Industry
The Co-operators has contributed $100,000 to the International Co-operative Alliance’s (ICA) Japan Disaster Recovery Fund. The Fund was established to support the rebuilding of co-operatives in Japan following the March 11 earthquake and tsunami.The ICA is an independent non-governmental organization, which unites, represents and serves co-operatives worldwide.”As a co-operative, our organization is guided by the […]
By Canadian Underwriter | March 28, 2011
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Report Impaired Drivers (RID), a program that encourages residents to call 9-1-1 to report suspected impaired drivers to the police, has been expanded to Prince Albert and Moose Jaw, Sask. RID is a partnership led by SGI, SLGA and the Moose Jaw Police Service, with support from Mothers Against Drunk Driving, and Students Against Drinking […]
Standard & Poor’s new criteria for assessing insurers’ economic capital models incites insurers to adopt more sophisticated internal capital models by giving them the opportunity to use the modelling results to potentially reduce their capital requirements, according to Willis Re.In its report, Standard & Poor’s Economic Capital Model Review Promises Capital Rewards, Willis Re identifies […]
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Kingsway Financial Services Inc. (TSX: KFS) said it expects to report a $55 million hit in its 2010 Q4 results.Kingsway will release its finalized results on March 30. It projects:• approximately $21 million of loss reserve strengthening in its insurance companies;• approximately $10 million of non-cash impairments and adjustments to certain operating assets and liabilities;• […]
Stuart Bruce has been appointed the first president and CEO of Policy Billing Services Inc. Policy Bill is a national insurance billing services company. It provides the ‘back office’ for insurance billing and premium financing subsidiaries owned by insurance brokers, broker groups, insurance carriers and other financial institutions. Bruce will oversee the business and introduction […]
B.C.’s public insurer is concerned the number of bodily injury claims climbed about 5% between 2009 and 2010, reversing a longstanding trend, according to a report in the Vancouver Metro.The Metro cites ICBC spokesman Adam Grossman as saying there were nearly 43,000 injury claims last year, costing the corporation an estimated $1.5 billion.In addition to […]
By Canadian Underwriter | March 25, 2011
Nearly half of corporate board directors are not satisfied with their boards’ ability to provide sufficient oversight of IT risk, according to a joint Oliver Wyman and National Association of Corporate Directors (NACD) survey.Of the more than 200 corporate board directors surveyed, 47% responded they were not satisfied with the ability of their board to […]
AIR Worldwide has revised its insured loss estimate for the Mar. 11 Japan earthquake to a range of between $20 billion and $30 billion. Initially AIR estimated insured losses to range from $15 to $35 billion. The combined insured loss estimate includes insured losses from ground-shaking and fire-following of between $11 billion and $21 billion, […]
A magnitude 6.8 mW earthquake struck in Myanmar, near the border with Thailand, and was felt as far away as Hanoi, Vietnam, reports RMS.Initial reports from Myanmar indicate the earthquake damaged close to 250 houses, 14 Buddhist monasteries and nine government buildings, RMS said in a release.Infrastructure, such as roads and bridges, have also been […]
Crawford & Company (Canada) Inc.’s 2010 Crawford Cares campaign raised more than $111,000 for the Women in Insurance Cancer Crusade (WICC), a new record for the company’s annual campaign. Crawford Cares has raised more than $450,000 for WICC since the campaign was established in 2004. Typically, Crawford employees raise between $50,000 and $55,000 annually. The […]
By Canadian Underwriter | March 24, 2011
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