Segment
Risk Management
Lloyd’s warns underwriters about climate change
June 5, 2006 by Canadian UnderwriterThe insurance industry must face up to the growing threat of climate change or risk being swept away, according to Lloyd’s, the world’s leading specialist insurance market.A new report, ‘Climate Change, Adapt or Bust’, published by Lloyd’s, warns that insurers…
RMS predicts smaller 2007 terrorist attacks, but bigger payload
June 2, 2006 by Canadian UnderwriterThe level of terrorism risk for 2007 will be similar that for 2006, with a slight reduction in the risk of nuclear attack and a trend toward smaller attacks that pack a bigger punch, according to an A.M. best report…
Alberta’s 2005 flood season reviewed
June 1, 2006 by Canadian UnderwriterAlberta experienced one of the worst flood seasons on record in the summer of 2005 due to severe weather conditions, according to the Government of Alberta.These unprecedented conditions which saw rainfall ranging from between 50 and 100 mm to more…
2006 “mega-hurricanes” could lead to insurer failures: A.M. Best
June 1, 2006 by Canadian UnderwriterA 2006 “mega-hurricane” causing damages of more than US$100 billion would likely result in a failure rate of between 3% and 7% of insurers with related catastrophe exposure, according to an A.M. Best report.“A.M. Best’s statistical analysis of two hypothetical…
What’s New: In Brief (May 31, 2006)
May 31, 2006 by Canadian UnderwriterTrisura Guarantee Insurance Company has started up in Toronto, according to 2006 Q1 licensing data released by the Financial Services Commission of Ontario (FSCO).The company is licensed for the following lines of business: Boiler and Machinery, Fidelity, Legal Expense, Liability,…
What’s New: In Brief (May 30, 2006)
May 30, 2006 by Canadian UnderwriterAfter 34 years in the insurance industry, Peter Parkin, the chief operating officer of Sovereign General Insurance Company’s Calgary operations, has announced his intention to retire as of February 28, 2007.Parkin has served at Sovereign for the past 13 years…
RMS launches new windstorm model
May 30, 2006 by Canadian UnderwriterRisk Management Solutions (RMS) recently launched a new platform for quantifying wind-related risk. Meteorological modeling has been extended to include a comprehensive suite of wind events enabling loss calculations both from large-scale Extra-Tropical winter-storms, such as windstorms Anatol, Lothar and…
Quebec looks at regulation of derivatives
May 29, 2006 by Canadian UnderwriterThe Autorit des marchs financiers (AMF) has published a working document on the regulation of derivatives markets in Qubec. The document outlines the orientation the AMF is taking for the development of a proposed regulatory framework. The approach is for…
ING Canada promotes car seat safety through compensation
May 26, 2006 by Canadian UnderwriterING Canada and belairdirect are promoting car seat safety by offering to compensate auto policyholders for any child safety restraint system installed in a vehicle that is involved in an accident, even if the car seat was not damaged on…
Cost of Risk decreased in 2005
May 25, 2006 by Canadian UnderwriterThe commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS).The 2005 survey revealed that the total…
Aon launches corporate investigations team
May 25, 2006 by Canadian UnderwriterAon Consulting, the human capital consulting organization of Aon Corporation (NYSE:AOC), a provider of risk management services, has launched a new corporate investigations group.The new group will “assist organizations worldwide with their most complex corporate investigations, while ensuring they adhere…
RIMS survey: Commercial insurance “a buyer’s market”
May 24, 2006 by Canadian UnderwriterNorth America’s commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS).The 2005 RIMS Benchmark Survey book…