Claims
The Insurance Bureau of Canada has called for the formation of an ongoing working group between the insurance industry and the government of British Columbia to ensure residents of B.C. are protected as best as possible against an earthquake. Two strong earthquakes on Jan. 5 shook the area just south of the Queen Charlotte Islands, […]
By Canadian Underwriter | January 7, 2008
2 min read
Industry
Strategy Institute, in conjunction with Canadian Underwriter, is holding the 4th annual Captive Insurance Strategies Summit on Apr. 1 and 2.The summit, held at the InterContinental Toronto Centre, will look at a range of issues including: achieving best practices in corporate governance; developing strategies to navigate legislative and regulatory barriers; maximizing profits while minimizing losses; […]
1 min read
Chubb Insurance could pay out up to Cdn$5 million, assuming the approval of a settlement of the class-action lawsuit related to Crocus Investment Fund, CBC.ca reports. The out-of-court settlement would resolve a Cdn$200-million class action lawsuit over Crocus Investment Fund.Roughly 34,000 Manitobans contributed a total of about Cdn$150 million into the fund, the CBC reported. […]
By Canadian Underwriter | January 4, 2008
Marsh, a global insurance broking business, is consolidating its business into two geographic divisions: U.S./Canada and International.”Simplifying the current structure will enable Marsh to reduce complexity and improve efficiencies within the organization,” said Marsh CEO Daniel S. Glaser, who joined the firm last month.The company announced the changes to its global organizational structure in tandem […]
Arch Insurance Group, a member of Arch Capital Group Ltd., has formed a new energy division Arch Worldwide Energy that harnesses all of the group’s property and casualty energy-related capabilities into one dedicated unit.The new division combines Arch’s expertise in the areas of onshore energy, offshore energy, construction all-risk, erection all-risk and energy casualty. Arch […]
Western Financial Group has acquired Early Insurance in Thompson, Manitoba, and Southern Insurance Management in Lethbridge, Alberta.Southern Insurance Management has been operating as a family-run business in Lethbridge for more than 50 years, with services and products in both commercial and personal lines. “We now have a significant presence in two more key locations in […]
Thousands of Quebecers will be travelling on the dime of an online travel risk management service, thanks to more than five inches of snow that fell at Pierre Elliot Trudeau International Airport in Montreal. itravel2000’s Let it Snow promotion offered Canadian consumers who booked a qualifying package vacation, hotel or flight by Dec. 7, 2007 […]
By Canadian Underwriter | January 3, 2008
The first half of 2008 will likely bring warmer weather in southern Canada and increased storm activity in the southern United States, Aon’s Annual Global Climate and Catastrophe Report: 2007 says.The period between January and May 2008 will mainly be influenced by the El Nino/Southern Oscillation, which is an anomalous warming or cooling of the […]
Despite the absence of any mega-catastrophes, the global insurance industry had to cope with far higher natural catastrophe losses in 2007 than in 2006, Munich Re has reported on its Web site.”Despite the general absence of extreme events, overall economic losses had reached US$75 billion by the end of December an increase of 50% on […]
The Insurance Bureau of Canada is praising the success of Canada’s 2007 Operation Red Nose campaign, which provided a total of 76,880 rides throughout seven provinces over the winter holidays.The IBC said this “was made possible only with the help of more than 53,898 volunteers whose participation was crucial to the tremendous success of the […]
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