.S. landfall hurricanes over next five years
November 23, 2006 by Canadian UnderwriterDespite the “docile” hurricane season in 2006, increased hurricane activity and landfall is likely to continue in 2007 and beyond, according to catastrophe modeler Risk Management Solutions (RMS).RMS is reaffirming its five-year outlook of increased storm risk after presenting a…
A.M. Best gives SGI Canada an ‘A- (Excellent)’ rating
November 20, 2006 by Canadian UnderwriterA.M. Best Co. has affirmed the ‘A- (Excellent)’ financial strength rating (FSR) of SGI Canada.In addition, A.M. Best upgraded the strength ratings of SGI Canada Insurance Services Ltd. (SCISL), a subsidiary of SGI, and SCISL’s Atlantic Canada subsidiary, The Insurance…
Desjardins targets premium growth outside Quebec
November 20, 2006 by Canadian UnderwriterCiting premium growth outside Quebec, Desjardins Financial Security reported 94.1% growth in insurance sales since the beginning of 2006.“At the end of [2006 Q3], insurance sales totaled Cdn$201 million, for a Cdn$97.4 million increase over the company’s results on Sept.…
Vancouver residents receive boil-water advisory
November 17, 2006 by Canadian UnderwriterResidents of Vancouver, North Shore and Burnaby, B.C., are under a boil-water advisory because recent rainstorms have muddied the Lower Mainland’s water distribution system.“At the recommendation of the Medical Health Officers, the boil water advisory is lifted for all areas…
Mutual insurance company, OIL Insurance, loses nine members
November 17, 2006 by Canadian UnderwriterOil Insurance Limited (OIL), a mutual insurance company in the energy industry, has announced that nine of its more than 83 members have elected to withdraw from OIL and not renew their policies effective Jan. 1, 2007.None of the nine…
Saskatchewan introduces four new highway message boards
November 16, 2006 by Canadian UnderwriterSaskatchewan motorists will now be alerted of poor driving conditions on Regina’s Ring Road and Highway #1 bypass thanks to new message boards stationed beside the roadway in four different locations.The boards, which are remotely activated, have changeable messages that…
Guy Carpenter, Amlin complete first “paperless” claim settlement
November 16, 2006 by Canadian UnderwriterGuy Carpenter & Company Ltd., a global risk and reinsurance specialist, and Lloyd’s insurer Amlin (LSE: AML) say they have completed the Market’s first fully paperless claim settlement.The claim settlement was made possible through the successful implementation of Electronic Claims…
Canadian D&O limits average Cdn $71 million
November 15, 2006 by Canadian UnderwriterCanada’s average reported Directors & Officers (D&O) liability insurance limit was just under Cdn$71 million, according to a survey of 270 TSX/S&P companies.Hunters International Insurance, a Toronto-based company, conducted the study. It found the highest reported overall D&O limit in…
What’s New: In Brief (November 14, 2006)
November 14, 2006 by Canadian UnderwriterHub International Limited (NYSE: HBG) (TSX: HBG) has appointed John P. Graham, 41, to the position of vice-president and CFO.Graham replaces Dennis J. Pauls, who has been named president and CEO of Hub Ontario, the company’s regional hub headquartered in…