Segment
Risk Management
Watch out for aggravated claims, law report tells insurers
June 16, 2006 by Canadian UnderwriterDepending on what the Supreme Court of Canada holds when it decides the point in Fidler v. Sun Life Assurance Co., insurers have “cause for concern” about being hit with aggravated damages for wrongfully denied claims, according to a recent…
Benfield warns of 2007 capacity squeeze
June 16, 2006 by Canadian UnderwriterBermuda reinsurers have forecast that rates will continue to harden through the year and a capacity squeeze could even spread beyond the Florida market into other territories in 2007.Increased demand, revised catastrophe models and more stringent capital constraints continue to…
AIG verifies break-in
June 15, 2006 by Canadian UnderwriterAmerican International Group Inc. recently confirmed that on March 31 the company suffered a break-in during which computer equipment containing personal information on approximately 930,000 individuals was stolen from a Medical Excess L.L.C. unit office in Midwest US.The data is…
Legislative proposals leave out Bank Act issue
June 15, 2006 by Canadian UnderwriterInsurers are pleased that a federal government white paper released June 14 makes no mention of changing the Bank Act to allow banks to promote insurance products in their local branches.The finance ministry white paper is a blueprint for legislation…
Canadian business not prepared for pandemic
June 14, 2006 by Canadian UnderwriterCanadian organizations may be concerned about a future pandemic outbreak, but they aren’t prepared for one, according to the findings of a Conference Board of Canada survey.The survey was released to coincide with the launch of a new Pandemic Preparedness…
Swiss Re launches Kyoto-related insurance
June 13, 2006 by Canadian UnderwriterSwiss Re has partnered with RNK Capital LLC (RNK), a New York-based private investment firm specializing in the U.S. and international environmental markets, to provide the carbon markets’ first insurance product for managing Kyoto Protocol-related risk in carbon credit transactions.…
What’s New: In Brief (June 13, 2006)
June 13, 2006 by Canadian UnderwriterXN Holdings, Inc., parent company of XN Financial Services, XN Risk Insurance Services and XN Private Client Services, has launched XN Private Client Services on the Web at www.xn.com/pcs.First launched in 2005, XN Private Client Services is a managing general…
IBAO launches new Web site (June 12, 2006)
June 12, 2006 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has launched a new Web site, http://www.ibao.org, providing an extensive range of information on insurance topics. Technically developed by AKA New Media Inc. (AKA Broker), the site is designed to be fresh, innovative…
Alberto first named storm of the 2006 hurricane season
June 12, 2006 by Canadian UnderwriterThe U.S. National Hurricane Center has issued a hurricane warning for Gulf Coast residents of Florida, as Tropical Storm Alberto moves toward the northeast gulf of the Mexican Coast.Alberto is the first named storm of what is anticipated to be…
IBC public campaign advocates helmet safety
June 9, 2006 by Canadian UnderwriterInsurance Bureau of Canada (IBC)’s ‘Be Smart. Be Safe.’ campaign is urging parents to make sure their children wear an approved helmet anytime they are participating in wheeled activities such as cycling, skateboarding, in-line skating or riding a scooter.“Every year,…
St. Paul Travelers loses the “St. Paul”
June 9, 2006 by Canadian UnderwriterSt. Paul Travelers Cos. is removing the “St. Paul” out of its Company name as part of a multimillion-dollar advertising and marketing campaign that will streamline its personal and commercial insurance products under one brand.In one of its first steps…
Auto theft part of organized crime/terrorism: IBC
June 8, 2006 by Canadian UnderwriterIf you think stealing a car is a small-time crime motivated by the need for thrill-seeking or a quick buck, it’s time for a reality check, according to the Insurance Bureau of Canada (IBC).“Today, auto theft is big business,” the…