Industry
A severe pandemic flu outbreak could result in the second-worst recession in the United States since World War 2, according to a March 2007 report by Trust for America’s Health (TFAH), entitled “Pandemic Flu and Potential for U.S. Economic Recession.”The report found a pandemic flu could cause a 5.5% drop in the U.S. gross domestic […]
By Canadian Underwriter | March 26, 2007
1 min read
Auto
SGIs proposed auto insurance rebates for 2007 took centre stage during the provinces discussions about the budget recently.The Saskatchewan NDP government accused the provinces opposition finance critic, Saskatchewan Party MLA Ken Cheveldayoff, of advocating the use of Cdn$100 million in auto insurance rebates from Saskatchewan Government Insurance [SGI] for the purpose of balancing the provincial […]
Risk
Aon Corporation has further consolidated its services with the formation of Aon Global Risk Consulting (AGRC), creating one of the largest dedicated risk consulting, captive management and risk engineering groups in the world.The formation of AGRC follows the launch of Aon Global in January and is the latest step by the company in bringing all […]
Claims
The Co-Operators has teamed up with Juno award-winner Mitch Dorge, former drummer for the Emmy-nominated Crash Test Dummies, to bring his Life Choices campaign to high schools across the country. The presentation, tailored to meet the needs of the various schools, and typically topics covered include drug and alcohol awareness, driving safety, goal setting and […]
The United States Securities Exchange Commission [SEC] has officially made it easier for foreign companies to terminate their SEC registration, thus making it easier to cease their reporting obligations under the Sarbanes-Oxley Act.Smaller foreign companies in particular have criticized the SECs reporting requirements for being costly and onerous. Risk managers have been working to help […]
By Canadian Underwriter | March 23, 2007
2 min read
Managing the cycle, containing operating costs and improving efficiency and increasing regulatory burden were the three largest concerns weighing on the minds of Lloyds underwriters, according to the companys third annual survey.In total, 116 underwriters from a large number of syndicates were interviewed at random in the Lloyds underwriting room, and for the third year […]
The Canadian Bar Association (CBA) has asked the New Brunswick government to re-think the $2,500 cap on minor and soft-tissue injuries following a recent decision in the Court of Queens Bench that upheld the cap, the Chronicle Herald reported.The bar association made the request after the ruling in the case of Patrick Rossignol, who was […]
What difference the year makes: Bermudian reinsurers posted a collective profit of US$11.6 billion in 2006, compared to a US$2.1 billion loss in 2005.2006 was a record year for the Bermudian reinsurance market, with companies reporting bumper earnings and bulging balance sheets as the predicted hurricanes failed to materialise, according to a press release announcing […]
TIC Travel Insurance Coordinators Ltd. raised almost Cdn$17,000 for charity this past holiday season as a result of the companys decision to donate to charity on behalf of customers rather than spending money on holiday gifts.Three charities benefited from the fundraising efforts, including OneChild, UNICEF and The David Suzuki Foundation.Throughout December, brokers and agents voted […]
By Canadian Underwriter | March 22, 2007
A U.S. report recently released by Celent found that of the merger and acquisition (M&A) activity in 2006 in the service sector, nearly 20% of those were in the insurance IT and services sector.Driven by an influx of private equity, the need of mature companies to buy growth, and the desire to expand capabilities and […]
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