Industry
A storm system resulting in severe weather watches for southwestern Ontario spawned three tornadoes that damaged more than 100 homes in southeast Michigan on Mar. 16. The U.S. National Oceanic and Atmospheric Administration (NOAA) posted reports of three separate tornadoes ripping through Michigan, one in Dexter, one in Ida and another in Columbiaville. There were […]
By Canadian Underwriter | March 16, 2012
1 min read
The Co-operators announced on Mar. 15 more than $250,000 in funding for 14 community-based organizations across the country. The funding is provided through The Co-operators Foundation—Community Economic Development (CED) Fund, which supports community enterprises and initiatives that help disadvantaged Canadians move towards self-reliance. The CED Fund was established in 1995 to commemorate The Co-operators 50th […]
By Canadian Underwriter | March 15, 2012
The RIMS Canada Council (RCC), the standing committee representing the Canadian chapters of The Risk and Insurance Management Society (RIMS) Inc., has approved a new mission and strategic goals. The new mission statement and goals were developed by the RCC at its annual planning meeting in January 2012 and approved by the RCC in February. […]
By Canadian Underwriter | March 14, 2012
2 min read
The length of time for businesses supply chains to recover from the 2011 Tohoku and Christchurch earthquakes varied considerably, with most taking between one month and six months to recover, and one business still struggling to recover one year later, according to a survey by the Business Continuity Institute. BCI interviewed respondents who reported their […]
By Canadian Underwriter | March 13, 2012
Canadians pay an average of $840 annually for their home insurance, with prices strongly varying across provinces, according to research by InsurEye Inc. The highest level of home insurance premiums is in British Columbia at $924 annually, followed by Alberta with $912 annually. Annual home premiums in Ontario go as high as $828, and in […]
Munich Re is aiming for a profit of around EUR2.5 billion (Cdn$3.2 billion) in 2012, concluding the 2011 financial year with a profit of €712 million (Cdn$923.9 million) despite numerous severe catastrophes. At the same time, the financial crisis worsened, with interest-rate levels generally remaining low, the company noted. “In this exceptional situation, our integrated […]
Wildlife collisions are in the sights of Canadian insurers, particularly between March and June, when wildlife collisions are most frequent. “The most costly result of these collisions is injury or even death of both the wildlife and the driver,” Aviva Canada notes on its website. “They’re more common than you’d think — a report from […]
A powerful windstorm lashed B.C.’s south coast on Mar. 13, knocking down trees, cancelling ferries and leavings thousands without electricity, The Weather Network reports. “Winds gusted over 100 km-h throughout the day on Monday and even reached hurricane strength in some places,” says Gerald Cheng, a meteorologist at The Weather Network. At the height of […]
Data accuracy and reliability is the most important benefit of risk technology, according to Aon’s 2012 Global Risk Technology Survey (GRTS). “Scrutiny of business operations and financial reporting continues unabated in this recession-era economy,” the report says. “Confidence in data is clearly a key issue for the organizations we surveyed… “This Number 1 ranking indicates […]
By Canadian Underwriter | March 12, 2012
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of Royal & Sun Alliance Insurance Company of Canada (RSA Canada), Western Assurance Company and Quebec Assurance Company. These members are together known as RSA Canadian Property/Casualty Pool (RSA Canadian Pool). “The rating actions on RSA Canadian Pool reflect A.M. Best’s viewpoint […]
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