Claims
Fitch ratings service believes that the life insurance sector will take a much bigger hit than the non-life sector in the event of a global bird flu pandemic.A recent Fitch report, posted online, notes the P&C sector would more likely feel the effects of the flu in lost investments and business interruption coverage. The report […]
By Canadian Underwriter | March 27, 2006
2 min read
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On March 6, 2006 students were left without educators as a result of an OPSEU strike. In order to assist students in the Insurance Diploma program at Mohawk College, the Hamilton/Niagara Chapter of the Insurance Institute of Ontario brought aid. Chapter manager Dawn Elliott made arrangements for college students who were planning to write the […]
1 min read
Industry
Zurich Financial Services Group recently agreed to pay US$153 million to settle investigations instigated by the attorneys general of New York, Connecticut and Illinois. The agreement calls for Zurich to pay approximately US$88 million in restitution to excess casualty US policyholders and US$65 million in fines payable to the three states involved. Of these fines, […]
Allianz AG is following the lead of Manulife Financial Corp and American International Group (AIG) by expanding into China.As reported in Shanghai Daily, Allianz has opened a branch in Hangzhou, capital of Zhejiang Province, which means the German insurer now own licenses to operate in eight Chinese mainland cities.Currently, Manulife Financial Corp, a Canadian insurer, […]
By Canadian Underwriter | March 24, 2006
Aviva ppl in the United Kingdom has withdrawn its $17-billion (US$29.6-billion) proposal to merge with Prudential ppl, Aviva confirmed in a brief statement on its Web site. Aviva’s all-share proposal was rejected by the Prudential board last week, despite Aviva’s offering a premium to the current share price. Following the Prudential board’s rejection of the […]
Disaster Kleenup International, Inc. founder, Edgar Perry “Ed” York, passed away on March 13, 2006 after a long illness near his home in Vancouver, Washington. York launched DKI in 1974 as an outgrowth of an academic research project and led the company through its first decade. York recruited contractors with outlandish promotions and advertisements, including […]
Risk
Recent misleading reports from the opposition Liberal party regarding New Brunswick auto insurance premiums has incited the Insurance Bureau of Canada (IBC) to release accurate information. The IBC is concerned about an insurance survey and subsequent correction from the opposition Liberal party.”The survey conducted for the Liberal party is a farce and it’s baffling that […]
Terrorism, kidnap and ransom, as well as disease are all risks that filmmakers producing overseas should be concerned about, according a report recently released by Aon/Albert G. Ruben Insurance Services Inc.The report ‘2006 Risks in Global Filmmaking Map’ analyzes data for more than 200 countries regarding potential risks that crews and actors will likely face […]
By Canadian Underwriter | March 23, 2006
Hannover Re says “an unparalleled burden” of natural catastrophe losses in 2005 produced “historically unprecedented major loss expenditures in excess of EUR1 billion (US$1.2 billion).”Hurricanes Katrina, Rita and Wilma alone inflicted a net loss on the company of almost EUR800 million (US$958.3 million), the company reported. The total strain is line with the amount Hannover […]
Falling commercial insurance rate levels and expanding insurance capacity have led to a slowing of new captive insurance company formations, according to a recent study by Advisen, a company that provides data to the insurance industry. “Right on cue, the growth in captive insurance companies nearly stalled in 2005,” the Advisen report observes. “Within the […]
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