Claims
State Farm will participate in a court supervised resolution process to reconsider and fully resolve claims from Hurricane Katrina in three Mississippi coastal counties, according to a press release.The process is part of an agreement reached through the settlement of a class action lawsuit against the insurer by families who believe their damage claims were […]
By Canadian Underwriter | January 24, 2007
2 min read
Industry
Kingsway Financial Services Inc. announced it has reached an agreement to acquire Mendota Insurance Company, a wholly owned subsidiary of the St. Paul Travelers Companies Inc.The transaction includes Mendota’s wholly owned subsidiaries, Mendakota Insurance Company and Mendota Insurance Agency Inc. The acquisition will spike Kingsway’s participation in the non-standard automobile market south of the border, […]
1 min read
Risk
Despite the insurance industry’s efforts to predict potential risks with a view to preparing for the worst, political risks remain a highly unpredictable area according to a recent posting on Lloyd’s Web site.Lloyd’s online article, “Preparing for Political Risk,” is an analysis of Aon’s recently-published 2007 “Political and Economic Risk Map.” According to Aon’s map, […]
By Canadian Underwriter | January 23, 2007
Auto
More Canadians will die in car accidents than by any other criminal offence, Bill Blair, Toronto’s chief of police told the Insurance Brokers of Toronto and Region (IBTR). He put the onus on the drivers to take care behind the wheel and applauded the automotive industry for building safer vehicles. “Independent drivers have become a […]
Aon has announced the creation of a new business unit to be called Aon Global. Aon Global will consist of the company’s former Global Large Corporate business unit, Captives Services Group, International Risk Management Group (IRMG), Risk Consulting and Risk Engineering business units among others. Dennis Mahoney will assume the role of chairman for Aon […]
British Columbia has announced a change to its graduated licensing program (GLP) that would eliminate the three-month time reduction in the learner stage currently afforded to those who complete an approved course through a designated driver training school.After March 31, 2007, any new driver who starts and completes an approved course will no longer be […]
Although corporate social responsibility is an important part of risk mitigation, companies do not incorporate this realization into their practical, day-to-day risk management strategies, according to an article published in CMA Management.The connection, the CMA article suggests, is that “if you handle local environmental and social issues proactively, they don’t become a problem or a […]
By Canadian Underwriter | January 22, 2007
Rates for catastrophe-prone areas in the U.S. will remain elevated, despite the limited catastrophe losses in 2006, reflecting conservative pricing, reduced capacity for certain segments and higher reinsurance costs, says A.M. Best’s 2007 Property/Casualty Review/Preview.A soft market prevailed in most other lines and segments, A.M. Best reports, with a gradual release of the tight knot […]
Insured losses from Winter Storm Kyrill may be between US$5.2 billion – US$10.4 billion, estimates AIR Corporation Worldwide in a press release. The storm struck Europe with hurricane-force winds over the course of two days, causing significant travel and power disruptions, flooding, and building damage over a large part of Europe including the United Kingdom, […]
Swiss Re advocates the establishment of an independent agency to aggregate European claims data and provide the insurance industry with an efficient market loss index for natural catastrophe risks, according to a recent report. This industry-wide effort will facilitate the further expansion of the insurance-linked securities (ILS) market in Europe and improve the transparency of […]
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