Claims
The Insurance Bureau of Canada (IBC) on Jan. 1, 2008 is launching a project that will accurately track domestic oil spills in Atlantic Canada for the first time. The data will be provided to governments as part of an effort to introduce and strengthen legislation for the installation, maintenance and replacement of domestic oil tanks.”IBC […]
By Canadian Underwriter | December 6, 2007
1 min read
Industry
A group of 21 U.S. property and casualty reinsurers wrote US$17.9 billion of net premiums during the nine months ended Sept. 30, 2007, compared to US$19.6 billion in net premium written during the same period in 2006, according to an analysis conducted by the Reinsurance Association of America (RAA). The combined ratio for the group […]
Insurers are entitled to conduct an examination under oath of an insured, pursuant to the Insurance Act, regardless of whether or not the relationship between the insurer and insured is adversarial or a lawsuit has commenced, Ontario’s Court of Appeal has ruled.The decision reversed the decision of a motions judge, who found that the examination […]
By Canadian Underwriter | December 5, 2007
2 min read
The Insurance Brokers Association of Ontario (IBAO) has launched a new feature of its online function, ‘Locate a Broker,’ which now allows consumers to search for a broker representing a specific insurance company.”Using a broker is all about having access to choice, and by expanding the search criteria on our web site, we are inviting […]
Insurers need to work to improve homeowners’ risk perception of sewer backups in order to increase their mitigative efforts, says new research from the Institute for Catastrophic Loss Reduction (ICLR).The ICLR surveyed 805 homeowners in Edmonton and Toronto with the aim of investigating perceptions related to the sewer backup component of urban flooding and mitigative […]
HUB International Ltd. and HKMB International Insurance Brokers have entered into a definitive agreement in which HKMB will join with HUB International. HKMB will become a new regional platform and carry on business as HKMB Hub International from its offices in Toronto, ON. The existing ownership group will continue as equity partners, the release notes. […]
Process inefficiencies, increasing business complexity, regulatory demands and data volume are leaving little time for crucial actuarial analysis within insurance companies, driving a growing trend towards automation, according to the fourth Actuarial Transformation Roundtable organized by Ernst & Young LLP. The roundtable focused on business intelligence (B.I.) strategies for actuaries coping with new challenges surrounding […]
By Canadian Underwriter | December 4, 2007
As a result of climate change and urban development, as many as 150 million people in the world’s major cities could be reliant on flood defenses by 2070 more than three times the 40 million people who face such exposure today, according to a new study by the OECD.The study was jointly authored by Risk […]
The Risk and Insurance Management Society (RIMS) has pledged US$30,000 to the William H. McGannon Foundation. The Canadian foundation is dedicated to providing financial resources and career development opportunities to risk management students and practitioners. The funds provided by RIMS will go towards the development of risk and insurance management student enrichment programs and grants, […]
The recent subprime mortgage crisis exposed narrowly focussed risk management programs in financial institutions around the world, which could lead to overreactions when unforeseen or damaging events arise, a TowerGroup report notes.In “Multifunctional Integration: The Positive Side of Risk,” researchers noted that most financial services institutions are predominantly risk-averse. But as the balance between product […]
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