Claims
The 2007 Aon Terrorism Threat Map shows that Canadas threat levels have increased from 2006 even though the map shows a weakening of the Islamist terrorist group Al Qaeda, as well as the other groups operating under its umbrella.The global war on terrorism seems to have disrupted the command and control mechanisms of the groups, […]
By Canadian Underwriter | July 3, 2007
1 min read
If a small dirty bomb were to be detonated near the CN Tower in Toronto, the economic impact would be upwards of Cdn$23.5 billion, according to a federal study led by Defence Research and Development Canada, as reported by Canadian Press. According to CP, this scenario which the news service said would result in radioactivity […]
Industry
A.M. Best Co. is hosting a comprehensive, one-day conference in Toronto to explore the issues facing the Canadian insurance industry. The 2007 Review& Preview ConferenceCanadian Update will be held Sept. 21 from 8:30 a.m. to 3 p.m. at the Westin Harbour Castle. Conference speakers include A.M. Best Company’s senior property/casualty and life/health analysts, as well […]
2 min read
Risk
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 Internationals research suggests that 50% of an insurance […]
June 2007 storms and flash floods in Alberta are expected to exceed Cdn$42 million in insured damages, says the Insurance Bureau of Canada (IBC). “In Calgary alone, there have been 3,094 insurance claims so far as a result of the storms, and insurers expect to pay [Cdn]$42 million to cover these claims,” said Jim Rivait, […]
June 30, 2007
The Canadian government has failed to follow the global trend of becoming more involved in mitigating the risk exposure of insurance and reinsurance companies, according to a Guy Carpenter & Company LLC report. While a number of countries have developed explicit schemes or terror pools that address the risks of terrorism, Canada has not implemented […]
Canadian carriers scored lowest in terms of quality of underwriting, policy administration and service when compared to carriers in the United States, London and Bermuda, according to Willis Group’s inaugural Carrier Evaluation Survey. In terms of claims, Canadians nudged ahead of Bermuda-based carriers for third place. The survey asked 2,500 Willis associates from around the […]
Canada’s insurance regulators are working with the industry to establish a foundation for a new principles-based (as opposed to rules-based) approach to regulation, but that doesn’t mean regulators are likely to throw out more prescriptive approaches should they be deemed more appropriate, the executive director of the Financial Services Commission of Ontario (FSCO) told an […]
Insurance companies interested in reducing regulation need to take a hard look at their reputational risks, according to Scott Newquist, the managing director of the consulting firm Perception Partners. Speaking at a seminar organized by the Insurance Bureau of Canada (IBC), Newquist said “experience has shown us over the past 10 years that what causes […]
The Property Casualty Underwriters Club (PCUC) held their May luncheon in Toronto at The Metropolitan Hotel, where more than 80 participants enjoyed a panel of speakers discussing ‘The Changing Face of Canadian Reinsurance’. PCUC president Kami Singh, introduced the panel’s speakers, including David Wilmot, past senior vice president and chief agent in Canada for The […]
5 min read
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