Industry
Underwriting income is down and claims costs are up, according to 2007 Q1 financial figures posted by the Office of the Superintendent of Financial Institutions (OSFI), which oversees federally regulated property and casualty insurers in Canada. The OSFI 2007 Q1 figures do not include financial data for many reinsurers or provincially regulated P&C insurers. Also, […]
July 31, 2007
1 min read
Allianz Global Corporate & Specialty North America, the corporate and specialty carrier of the Allianz Group in North America, has acquired AIM Underwriting Ltd. (AIM) in Canada. Since its establishment in 1999, AIM, a managing general agent, has maintained a strong presence within the Canadian general aviation industry. It specializes in hull and liability coverage, […]
Transport Canada is making it mandatory for all new cars, vans, light trucks and SUVs to be equipped with anti-theft electronic immobilizers, effective Sept. 1, 2007. Canadian vehicle manufacturers have recently announced plans to equip 2008 model vehicles in Canada with immobilizers, thereby meeting the requirements of the Canadian standard. The manufacturers include: * Audi […]
2 min read
Risk
Aon’s 2007 Terrorism Threat Map shows Canada’s threat levels have increased from 2006, even though the map shows a weakening of the Islamist terrorist group Al Qaeda and other groups operating under its umbrella. The global war on terrorism seems to have disrupted the command and control mechanisms of the groups, fragmenting the cells, Paul […]
Government anti-terrorism regulations that target purportedly charitable financial transactions — financial dealings that might instead be used in support of terrorist activities — have subjected Canadian charities to stringent regulatory requirements, and could potentially expose charities’ directors to personal liability, an Aon Canada advisory report warns. Potential consequences of anti-terrorism act violations could include loss […]
Insurance company finance departments are under pressure to adapt to an increasing number of regulatory changes while at the same time they are morphing from the role of “number-cruncher” to one of strategic contributor, according to a recent report by KPMG. In its report, Insurance Insights 2007, KPMG International’s research suggests that 50% of a […]
There is a distinction between primary, excess and/or umbrella policies when “other insurance” policies are called upon to respond in situations when primary coverage has been exhausted, the Ontario Court of Appeal ruled recently. In McKenzie v. Dominion of Canada General Insurance Company, a policyholder, Michael McKenzie, was involved in a serious boating collision in […]
Swiss Reinsurance Company Canada recently held its annual June Golf Tournament and Dinner at Woodington Lake Golf Club in Tottenham, ON. A hearty crowd of insurance and reinsurance industry clients, partners and guests enjoyed the day, which was organized by Swiss Re’s Rob Mittertreiner. *** Insurance Industry ‘Competes For A Cure’ at WICC Ontario 8th […]
3 min read
Canada could learn some lessons from Hurricane Katrina damage in New Orleans to prepare for this country's next big earthquake
By Vanessa Mariga | July 31, 2007
14 min read
Over the course of her 27-year career, Janice Ochenkowski, the incoming president for the Risk and Insurance Management Society (RIMS), has enthusiastically embraced adaptation as a means to further her professional life and lead an evolving profession.
6 min read
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