Segment
Risk Management
MFX to manage Munich Re’s corporate processing system
July 31, 2006 by Canadian UnderwriterMFX, a provider of technology and IT outsourcing solutions, has signed an exclusive deal with Toronto-based Munich Reinsurance Company of Canada (MROC) to implement, manage, and enhance MROC’s current corporate primary insurance processing system used by MROC and insurers in…
Suspended Saskatchewan drivers driving without licenses/insurance
July 26, 2006 by Canadian UnderwriterSaskatchewan drivers who have had their licences suspended for the first time due to a Criminal Code conviction continue to drive without their licences and without insurance, according to a study conducted by Synectics Transportation Consultants Inc. (Synectics).SGI cooperated fully…
RIMS calls post-TRIA terrorism cover a “national security” issue
July 25, 2006 by Canadian UnderwriterRisk managers in the United States are worried about their potential inability to purchase terrorism insurance in the event that the Terrorism Risk Insurance Act (TRIA) is allowed to sunset on Dec. 31, 2007.“Without coverage, many companies will be vulnerable…
Lloyd’s absorbs major 2005-06 claims hits in Canadian market
July 24, 2006 by Canadian UnderwriterLloyd’s of London in Canada paid out more for claims in 2005 than it collected in premium, Lloyd’s chairman, Lord Levene, indicated in a July speech to the Vancouver Board of Trade.“What we’ve seen in Canada has caused a few…
ERM becomes big business
July 19, 2006 by Canadian UnderwriterThe incredible complexity of risk for large, multi-national companies is driving managers and board to embrace enterprise risk management (ERM), A.M. Best notes, although ERM techniques often require incomplete data and board-level commitment that isn’t always there.Speaking at the 42nd…
Gulf, Atlantic coast residents half-prepared for hurricanes
July 18, 2006 by Canadian UnderwriterAverage insured homeowners throughout Gulf and Atlantic coastal communities have taken only half the steps that would best position them to recover from a major storm, according to a new Hurricane Readiness Index released in July.The Index is based on…
B.C. Utilities Commisssion confirms auto rate increase
July 18, 2006 by Canadian UnderwriterThe B.C. Utilities Commission has confirmed a 6.5% increase that came into effect on an interim basis on Mar. 15, 2006.“ICBC is committed to keeping auto insurance rates low and stable,” Donnie Wing, ICBC’s senior vice president of insurance, marketing…
Lloyd’s Market shaken, not stirred by 2005 hurricanes
July 17, 2006 by Canadian UnderwriterAs a result of enhanced risk management and three consecutive years of significant profit, Lloyd’s was well positioned to absorb the substantial claims arising from a second year of unprecedented natural catastrophes in 2005, according to an overview of the…
Ex-Special Forces operatives help underwrite U.K. terrorism risk
July 17, 2006 by Canadian UnderwriterWhen it comes to insuring against terrorism, getting the right intelligence is key, Lloyd’s says. That’s why Lloyd’s has partnered with a company that uses ex-Special Forces operatives, the insurer posted on its Web site. To do their job effectively,…
Terrorism risk cat bond prevails
July 14, 2006 by Canadian UnderwriterThe terrorism risk catastrophe bond written by Golden Goal Finance Ltd. To cover the cancellation of the 2006 FIFA World Cup was recently applauded by Risk Management Solutions (RMS).RMS, a provider of products and services for the management of natural…
What’s New: In Brief (July 12, 2006)
July 12, 2006 by Canadian UnderwriterHub International Limited (NYSE:HBG)(TSX:HBG) has acquired the life insurance portfolio of Standard International Underwriters Ltd. (SIU). Details of the purchase by the Toronto-based Hub Financial Inc. (HUB Financial) were not disclosed. Both HUB Financial and SIU are managing general agencies…
Large companies lead the way in pandemic preparedness
July 7, 2006 by Canadian UnderwriterLarge and publicly held companies appear to be more advanced than their smaller counterparts in their preparations for a possible avian flu pandemic, according to a study by The Conference Board, a New York-based, global research centre. The report was…