Industry
A Young and New Driver Resource Centre has been launched by the Traffic Injury Research Foundation (TIRF), with funding from Toyota Canada, to serve as a one-stop shop for young and new driver issues. The Web site is designed for parents, young and novice drivers, researchers and policymakers, according to a release from the TIRF. […]
By Canadian Underwriter | May 21, 2008
1 min read
Claims
The credit crunch related to the subprime mortgage crisis in the United States, as well as the higher-than-average hurricane forecasts for the eastern seaboard, might be converging at the worst possible time for insurers, according to A.M. Best.”Turmoil in the credit markets could leave policyholders in limbo if a major hurricane strikes the United States […]
By Canadian Underwriter | May 20, 2008
Policy Works has launched the first commercial management system that allows brokers to exchange commercial-lines data electronically with four insurers.With the company’s eMarketing version 6.2, brokers can upload and download commercial policy and quotation information with ING Insurance Company of Canada, Gore Mutual Insurance Company, Aviva Canada Inc. and Royal & SunAlliance Company of Canada, […]
The Institute for Catastrophic Loss Reduction (ICLR), The Co-operators and the Downtown Guelph Business Association have partnered in the creation of the disaster-planning program called Open for Business.Launched in Guelph, Ont., the pilot program consists of a disaster planning folder, a guide and a planning toolkit to help small businesses prepare for business interruption. During […]
2 min read
Insurance Bureau of Canada (IBC) is calling for a national action plan to upgrade water and sewage infrastructure across Canada. The country’s critical infrastructure, particularly water and sewage systems, were built according to weather pattern assumptions that have become totally obsolete in the face of climate change, according to an IBC release. During his “Climate […]
By Canadian Underwriter | May 16, 2008
Kingsway Financial Services Inc. has made some executive changes to create its leadership team, align management responsibilities and formulate Kingsway’s strategy for the future.Shelly Gobin has been appointed senior vice president and CFO. She will assume overall responsibility for reinsurance in her new role.Colin Simpson has been appointed senior vice president and chief strategy officer. […]
The choice of whether to use traditional reinsurance or capital markets to transfer risk “will depend on careful consideration of a number of different factors, including the risk, size of insurer and ability to absorb basis risk,” PartnerRe says in a recent report on insurance-linked securities.PartnerRe’s report, ‘A Balanced Discussion on Insurance-Linked Securities (ILS),’ identifies […]
Projected to be bigger in scope than the savings and loan crisis in the late 1980s and early 1990s, the subprime mortgage and credit derivative fiasco currently embroiling the United States is merely in its infancy, panelists told people attending a PLUS Canada seminar in Toronto.Initial estimates have projected the value of insurance claims arising […]
Zurich Financial Services Group reported a net income of US$1.4 billion, an increase of 3% in its 2008 Q1 earnings over 2007 Q1.The general insurance unit of the company saw a 10% increase in gross written premiums and policy fees, from US$10.2 billion to US$11.2 billion for the quarter, “reflecting both organic growth, as well […]
By Canadian Underwriter | May 15, 2008
*** CORRECTION This item contains a correction of an item that was originally posted on May14. Please note the contact information for the Guy Carpenter & Company Casino Night has been amended. Peter Phillips has been appointed managing director of Aon Capital Markets. The department is responsible for variable annuity hedging and consulting and related […]
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