Claims
Aviva has announced its commitment to carbon neutralize its operations on a worldwide basis, according to a press release.Allan Griffiths, CEO of Aviva Australia, said the announcement provides an important endorsement of Aviva Australia’s ongoing program of sustainable business practices including limiting its impact on the environment.The company is planning to compensate for the carbon […]
By Canadian Underwriter | January 17, 2007
1 min read
Gore Mutual Insurance Company has donated Cdn$1 million to their charitable Foundation.This is the third year in a row the company has made a Cdn$1-million contribution to the Gore Mutual Foundation.The Foundation was established to support worthwhile causes in the communities where Gore Mutual’s brokers and policyholders live. The Foundation works closely with local independent […]
2 min read
Industry
The Vancouver Police Department (VPD) uncovered a massive fraud ring that involved forged ICBC documents, fake driver’s licenses and counterfeit credit cards.Financial crime investigators discovered a counterfeit credit card factory when they executed a search warrant in an upscale Coquitlam home, says a VPD news release. Inside the home officers seized 1,400 counterfeit credit cards, […]
U.S. catastrophes and insured losses cost the U.S. property and casualty industry an estimated US$8.8 billion in 2006, according to ISO’s property claims services unit.That’s a far cry from the estimated damage losses of US$61.9 billion the unit recorded after the busy hurricane season in 2005. Still, the frequency of catastrophes is rising, ISO added.In […]
By Canadian Underwriter | January 16, 2007
Risk
Following on the launch of a new Insurance Bureau of Canada (IBC) campaign about driver distractions, IBC president Stanley Griffin will be speaking to the Canadian Club at the Fairmont Royal York Hotel in Toronto on Jan. 19.Griffin will present results from the IBC’s latest research into driver distractions.He will discuss, for example, whether there […]
ING Canada has announced a major shuffle of its senior executive staff, with Charles Brindamour assuming the newly created role of COO, Derek Iles accepting the title of president of ING Insurance, and the retirement of two executive staff members Don Lough and Jacques Valotaire. Brindamour, in his new role, will be responsible for all […]
Swiss Re has transferred US$705 million of extreme mortality risk to the capital markets through its Vita Capital securitization program, according to a press release. This is Swiss Re’s third mortality catastrophe bond that has been issued privately to institutional investors. Part of the issuance will be used to replace cover provided by Swiss Re’s […]
After a noticeable absence from its usual media spotlight, bird flu or the H5N1 virus has been rearing its ugly head with reports of outbreaks across Asia in recent weeks.And according to Aon’s second white paper on the subject, entitled “Pandemic Influenza: Exploding the myths”, businesses are becoming complacent to the risk of a possible […]
By Canadian Underwriter | January 15, 2007
The reinsurance market has regained “a universal, if fragile calm” in 2007, according to a report by reinsurance intermediary Benfield.The report, entitled ‘Global Reinsurance Market Overview: Pick ‘N Mix,’ noted “an acute shortage of catastrophe capacity at U.S. mid-year renewals.” But in the second half of 2006, the report continued, “it was a case of […]
The cost of D&O insurance in Canada continues to rise and company leaders are becoming more informed about their exposure to risk and potential liabilities, says a survey by Spencer Stuart.The Spencer Stuart Governance Lexicon 2007 contains entries on 19 countries with the aim of providing a reference guide on board structures in different markets. […]
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