Industry
Cunningham Lindsey has established a Global Practice Mining Team, with more than 6,000 employees and based in 65 countries. The adjusters have handled hundreds of major mining losses involving floods, landslides, access route interruptions and plant losses of every description; together with hydroelectric, ventilation, electrical and communication systems on both open cut, deep and mixed […]
By Canadian Underwriter | June 17, 2010
1 min read
Various policy and endorsement forms have been revised and updated by the Financial Services Commission of Ontario (FSCO) to reflect the automobile insurance reforms. Additionally, two new forms have been approved to allow policyholders to purchase coverage to offset the tort deductibles.The changes to the forms include:• reflecting changes to the Statutory Accident Benefits Schedule […]
By Canadian Underwriter | June 16, 2010
2 min read
Paul Hancock has joined Crawford & Company (Canada) Inc. as national director of Global Technical Services (GTS) Canada. Hancock has a Chartered Insurance Professional (CIP) designation with more than 25 years of experience in the claims industry. “Paul’s dedication to quality, excellence and customer service, along with his extensive experience in both claims investigation and […]
A.M. Best Co. has affirmed Intact Insurance Group’s financial strength rating of A+ (Superior) and issuer credit ratings (ICR) of “aa-“. The Group includes Belair Insurance Company Inc. (Montreal, Quebec), Intact Insurance Company, Novex Insurance Company, The Nordic Insurance Company of Canada and Trafalgar Insurance Company of Canada.A.M Best noted the group “benefits from advantages […]
While many experts are predicting successful mergers and acquisitions (M&A) activity in Canada in 2010, for the deals that fail, there is M&A insurance, an AON background paper observes.‘Whether the transaction involves two Fortune 500 companies or a private equity firm and a family-owned corporation, deals are often scuttled because the parties cannot resolve financial […]
Impending ‘solar storms’ may disrupt the earth’s magnetic field and wreak twenty times more economic damage than Hurricane Katrina, NASA scientists warn.A solar wind is a stream of charged particles, mostly electrons and protons, spewed from the sun. Should the streams of particles strike the Earth’s magnetic field, they have the potential to modify the […]
By Canadian Underwriter | June 15, 2010
Internal audit departments should hold an expanded role as strategic risk advisors to the C-suite, according to a PricewaterhouseCoopers (PwC) report.PwC polled more than 2,000 executives from 55 countries (including 82 Canadian organizations). Survey respondents suggested that internal audit departments enjoy a company-wide vantage point, and as such should evolve to serve as risk advisers […]
Aggregate U.S. commercial insurance prices remained flat during 2010 Q1, according to Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS). This is consistent with flat pricing seen in 2009, which followed nearly five years of price decreases, Towers Watson reports. Thirty-seven insurance companies contributed survey data, representing approximately 20% of the commercial insurance market. The […]
North America’s west coast, along the Cascadia fault line, is one of the Top 5 areas in the world most vulnerable to mega-earthquakes, according to Aon Benfield.The mega-earthquakes are moment magnitude(Mw) 8+, according to Aon Benfield’s report, When The Earth Moves: Mega-Earthquakes To Come? The five most vulnerable regions, according to the research, are: 1. […]
An excessive number of terrorist operatives involved in attack planning might actually decrease the chance the operation will be carried out successfully, according to RMS risk modelling of terrorism risk pools.At the June 2010 OECD Conference, ‘Terrorism Insurance in 2010: where do we stand?’ Gordon Woo, a catastrophe risk consultant for RMS, presented figures suggesting […]
By Canadian Underwriter | June 14, 2010
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