Claims
The rapid increase of insider-related security breaches and of stolen computer equipment and data storage devices has unnerved the Canadian business community, creating a greater demand for data loss liability coverage products, says Aon Financial Services Group Canadian Advisory.Under lock and key: risk transfer solutions to limit liability for security and privacy data breaches explains […]
By Canadian Underwriter | June 8, 2007
1 min read
The heads of some of Canadas financial institutions have signed a letter to the G8 that warns unless action against climate change is taken immediately, by 2040 the world could experience annual economic losses as high as US$1 trillion.In the United Nations Environment Programme declaration, the executives committed to advancing knowledge and understanding of both […]
Canadian wholesale broker Ian Stuart-Smith has pled guilty to a felony wire fraud charge and now faces a maximum of 20 years in jail and a maximum fine of US$250,000 or twice the gross gain or loss resulting from the crime. Stuart-Smith (who has gone by many aliases according to New York authorities, including Ian […]
By Canadian Underwriter | June 7, 2007
2 min read
There is a steady rise in insurance payrolls in the United States, according to an A.M. Best report, and there is some debate as to whether the expanding populations property and casualty claims in the wake of 2004-05 hurricanes might be related to the industrys employment increase.A slew of hard storm seasons, new market expansions […]
By Canadian Underwriter | June 6, 2007
AIR Worldwide has updated its United States hurricane model to include an enhanced methodology for estimating business interruption (BI) losses.In the aftermath of the 2004 and 2005 hurricane seasons, which devastated wide swaths of the Gulf Coast and put countless businesses on hold for months or longer, AIR undertook an intensive research and development effort […]
By Canadian Underwriter | June 5, 2007
A 62-year-old orthopedic surgeon in Windsor, Ontario has been awarded Cdn$844,450 in damages including Cdn$714,000 based on a presumed future loss of income between the ages of 65 and 70 for injuries he sustained after being thrown from his bicycle when he ran over a raised catch basin.Dr. Robert Yovanovich, 56 at the time of […]
Hub International Limited (TSX: HBG) announced that its shareholders approved the proposed plan for Apax Partners and Morgan Stanley Principle Investments to acquire all of Hubs common shares.The plan of arrangement was approved by 92.7% of the votes cast by all shareholders at the meeting and by 91.9% of the votes cast by disinterested shareholders, […]
International risk managers see human capital risk as being the most significant threat facing their global business operations, according to a survey conducted by the Economist Intelligence Unit and sponsored by the ACE Group of Companies. The surveys findings show that human capital risk, such as skills shortages, succession issues and the loss of key […]
By Canadian Underwriter | June 4, 2007
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) funded by participating countries, donors and the World Bank is now operational, starting with a claims-paying capacity of US$110 million on the international reinsurance and capital markets.. Thanks to the support of the international financial markets and all parties involved, insurance coverage can be confirmed to participating countries […]
By Canadian Underwriter | June 1, 2007
Hannover Re has completed the sale of its U.S. subsidiary, Praetorian Financial Group, Inc., New York, to the Australian QBE Insurance Group Ltd., Sydney.The deal had been agreed upon in December 2006 and was closed, effective May 31, 2007, upon receipt of the required approval from regulators.QBE’s U.S. subsidiary has acquired all shares of Praetorian. […]
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