Claims
Enhancing data collection for catastrophe modeling is imperative for insurers and reinsurers in 2007, according to Ernst & Youngs Quarterly Insurance Industry Outlook.The 2004 and 2005 hurricane seasons revealed weaknesses in commonly used catastrophe risk modeling techniques, the report notes. Among the major revelations, it was determined that the quality of exposure data, especially for […]
By Canadian Underwriter | March 7, 2007
2 min read
Industry
ING Insurance Company of Canada is continuing to support the Broker Identity Program [BIP] as a full partner, the Insurance Brokers Association of Canada [IBAC] announced in a press release.IBAC launched the BIP program in 1989. More than 20 insurance companies in 2006 supported the branding campaign, designed to symbolize the value the countrys 30,000-plus […]
Risk
A.M. Best Company Inc. has put out a call for comments from market participants in the insurance industry and other interested parties on a draft of its Risk Management and the Rating Process for Insurance Companies.The draft methodology outlines how risk management is incorporated into the overall rating process, including the development of capital requirements […]
1 min read
March marks National Fraud Prevention Month, and the Insurance Bureau of Canada (IBC) plans to release information throughout the month to help educate about and prevent this type of crime.Insurance fraud is big business, said Rick Dubin, vice-president, investigations at the IBC.It is a low-risk, high-reward crime that costs Canadians about $3 billion per year. […]
Manitoba Public Insurance (MPI) has a new list of cars that are at the most risk of being stolen, according to a CBC report, and they include new cars that should have had electronic ignition immobilizers installed at the factory.The new list from [MPI]includes 11 categories of cars sold in 2005 or later, the CBC […]
By Canadian Underwriter | March 6, 2007
Economic and political risks across the globe have created a slightly more favourable environment for filmmakers seeking to film abroad, according to the 2007 Risks in Global Filmmaking Map, produced each year by Aon/ Albert G. Ruben.Of the 207 countries measured, overall risk for filmmakers in 37 countries decreased slightly from 2006 to 2007, according […]
CogniFit, Ltd., an organization that assesses and trains cognitive skills, is introducing a risk assessment tool designed for auto insurers to the North American market.DriveFit Premium is a Web-based interactive program for auto insurers to assess the cognitive, psychomotor and personality skills needed for safe driving. The program tests drivers in 12 areas, including focused […]
Global mining firms have ranked the implementation of enterprise risk management as a key risk challenge in the next three to five years, a new Ernst & Young report has revealed.Attitudes to Risk in the Global Mining Sector, a survey of 40 global mining houses, including major Canadian mining firms, shows that 29% of respondents […]
Crawford Adjusters Canada Incorporated announced the change of its corporate name to Crawford & Company (Canada) Inc, effective immediately. The removal of the word adjusters from Crawfords name will allow all divisions of the company to be united under a single brand name. The new name will also keep Canadian operations in step with its […]
By Canadian Underwriter | March 5, 2007
Guy Carpenter & Company, LLC, released its fifth annual joint study of natural catastrophe bond transaction activity and trends and market dynamics which found that the market momentum resulting from the record storm activity of 2004 and 2005 continued into 2006.The Catastrophe Bond Market at Year-End 2006: Ripples into Waves found that activity across virtually […]
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