Claims
Hurricane Humberto, who made landfall on southeast Texas earlier this week, likely caused damages that will not exceed US$500 million [approximately Cdn$515.37 million], reports Risk Management Solutions (RMS).The figure includes wind damage to residential, commercial and industrial properties and business interruption resulting from power outages or damage to property, an RMS release says.Wind damage has […]
By Canadian Underwriter | September 14, 2007
1 min read
Risk
Zurich is streamlining operations in its Commercial Markets business unit harnessing multiple strengths to provide North American middle market customers and producers better access to comprehensive risk management products and services. We are making a number of important operational and organizational changes to make us even more flexible and responsive to the needs of our […]
Sixteen insurance companies have signed up to be a part of a major initiative to tackle climate change and encourage more climate-friendly customer behaviour. Leading global insurers, reinsurers, brokers and Lloyds of London developed the principles behind ClimateWise to promote climate change. The principles, developed after nine months of intensive activity by a Working Group […]
By Canadian Underwriter | September 13, 2007
Industry
One of ING Canadas key strategies is to pursue value-creating acquisitions that fit into its current business line, Claude Dussault, president & CEO, ING Canada Inc. told delegates at the Scotia Capital Financials Summit Conference. Dussault discussed the companys goals going forward, which are two-fold. First is to outperform the industry in terms of return […]
2 min read
Risk managers need to be aware of the political ramifications when implementing an ERM [enterprise risk management] program, Susan Witcraft, managing director of Guy Carpenter & Company LLCs Instrat Team, Mid-America Region, told attendees of Guy Carpenters ERM seminar in Toronto.When developing and implementing an ERM program, four areas, including political, need to be given […]
Reinsurance and risk intermediary Benfield and reinsurer Partner Re have collaborated to produce the Hazard & Risk Science Review 2007, which summarizes research findings and conclusions of hazard and risk science papers published in the last 12 months that are most relevant to the insurance and resinsurance markets.The summarized findings are organized into four broad […]
Property and casualty insurance e-business is a more important element of distribution strategy than it was three years ago, according to a report recently published by Celent.The report is based on survey data from 44 property and casualty insurer executives based in North America. Budget percentages devoted to e-business have remained steady at an average […]
By Canadian Underwriter | September 12, 2007
Supersport motorcycles have the highest death rates and worst overall insurance losses among all types of motorcycles, the Insurance Institute for Highway Safety (IIHS) reports. Supersports are built on racing platforms but modified for the highway and sold to consumers, an IIHS statement explains.In an institute analysis of deaths per 10,000 registered motorcycles, supersport drivers […]
Aon is hosting a Risk tournament (the board game) in support of future leaders in risk management. The tournament will take place at Dalhousie University, Studley Campus Quad, on September 17 at 10 a.m., with roughly 200 students expected to attend. The top three will be awarded with academic bursaries for tuition or other costs […]
In the wake of the tropical storm Chantal, which hit Newfoundland and Labrador at the beginning of August causing an estimated Cdn$5.8 million in insured damages, insures are showing the commitment to policyholders, according to the Insurance Bureau of Canada. Insurers are responding quickly to residents’ claims, Don Forgeron, vice president, Atlantic, IBC, said in […]
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