Industry
The finance and insurance industry has the fourth-highest percentage of women in senior officer positions, according to a Catalyst Census of the Financial Post 500.Of the 75 firms in the finance and insurance industry listed on the Financial Post 500, 24.3% of senior officers were women. The three industry categories in the survey to have […]
By Canadian Underwriter | March 3, 2011
1 min read
The Centre for the Study of Insurance Operations (CSIO) has appointed David Osmars as chairman of the board.In addition, Keith Eva has been named interim president of CSIO.Osmars is executive vice president and chief information officer of AXA Canada, where he is responsible for all of AXA Canada’s technology and Web business. A well-known figure […]
By Canadian Underwriter | March 2, 2011
Allstate Insurance Company of Canada partnered with Breakfast for Learning on Mar. 2, 2011 to launch Nutrition Month.The national awareness campaign is designed to bring attention to the importance of providing youth with the proper nutrition they need to thrive, succeed and reach their full potential in the classroom. The initiative was kicked off in […]
Swiss Re estimates its claims costs arising from the Feb. 22, 2011 earthquake in Christchurch, New Zealand will be approximately $800 million, net of retrocession and before tax.Swiss Re estimated total insured claims for the insurance sector for the earthquake in New Zealand would be between $6 billion and $12 billion.The magnitude 6.3 earthquake has […]
Underride guards on tractor trailers can fail in relatively low-speed crashes, increasing the risk of a smaller vehicle lodging under the truck in the event of a collision, reported the Insurance Institute for Highway Safety (IIHS).Rear guards are the main countermeasure for reducing underride deaths and injuries when a passenger vehicle crashes into the back […]
By Canadian Underwriter | March 1, 2011
Manitoba and Saskatchewan are facing a high probability of a spring flood, cautions the Insurance Bureau of Canada (IBC).Since overland flooding is generally not covered by home insurance, homeowners are urged to take preventive action now, an IBC release says.”The objective of insurance is to assess risk and then spread it accordingly among many policyholders,” […]
FM Global reported a net income of $687 million in 2010, marking a decrease from 2009’s net income of $840 million.The mutual insurer also reported a 16% increase in policyholder surplus to $7.3 billion in 2010 despite an uptick in small- and medium-sized insured natural disasters and volatility in the financial markets.The mutual insurer’s combined […]
The European Union’s highest court has outlawed any discrimination between men and women as actuarial factors when calculating premiums for life and property and casualty insurance policies. “The use of actuarial factors related to sex is widespread in the provision of insurance and other related financial services,” the EU Grand Chamber wrote in its judgment […]
2 min read
Canadian Market Canada’s new rules prohibit banks from promoting non-authorized insurance on Web sites Canada’s Department of Finance has published its proposed rules for preventing banks from promoting non-authorized insurance products on its Web sites. The regulations are a follow-up to the federal government’s stated intention in 2009 to include bank Web pages within the […]
February 28, 2011
4 min read
Money laundering in the Canadian P&C industry is not featured in Canada's anti-terrorism legislation, and no one is in a hurry to invite more regulation, but insurers need to be wise to schemes to launder money through P&C insurance products.
By Amber D. Scott, Williams McGuire AML Inc., and Lucy Tran, Williams McGuire AML Inc. | February 28, 2011
8 min read
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