Industry
The Co-operators, Intact Financial Corporation, AXA and Granite Global Solutions have each made individual pledges and/or donations totaling up to $240,000 to the Canadian Red Cross in support of relief efforts in Haiti. The Co-operators has pledged to provide up to $150,000 to match personal donations from Co-operators employees, agents and their staff, directors, delegates, […]
By Canadian Underwriter | January 15, 2010
2 min read
More companies are employing mature enterprise risk management practices to enhance organizational value and resiliency, according to the findings of Aon’s 2010 Global Enterprise Risk Management Survey. “Organizations in the more mature stages of ERM report they are able to realize significant benefits in areas such as enhancing shareholder value, optimizing and reducing total cost […]
By Canadian Underwriter | January 14, 2010
1 min read
As of the end of October 2009, Facility Association (FA) has paid and incurred more than $11.5 million in statutory accident benefit claims connected to insolvent insurer Markham General Insurance Company.Markham General was ordered wound-up under the provisions of the Winding-up and Restructuring Act on July 24, 2002. Facility Association entered into an agreement with […]
Financial service institutions’ spending on global information technology is expected to reach US$357.4 billion in 2010, according to a new Celent report.This is an increase of 2.9% over 2009, and substantially higher than the 2.5% decline in growth experienced last year, says the report, entitled IT Spending in Financial Services: A Global Perspective. IT spending […]
Kenneth V. Lavigne has been appointed senior vice president and manager of FM Global’s Canada division.Lavigne replaces Perry Brazeau, who retired at the end of 2009 after 33 years with the company. Lavigne joined FM Global in 1980 as a boiler and machinery loss prevention consultant. He has held a number of positions with the […]
Premiums continued to tumble for commercial insurance buyers in 2009 Q4, with few signs that the soft phase of the pricing cycle is nearing the end, according to the RIMS Benchmark Survey. The survey, administered by Advisen Ltd., tracks changes in insurance policy renewal prices as reported by North American corporate risk managers. Directors and […]
By Canadian Underwriter | January 13, 2010
A.S.A.P. Secured Inc. has launched a mobile command centre for easy deployment to large loss sites across Ontario. The centre will allow adjusters and other insurance industry professionals to offer immediate assistance and support to their customers in the midst of a crisis or disaster. The 17-foot mobile command centre is equipped with an Internet-ready […]
A severe earthquake hitting near Haiti’s capital city of Port-au-Prince has likely caused economic damages in the “hundreds of millions of dollars,” catastrophe-modelling firm EQECAT says in a press release.Nevertheless, because of Haiti’s weak economic conditions, private insurers will likely only be exposed to insured damages in the “millions,” a representative of the Insurance Information […]
The lowest auto insurance rates quoted by Kanetix in Q4 2009 increased on average 5.3% when compared to the same period of 2008.The increase, consistent with rate changes previously approved and announced by Ontario’s auto insurance regulator, means drivers should prepare themselves for rising car insurance premiums in the months ahead, a Kanetix release says.Intended […]
Canada’s property and casualty insurance industry is “strongly cautioning” the Alberta government to scrap a proposal that would prohibit insurers from excluding claims for fire damage following terrorist or earthquake events.Primary insurers would run a higher risk of insolvency if the government implements its recommended change to the province’s Insurance Act, the Insurance Bureau of […]
By Canadian Underwriter | January 12, 2010
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