Claims
Five-year-old risk management measures adopted by Canadian agribusiness Viterra Inc. (TSX:VT) may soon benefit Australian farmers if a proposed merger between Viterra and ABB Grain (ASX:ABB) is finalized as planned.Subject to completion of the proposed merger between Viterra and Australian agribusiness ABB Grain, ABB Grain will introduce grain volume insurance and the removal of a […]
By Canadian Underwriter | July 3, 2009
1 min read
The Geneva Association has come up with proposed new insurance lines in four areas that would help insurers reduce risks associated with climate change, according to a research report, The insurance industry and climate change—Contribution to the global debate. The report, which was drafted by senior insurance executives and international climate change experts, notes that […]
2 min read
Industry
Andrew Cartmell has been appointed president and CEO of Saskatchewan Government Insurance (SGI). “We are extremely pleased Mr. Cartmell accepted Saskatchewan’s offer to lead SGI’s 1,800 staff forward in the years ahead,” June Draude, SGI minister, said in a release. “Mr. Cartmell has over 25 years’ experience in the insurance industry, working his way up […]
Dealing with the potential fallout arising out of Ontario’s contracting economy has found its way into the provincial regulator’s planning and priorities for the upcoming year. In its June 2009 Statement of Priorities, the Financial Services Commission of Ontario (FSCO) said it has stepped up its monitoring of companies’ solvency and market conduct, based on […]
By Canadian Underwriter | July 2, 2009
The July 1, 2009 reinsurance renewals saw sufficient capacity in all areas, according to several broker overviews. This was despite predictions of dramatic rate increases to offset reinsurer losses over the preceding 12 months, according to Willis Re. Consistent with the general trend seen in the United States from January to June, and in line […]
Financial failure is the greatest risk facing global supply chains according to 75% of companies surveyed in Aon and State of Flux’s 2009 Risk in 21st Century Supply Chains survey. Of the respondents reporting actual business interruption, 7% relate to financial failure of suppliers, said the report, which combined 100 responses, found. The importance of […]
Manitoba will upgrade its forest-fighting fleet with a Cdn$1.4-million investment in advanced avionics.The fleet consists of seven water bombers and will be enhanced with vision systems for pilots to help them battle fires when visibility is low, said Stan Struthers, Manitoba’s conservation minister. “This is key. It will increase our efficiency and make sure our […]
As the auto insurance cap issue grinds slowly and inexorably towards the Supreme Court of Canada, and even as courts seem to be aligning with insurers on the constitutional validity of caps (thus far, at least), it’s still hard to know under exactly what circumstances a cap is acceptable to the courts or the public. […]
By David Gambrill, Editor | June 30, 2009
4 min read
CANADIAN COMPANIES FALLING BEHIND IN IFRS CONVERSION PROCESS Despite the fast-approaching Jan. 1, 2011 deadline for the implementation of international financial reporting standards (IFRS), more than 12% of public companies and 20% of the private companies surveyed by PricewaterhouseCoopers have not yet taken the first step in the conversion process. PwC surveyed 256 companies — […]
June 30, 2009
IBABC CALLS FOR BAN ON CREDIT SCORING The Insurance Brokers Association of B. C. (IBABC) has asked the B. C. government for legislative changes that would prohibit insurers’ ability to collect information for the purpose of credit scoring. “Our position is that we don’t want credit scoring to be an underwriting factor in B. C., […]
3 min read
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