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Damage from flooding across southern Manitoba may result in insured claims of approximately $225 million, with about 10% of this figure resulting from damage incurred to commercial property, according to Jim Rivait, vice president Insurance Bureau of Canada (IBC) prairies, Northwest Territories and Nunavut region’s. To date, Rivait says insurers covering 65% of the marketplace […]
June 30, 2005
3 min read
Risk
Close to 240 clients and senior staff of Swiss Re Canada gathered for the company’s 20th Annual Monte Carlo Gala for Charity, enjoying an evening of dinner, entertainment, games of chance and prizes. The recipient of this year’s receipts was Street Haven at the Crossroads. Brian Gray, president of Swiss Re Canada, presented Street Haven’s […]
6 min read
Canadian security is set to skyrocket with the inception of a new North American plan intended to improve the response to internal and external threats while bolstering free flow of trade between Canada, U.S. and Mexico, according to Deputy Prime Minister Anne McLellan. In a recent press conference in Ottawa McLellan says the strategy, offering […]
2 min read
Aon (NYSE: AOC) recently announced the results of its 2004 Insurance Earnings Volatility Study, which reports that insurers and reinsurers exhibit the least volatile earnings. “Investors place a large amount of emphasis on earnings growth and earnings volatility … when evaluating investment opportunities,” Michael Bungert, president of Aon Re Global, says. He elaborates that less […]
1 min read
Following the recent terrorist bombing attacks in London – a coordinated attack where at least four bombs exploded in the city’s transportation system resulting in more than 40 casualties and hundreds of serious injuries – the U.S. Department of Homeland Security raised the terrorism threat level for mass transit to code orange–high–from the previous yellow–elevated–level. […]
Claims
Shumka Craig & Moore Adjusters Canada Ltd. (“SCM”) has acquired Custard Insurance Adjusters Canada Inc. (“CIA”), providing the independent, Edmonton-based firm with over 60 branches nationwide. CIA adds 11 Ontario branches to SCM’s roster, helping to solidify its standing as one of Canada’s top three independent insurance adjusting firms. “Not only will our Ontario operation […]
Industry
Combined, global costs resulting from catastrophic storm damage may show an increase of two-thirds by the 2080s, according to the Association of British Insurers (ABI). The new report, “Financial Risks of Climate Change,” provides a global analysis of the projected climate-change trends of hurricanes, typhoons and windstorms. The potential effects of such changes may increase […]
The U.S. Treasury Department recently released a report on the state of terrorism suggesting the Terrorism Risk Insurance Act (TRIA) should not be extended in its present form.Treasury secretary John Snow says, in a letter concurrent with the reports recent release, that TRIA may hinder the further development of the insurance market by crowding out […]
By Canadian Underwriter | June 30, 2005
Sun Life Assurance Company of Canada and its primary subsidiaries Sun Life Assurance Company of Canada and Sun Life Insurance and New York-based Annuity Company recently received affirmation from A.M. Best regarding a financial strength rating of A++ (Superior). A.M. Best has also affirmed all of Sun Life’s existing debt ratings and its issuer credit […]
Bad weather driving conditions result in a 70% increased risk of injury-related auto collisions between urban Canadian drivers, according to a report recently released by the Institute for Catastrophic Loss Reduction (ICLR).Presented by Jean Andrey, associate dean of geography at the University of Waterloo, the report “Toward a National Assessment of the Travel Risks Associated […]
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