Segment
Risk Management
St. George’s to file for bankruptcy to stay proceedings in sex abuse civil cases
March 8, 2005 by Canadian UnderwriterThe Roman Catholic Episcopal Corp. of St. George’s in Newfoundland has filed a notice of intent to file a bankruptcy proposal. The filing would stay proceedings in civil actions against the diocese, including those filed since 1991 on behalf of…
What’s new: In brief (March 08, 2005)
March 8, 2005 by Canadian UnderwriterAn Ontario Superior Court judge has turned down a move by several tobacco companies to recover legal costs from recent failed class action lawsuits filed by smokers in the province. The companies – Imperial Tobacco Ltd., Rothmans Benson & Hedges…
Chemical and oil/gas industries represent key industrial risk: Munich Re
March 7, 2005 by Canadian UnderwriterIn its latest Schadenspiegel publication, Munich Re looks at some of the most significant industrial disasters in history and finds significant exposure coming from the chemical and oil/gas sectors.Data from European countries shows the majority of industrial incidents reported come…
What’s new: In brief (March 07, 2005)
March 7, 2005 by Canadian UnderwriterAviva Canada has officially launched its "Autograph" program in Ontario. The program allows drivers to monitor their driving habits (including speed and how far the car is driven) through a device attached to their car, and to submit this information…
Saskatchewan Wheat Pool secures cover for grain volume
March 6, 2005 by Canadian UnderwriterThe Saskatchewan Wheat Pool is announcing a new insurance program for fiscal 2006 to cover grain volumes.The coverage, developed with reinsurance broker Aon Re Canada Inc., is intended to help earnings and cash flow stability in years of poor grain…
Aon to pay US$190 to settle three investigations
March 6, 2005 by Canadian UnderwriterAon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three states into contingent commissions and business practices.The fund applies to policies incepted or renewed between January 1, 2001 and December 31, 2004,…
Canada the “right fit”, says Markel International CEO
March 3, 2005 by Canadian UnderwriterThe Canadian market was “the right fit” to become the newest office established by Markel International, says the company’s CEO.Gerry Albanese says the decision to establish MINT Canadian Specialty Underwriters (MCSU) was based on several factors. “We like the location,”…
ORIMS PD DAY: Keynote speaker calls for end to broker commissions
March 2, 2005 by Canadian UnderwriterBroker commissions should be history, and broker compensation should come from the client rather than the insurer, says the keynote speaker to Wednesday’s Ontario Risk & Insurance Management Society (ORIMS) “Professional Development Day”.Felix Kloman, editor of Risk Management Reports told…
RIMS continues push for TRIA extension
March 2, 2005 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) is reaffirming its support for an extension of the Terrorism Risk Insurance Act (TRIA).Currently a bill is before the U.S. Senate which would extend the government’s terrorism insurance backstop for two years beyond…
Marsh plans 2,500 more job cuts
March 1, 2005 by Canadian UnderwriterReleasing its 2004 yearend results this week, Marsh says it may cut as many as 2,500 more jobs worldwide in an effort to reduce costs. This comes on top of 3,000 job cuts already made since the investigation into alleged…
Canadian, U.S. financial institutions lag in managing risk: Deloitte
March 1, 2005 by Canadian UnderwriterCanadian and U.S. financial institutions are falling behind those of other countries in managing today’s escalating risks, according to a new study by Deloitte.The study, based on interviews with executives from 162 global financial institutions, makes this conclusion based on…
What’s new: In brief (March 01, 2005)
March 1, 2005 by Canadian UnderwriterRIMS has announced the CEOs of two of the world’s largest insurance brokerages will take part in a keynote panel on the broker compensation issue at its annual conference in Philadelphia this April. Marsh CEO Michael G. Cherkasky and AON…