Industry
In a more globalized world with complex supply chains, protection for contingent business interruption risk is critical, although modelling for the risk is still in the early states, notes a new report from PwC. In the first part of its Top Insurance Industry Issues in 2013 report, the company suggests that modelling for CBI risk […]
By Canadian Underwriter | February 15, 2013
2 min read
Global insurer Zurich has posted a business operating profit of $4.1 billion and a net income (after tax, attributable to shareholders) of $3.9 billion for 2012, though its last quarter of the year wasn’t as strong as 2011. For the fourth quarter of the year, Zurich reported a profit of $569 million, down from $985 […]
Three major global firms providing insurance brokerage and risk management services in Canada recently reported revenues increased year-to-year from 2011 to 2012. For 2012, Marsh & McLennan Companies Inc. recorded revenues of $11.9 billion, up from $11.5 billion in 2011. All figures are in U.S. currency. The sales figures are similar to those reported Feb. […]
3 min read
Deloitte Consulting LLP recently released results of a survey on supply chain risk, finding 63% of executives surveyed were “highly concerned” about risks within a supply chain that includes vendors and customers. The report, The Ripple Effect: How Manufacturing and Retail Executives View the Growing Challenge of Supply Chain Risk is based on a survey last year […]
By Canadian Underwriter | February 14, 2013
Computer security threats, an increase in regulatory requirements for financial services firms and concern from environmentalists over oil spills and hydraulic fracturing are among the top concerns of senior business executives who participated in a recent survey. Consulting firm Protiviti Inc. released Tuesday Executive Perspectives on Top Risks for 2013, a report jointly prepared by […]
“Expect the unexpected” should be the mantra for insurance CEOs facing a new era of “stable instability,” note findings from a survey and report released this week by PwC. “Risks that once seemed improbable and even remote have become the norm and for CEOs across the world, ‘expect the unexpected,’” recommends Coming to grips with […]
The Financial Services Commission of Ontario is looking at how to take on usage based insurance (UBI) in the province, but it’s still taking things slow before jumping into approving new programs. The regulator has been looking at UBI and its implications for auto insurance since the announcement of the 2012 Ontario budget, Bruce Green, […]
By Canadian Underwriter | February 13, 2013
Property and casualty insurance firms in Canada need to focus on recruiting aboriginal and internationally-trained professionals, and on flexible work arrangements to retain workers in their 30s, according to a recent report. The Insurance Institute of Canada announced Wednesday it has published a report, dubbed Demographic Analysis of the Property & Casualty Insurance Industry in […]
Justin MacGregor has joined Avec Insurance Managers Inc. as executive vice-president. A former executive vice president of Martin Merry and Reid Ltd., MacGregor has been both chairman and president of the Insurance Brokers Association of Canada (IBAC). In 2005-06, he was president of the Toronto Insurance Conference, according to his LinkedIn profile. Avec, which has […]
1 min read
Property and casualty insurer RSA has appointed Paul Lucarelli as vice president of its Large Commercial and Specialty business in the Ontario Region. In this new role, Lucarelli will also lead the compnany’s Large Commercial and Speciality upper Mid-Market business in Ontario. He will be working closely with Bernard McNulty (vice president of Large Commercial […]
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