Industry
Organizations need to prepare for the possibility of an extended disruption to global supply chains resulting from the March 11 Japan earthquake and tsunami, Marsh warned.Rather than the physical destruction of the production facilities, most of the supply chain disruption from this catastrophe is likely going to be caused by issues associated with infrastructure, energy, […]
By Canadian Underwriter | March 17, 2011
1 min read
Thirty percent of road deaths in Manitoba are linked to a lack of seatbelt use, according to a recent Transport Canada study. While the study on seatbelt use found that more Manitobans are buckling up, there are still many who are killed because they are not using a belt, Manitoba Public Insurance reports. Thirty-one people, […]
EQECAT has released its estimate of total insured losses from the March 11 Japan earthquake and tsunami to between $12 and $25 billion. The largest component of the insured loss will be covered by the property insurance market, which provides earthquake insurance to individuals and business in the country, EQECAT reports. Roughly $2 billion to […]
*** Correction: Please note that this item has been amended from its original post on March 16. The Dominion’s combined operating ratio was incorrectly reported as 97.7% for 2010. The correct COR is 102.1%. Apologies for the error. Of the 221 insurers that reported 2010 year-end data to MSA Research, slightly more than half (53%) […]
By Canadian Underwriter | March 16, 2011
2 min read
Federally regulated property and casualty insurers reported a net income of $2.5 billion in 2010, virtually flat from 2009’s net income of $2.52 billion, according to filings with the Office of the Superintendent of Financial Institutions (OSFI). Foreign P&C insurers reported a sharp drop in net income year-over-year, dropping from $950 million in 2009 to […]
The March 11 Japan earthquake, and the nuclear plant fires and tsunami that followed, will likely not have any major ratings implications, according to A.M. Best, Standard & Poor’s and Fitch Ratings. Moody’s is the only agency of the four to say it anticipates negative credit implications for Japanese and global reinsurers and insurers.A.M. Best […]
As the economy slowly recovers, businesses need to be aware of how an up tick in activity can alter there risk profiles, cautions Advisen.In its report, Managing Risk Through the Economic Recovery, Advisen identifies areas where critical changes to a company’s risk profile can occur. These include:• workers compensation claims can surge as companies add […]
Social networking sites can amplify product liability risks, but they also offer an opportunity for a company facing a product recall to take control of communication around the recall, reported Lloyd’s. Even a small derogatory statement on a social networking site can spark global damage to a brand or reputation, Ed Mitchell, global product recall […]
By Canadian Underwriter | March 15, 2011
The incidence of alcohol in crashes in which a Canadian male died in 2008 was significantly higher than that of women, the Traffic Injury Research Foundation (TIRF) reported. TIRF’s report, The Alcohol Crash Problem In Canada, draws information from two national databases that contain information on persons fatally injured in motor vehicle crashes and information […]
The Risk and Insurance Management Society has released a new executive report aimed at simplifying the arduous process of wading through competing standards, frameworks and guidelines related to risk management. An Overview of Widely Used Risk Management Standards & Guidelines, a joint production of the RIMS Standards & Practices and RIMS Enterprise Risk Management Committees, […]
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