Risk
The 15th annual Insurance Person of the Year award was presented to Patti Kernaghan at the Salute 2006 banquet, held in October at the Pan Pacific in Vancouver. Kernaghan is the president and CEO of Vancouver-based Kernaghan Adjusters Ltd. This marks the second time since the general achievement award was established in 1992 that a […]
October 31, 2006
3 min read
Industry
The composite rate for the commercial property and casualty market dropped 8% compared with the same period last year, according to a report published by Dallas-based MarketScout. The commercial P&C industry continued its trend toward softening, the report noted, adding that there were no increases in the average rates for any of the commercial lines […]
1 min read
The Reinsurance Association of America (RAA) publicly endorsed the Terrorism Risk Insurance report issued by the President’s Working Group (PWG) on Financial Markets. The report looks at market dynamics in the private terrorism insurance markets. The RAA said the report builds on the numerous important databases in both the public and private sectors addressing the […]
Insurance brokers worldwide face challenges as a result of New York state attorney general Eliot Spitzer’s investigation into bid rigging in the insurance broker industry, according to a recent report published by Standard & Poor’s Rating Services. S&P’s report, entitled Challenges Still Loom For Global Insurance Brokers In Post-Scandal Era, references specific major brokers in […]
Claims
Scientists at the NOAA Climate Prediction Center say El Nio conditions – which affect the intensity of hurricanes – have developed in the tropical Pacific and are likely to continue into early 2007. “The development of weak El Nio conditions helps explain why this Atlantic hurricane season has been less active than was previously expected,” […]
Almost half of corporate Canada has faced disasters such as a power outage or IT failure, and yet 75% of 520 surveyed companies are relying on an “unofficial” business continuity plan, according to a recent report conducted by Leger Marketing for Fusepoint Managed Services. The report says 50% of surveyed companies have a disaster recovery […]
A.M. Best Co. recently released a new methodology for rating the “basis risk” associated with parametric catastrophe bonds. The new methodology is designed to help the ratings agency determine the amount of reinsurance credit that can be claimed by the sponsors of such bonds. Insurers and reinsurers use “parametric” bonds to protect capital and to […]
2 min read
CGI Group Inc. (TSX: GIB.A) recently signed three contracts in Western Canada totaling more than CD$20 million. The contracts, covering both municipal and provincial jurisdictions, have been signed with the following entities: * City of Calgary – a three-year contract for an enterprise service desk, with an option for two additional two-year agreements. * British […]
American International Group (AIG) Global Marine, a division of AIG Inc.’s P&C insurance subsidiaries, recently purchased Arch Insurance Co.’s U.S. ocean marine business. AIG’s marine unit will now service Arch’s U.S. marine portfolio. Richard Decker, president of AIG Global Marine, said the company is looking forward to adding the Arch U.S. marine portfolio to its […]
Broker Al hoisted a massive log in his arms and wedged it solidly on top of the roaring blaze in the fireplace. Already we could feel waves of heat radiating out into the room. Seated in a semi-circle of chairs, the rest of us were his guests for our annual working weekend at his cabin. […]
By Axiom | October 31, 2006
10 min read
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