Industry
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 […]
By Canadian Underwriter | June 16, 2010
1 min read
Claims
Auto injuries pending surgery – and which are therefore not “stable” – still count for the purpose of determining catastrophic impairments, according to a Financial Services Commission of Ontario (FSCO) arbitrator.In Sonia Bains and RBC General Insurance Company, Bains sought to appeal an initial finding by a FSCO arbitrator that the auto injuries she suffered […]
2 min read
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
Desjardins General Insurance (DGI) has launched an iPhone application (app) that allows consumers to obtain a tenant insurance quote.This makes DGI the first Canadian insurer to offer an iPhone app to get a complete tenant insurance quote, a DGI release says.To obtain the app, go to www.fortenants.mobi. The tenant quote is also available on the […]
Swiss Re has increased its insured losses resulting from the Chile earthquake to $630 million.The reinsurer forecasted a loss of $500 million in March 2010.”The new estimate reflects more specific information from clients on actual damage to individual properties and businesses,” Swiss Re said in a release. “The final cost remains subject to change.” At […]
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