Risk
The annual 2005 Risk Insurance Management Canada Conference recently held in Montral acknowledged several individuals at the awards luncheon, sponsored by Lloyds. At the ceremony, which recognizes the need for professional advancement and the elevation of the risk management profession through education, keynote speaker and president of Lloyds of America Wendy Baker offered guests a […]
By Canadian Underwriter | September 27, 2005
2 min read
Claims
PPG Canada Inc. recently received technical accreditation from RIBO (Registered Insurance Brokers of Ontario) for three of the technical courses the Company offers through the CertifiedFirst Network.Collision Repair for Insurers (three hours credit) is one of the accredited courses that offers a step-by-step guided shop tour, which explains the entire auto repair process. The information […]
By Canadian Underwriter | September 26, 2005
Risk Management Solutions (RMS) recently estimated insured losses from Hurricane Rita are likely to range between $4 billion and $7 billion, based on current information on landfall location and wind speeds.”Hurricane Rita is comparable to last year’s Charley in that its damage is spread across a low population density region of agricultural and fishing-related industries,” […]
Catastrophe risk modeling company AIR Worldwide Corporation estimates Hurricane Rita will cost the insurance industry a total of between $2.5 billion and $5 billion in losses.Rita made landfall between Sabine Pass and Johnson’s Bayou on the Louisiana coast as a Category 3 hurricane. At landfall, Rita had maximum sustained winds of 120 mph.Hurricane Rita’s strongest […]
Industry
The Insurance Corporation of British Columbia (ICBC) predicts that if no action is taken to reduce the number of motor vehicle crashes involving BC residents that approximately 22,000 vehicle collisions will occur in October, with 6,500 injuries. In lieu of these figures and October’s designation as “Zero Crash Month,” the ICBC and the provincial government […]
Sun Life Financial Inc. will double its business in China in the next three years, according to chief executive Donald Stewart.Stewart says the Canadian-based insurance company will need to grow at about 23% per year in order to double in the Chinese market over the next three years. Insurers including American International Group Inc. and […]
By Canadian Underwriter | September 23, 2005
Aon Corporation (NYSE: AOC) recently signed a definitive agreement to sell Swett & Crawford, its U.S.-based wholesale broking operation, to an investor group including Hicks, Muse, Tate & Furst Inc. (HMTF), Banc of America Capital Investors and Emerald Capital. A number of key Swett & Crawford employees have made a long-term professional commitment to the […]
1 min read
Risk Management Solutions (RMS) recently stated it will expand its methodologies for estimating insured losses using real-time reconnaissance data, catastrophe models and databases of insurance industry exposure. RMS says it still anticipates that private-sector insured losses from Hurricane Katrina will reach US$40-US$60 billion with total economic losses exceeding US$125 billion.The loss estimate of US$40-US$60 billion […]
Based on a recent analysis, EQECAT, Inc. estimates insured losses to the offshore oil and gas industry, private automobiles and marine insurance, as well as commercially insured flood damages related to Hurricane Katrina are between US$11 billion and US$19 billion. The Company’s previous estimates of insured losses from wind damage remain constant at the range […]
Working collaboratively through the National Association of Insurance Commissioners (NAIC), over 30 state insurance regulators recently adopted a multi-state regulatory settlement with Marsh & McLennan Cos. Inc. The settlement agreement will ensure that Marsh implements the compensation and disclosure reforms including the Company’s requirement to pay its clients $850 million in restitution it agreed to […]
By Canadian Underwriter | September 22, 2005
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