Segment
Risk Management
RIMS Canada Conference Announces Keynotes
September 1, 2005 by Canadian UnderwriterRIMS Canada Council has announced "Next Steps in the Client-Broker Relationship," a keynote panel moderated by RIMS President Ellen Vinck, featuring Michael G. Cherkasky, President and CEO, Marsh; Joe Plumeri, Chairman and CEO, Willis; and Patrick G. Ryan, Executive Chairman,…
Swiss Re estimates its Hurricane Katrina claims to be in the range of US $500 million
August 31, 2005 by Canadian UnderwriterSwiss Re announced today that based on its preliminary estimate, it expects its claims related to Hurricane Katrina to be in the range USD 500 million (CHF 625 million) before tax. Swiss Re expects Hurricane Katrina to cost the insurance…
Lloyds anticipates significant claims post Katrina
August 31, 2005 by Canadian UnderwriterIn a statement on the impact of Hurricane Katrina, the Lloyds of London market issued a statement outlining the likelyhood of serious claims in the aftermath of the catastrophe.“Lloyd’s expects to receive significant insurance claims as a result of Hurricane…
Allstate backs taxpayer insurance pool (August 26, 2005)
August 26, 2005 by Canadian UnderwriterA catastrophe insurance pool bolstered by taxpayers may be the best bet for US consumers, according to Allstate Corp.Natural and manmade disasters from hurricanes to flooding and explosions and even terrorism are inevitable yet the US private insurance system is…
New US trucker rules deemed unsafe
August 25, 2005 by Canadian UnderwriterThe Federal Motor Carrier Safety Administration recently issued new hours-of-service rules for commercial truck drivers to replace those that had been vacated by a U.S. Circuit Court of Appeals over a year ago and insurers claim these rules allow for…
ICBC files civil action to recover claims costs
August 24, 2005 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) recently filed a statement of claim in BC Supreme court to take civil action with the intent to recover claims paid and investigation costs, plus damages, associated to an alleged motorcycle theft scheme.In…
August record month for airline losses
August 22, 2005 by Canadian UnderwriterThe four recent airline crashes that occurred in Canada, Italy, Venezuela and Greece, have put August on the map as the worst month for airline losses in more than three years, according to Aon Corp. The value of the most…
Bond insurer served Wells notice
August 22, 2005 by Canadian UnderwriterThe U.S. Securities Exchange Commission recently served MBIA Inc. with a “Wells” notice in lieu of the retroactive reinsurance the bond insurer had purchased to cover its losses.As a result of its actions to cover losses resulting from its guarantee…
Jewelers Mutual moves into Canda
August 19, 2005 by Canadian UnderwriterJewelers Mutual Insurance Co. will begin offering its commercial insurance program in Canada, pending final approvals.The insurance company has partnered with Canadian Jewellers Block Insurance Services (CJB), which will represent Jewelers Mutual in Canada. The company’s programs offer customized coverage…
Commercial property pricing more competitive (August 16, 2005)
August 16, 2005 by Canadian UnderwriterCanada’s commercial property insurance industry’s pricing has become increasingly competitive, according to a recent study be A.M. Best. Direct premiums written increased only 1.5% in 2004, to approximately $5.25 billion, representing a rapid descent and unfavorable trend from 2002 when…
No-fly lists implemented in Canada
August 10, 2005 by Canadian UnderwriterA new policy bestows airport personnel with the power to turn suspicious travelers away and ban from all them from all Canadian flights without explanation, according to Transportation Minister Jean Lapierre.An anti-terrorism plan will also be initiated according to Lapierre…
Royal & SunAlliance acquires ING’s commercial marine portfolio (July 15, 2005)
July 15, 2005 by Canadian UnderwriterRoyal & SunAlliance Insurance Company of Canada recently acquired the renewal rights of ING Insurance Company of Canada’s $13-million marine commercial insurance business.Royal & SunAlliance will control the business beginning Sept. 1, 2005. Under the terms of the agreement, Royal…