Risk
A.M. Best Company Inc. has put out a call for comments from market participants in the insurance industry and other interested parties on a draft of its Risk Management and the Rating Process for Insurance Companies.The draft methodology outlines how risk management is incorporated into the overall rating process, including the development of capital requirements […]
By Canadian Underwriter | March 7, 2007
1 min read
March marks National Fraud Prevention Month, and the Insurance Bureau of Canada (IBC) plans to release information throughout the month to help educate about and prevent this type of crime.Insurance fraud is big business, said Rick Dubin, vice-president, investigations at the IBC.It is a low-risk, high-reward crime that costs Canadians about $3 billion per year. […]
Manitoba Public Insurance (MPI) has a new list of cars that are at the most risk of being stolen, according to a CBC report, and they include new cars that should have had electronic ignition immobilizers installed at the factory.The new list from [MPI]includes 11 categories of cars sold in 2005 or later, the CBC […]
By Canadian Underwriter | March 6, 2007
CogniFit, Ltd., an organization that assesses and trains cognitive skills, is introducing a risk assessment tool designed for auto insurers to the North American market.DriveFit Premium is a Web-based interactive program for auto insurers to assess the cognitive, psychomotor and personality skills needed for safe driving. The program tests drivers in 12 areas, including focused […]
2 min read
Global mining firms have ranked the implementation of enterprise risk management as a key risk challenge in the next three to five years, a new Ernst & Young report has revealed.Attitudes to Risk in the Global Mining Sector, a survey of 40 global mining houses, including major Canadian mining firms, shows that 29% of respondents […]
FM Global reported a profit of US$737 million [approximately Cdn$864 million] in 2006, an increase from 2005s profit of US$635 million [approximately Cdn$744 million].According to an FM Global press release, the companys combined ratio was 75.3% and the client retention rate was 93% for the year 2006.Among its 2006 highlights, company officials listed the offering […]
By Canadian Underwriter | March 1, 2007
Risk Management Solutions (RMS) has launched the RMS Infectious Disease Model, the first commercially available probabilistic model for assessing the risk of influenza pandemics across multiple countries. The model, designed to help corporate risk managers, quantifies mortality and morbidity from nearly 2,000 potential pandemic influenza scenarios, says an RMS release. Factors that are taken into […]
February 28, 2007
Willis Group Holdings has announced the appointment of Richard T. Hynes as president and CEO of Willis Canada. Hynes has more than 25 years of management and industry experience in the Canadian market, with market growth and business development being his key areas of focus within Willis. “Since joining the company in 2005, Rick Hynes […]
3 min read
Tropical Storm Risk, a subsidiary of the Benfield Hazard Research Centre, has developed technology for its TSR Storm Tracker that can predict the amount of rainfall and where it will fall within a 60-km area. The new rainfall forecast capability is intended to help insurers, reinsurers and risk managers. The product will enable users to […]
The 22nd Annual Conference of the Canadian Independent Adjusters’ Association (CIAA), held Sept. 6 at The Pillar and Post Inn, Niagara- on-the-Lake, Ontario, saw the 2006-07 national executive elected. *** CIAA’s 2006 traditional “passing of the hat” president Craig Walker donned his officers hat and presented incoming president, Miles Barber, with a “British Shako” in […]
9 min read
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