Insured damages creep past Cdn$1 billion in UK floods
June 28, 2007 by Canadian UnderwriterInitial estimates by Risk Management Solutions (RMS) suggest insured losses from recent floods that continue to batter the United Kingdom could exceed 500 million [Cdn$1.06 billion]. The rainfall situation, caused by a stationary east coast depression that draws moisture from…
SRPI launches product designed for Canadian golf courses
June 25, 2007 by Canadian UnderwriterSignature Risk Partners (SRPI) Inc. has launched a property and casualty product designed for Canadian golf course owners, with coverage extending from property and equipment, business interruption, crime and commercial general liability.The Signature Golf insurance program was created after a…
What’s New: In Brief (June 21, 2007)
June 21, 2007 by Canadian UnderwriterThe Autorite des Marches Financiers (AMF) found Sylvain Desgens guilty of five charges under the act respecting the distribution of financial products and services. Desgens was found guilty of acting as a representative in insurance of persons without holding a…
Alberta storms cause more than Cdn$42 million in insured damages
June 13, 2007 by Canadian UnderwriterStorms and flash floods in Alberta on June 5 are expected to exceed Cdn42 million in insured damages, according to the Insurance Bureau of Canada (IBC).In Calgary alone, there have been 3,094 insurance claims so far as a result of…
What’s New: In Brief (May 31, 2007)
May 31, 2007 by Canadian UnderwriterWith spring flooding being a high risk in certain areas of B.C., the Insurance Bureau of Canada (IBC) is warning people that damage caused by overland flooding cannot be covered by home insurance.“The purpose of insurance is to spread risk…
What’s New: In Brief (May 18, 2007)
May 18, 2007 by Canadian UnderwriterThe Autorit des marches financiers (AMF) has imposed new registration conditions on the brokerage firm Centre de courtage Assep inc. The firm is required to replace its officer in charge, Martin Beaul, and to provide AMF, within 5 days after…
Insurers, reinsurers urged to improve communications with public (May 01, 2007)
May 1, 2007 by Canadian UnderwriterSwiss Re has structured and placed US$150 million [approximately Cdn$172 million] of securities covering flood and earthquake catastrophic events in Canada, Great Britain, and the United States on behalf of Allianz Global Corporate & Specialty AG. The multi-peril issuance is…
Swiss Re issues securities covering earthquakes in Canada
April 10, 2007 by Canadian UnderwriterSwiss Re has structured and placed US$150 million [approximately Cdn$172 million] of securities covering flood and earthquake catastrophic events in Canada, Great Britain, and the United States on behalf of Allianz Global Corporate & Specialty AG.The multiperil issuance is part…
Insurers should model for flooding, drought as a result of global warming
April 5, 2007 by Canadian UnderwriterThe insurance industry should start planning and modeling for a higher level of losses across the world by the middle of this century, as sea levels rise and large portions of polar ice sheets begin to melt, according to a…
Deal or No Deal
April 1, 2007 Craig HarrisInducements and rebates to purchase insurance have been variously described as a “plague on the industry” and creative marketing tools. Which are they?
Moves (April 01, 2007)
April 1, 2007 by Canadian UnderwriterCrawford Adjusters Canada Incorporated announced the change of its corporate name to Crawford & Company (Canada) Inc, effective immediately. The removal of the word ‘adjusters’ from Crawford’s name will allow all divisions of the company to be united under a…
Risk Managers on Climate Change Solutions: Raising the Red Flag
March 1, 2007 Vanessa MarigaRisk managers in Canada are exploring the nuances of climate change, as well as pandemics and cyber threats