First risk management system for nano-technology developed
March 15, 2007 by Canadian UnderwriterThe Innovation Society Ltd. (St. Gallen, Switzerland), a nanotechnology consulting firm, and technology company TV SD (Munich, Germany) have developed the first certifiable nano-specific risk management and monitoring system, the Innovation Society announced in a press release. The system, called…
What’s New: In Brief (March 14, 2007)
March 14, 2007 by Canadian UnderwriterCanAm Special Risk Agency Limited (CanAm Insurance) has acquired the travel insurance book of business from PrimeLink Management Services Inc., Broker Advantage Inc. and the Pentius Group. The travel medical insurance products, marketed under the brand names PrimeLink, Travel Protect…
Benfield Group Limited boosts profit, revenues in 2006
March 13, 2007 by Canadian UnderwriterBenfield Group Limiteds profits in 2006 increased to 38.4 million [Cdn$87 million], compared with a 34.9 million [Cdn$79.1 million] profit in 2005.Overall, the Groups reinsurance broking revenue increased by 12.9% (to 299.4 million, or Cdn$678.5 million), up from 265.1 million…
National Bank president says banks need more powers to sell insurance
March 8, 2007 by Canadian UnderwriterNational Bank of Canadas outgoing president and CEO, Ral Raymond, indicated in a Mar. 7, 2007 speech to shareholders that the banks have clearly not given up advocating for changes in the Bank Act respecting insurance.Revisions to the Bank Act,…
What’s New: In Brief (February 28, 2007)
February 28, 2007 by Canadian UnderwriterThe CIP Society will host its third annual industry symposium, An Industry in Change on April 24, at the Board of Trade in Toronto. The one-day forum will feature a keynote and seminar speakers addressing such topics as: contingency and…
Manulife reports 2006 Q4 earnings of $3.9 billion
February 14, 2007 by Canadian UnderwriterManulife Financial Corporation reported shareholders’ net income of $3.9 billion for 2006, an increase of 21% over the full year 2005. “The strong organic growth across all of our operations is encouraging and contributed to another year of record earnings,”…
IBC provides $500,000 for research into building safer homes
February 7, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is providing Cdn$500,000 to support a unique facility at the University of Western Ontario called The Insurance Research Lab for Better Homes.Formerly known as the Three Little Pigs project, the facility is a typical…
Space-Age Dinosaurs
February 1, 2007 David GambrillWhy so-called ‘legacy systems’ aren’t yet extinct from Canada’s P&C insurance landscape
What’s new: In brief (January 31, 2007)
January 31, 2007 by Canadian UnderwriterInsurance Bureau of Canada (IBC) is bringing its Emergency Ice and Cold Water Rescue demonstration to four Alberta cities this winter as part of a 10 city tour. The industry wants hockey players, skaters, snowmobilers and outdoor enthusiasts to know…
Bracing for 2007
December 1, 2006 by Canadian UnderwriterCanada’s insurance industry benefited from a relatively mild storm season in 2006. Nevertheless, primary insurers are keeping their hands steady on the wheel of underwriting discipline. Otherwise, they say, 2007-08 might be the dawn of new rate increases.
Capital Gains
November 1, 2006 by Canadian UnderwriterRatings agencies are changing their methods for determining capital adequacy within the holistic context of Enterprise Risk Management (ERM). It remains to be seen what impact this will have on reinsurers.
Smoke Signals
October 1, 2006 Stanley Griffin, President and CEO, Insurance Bureau of CanadaIBC wants regulators to consider an approach that emphasizes the quick and efficient identification of high-risk “fire-setters” in the industry.