Risk
AON Corporation (NYSE: AOC) has reported a 2006 Q4 profit of US$224 million, compared with a 2005 Q4 net income of US$224 million.Throughout all of 2006, AON reported a net income of US$721 million, compared to a reported net income $737 million for 2005.According to an AON release, risk and insurance brokerage services revenue increased […]
By Canadian Underwriter | February 9, 2007
1 min read
The Financial Services Authority (FSA) has announced that it intends to focus on the organization’s move towards more principles-based regulation (MPBR).The Business Plan for 2007/8 outlines increased spending on financial capability and key investments to be made in people, information systems and the way the FSA regulates, to facilitate the move towards MPBR.”More principles-based regulation […]
By Canadian Underwriter | February 6, 2007
Identity theft in the U.S. is on the decline, according to the 2007 Identity Fraud Survey Report by Javelin Strategy & Research (Javelin), which also identified risk differentiators between age and income demographics.”Identity fraud is dropping in the United States down by an estimated 12% over the previous year, which translates into a total fraud […]
By Canadian Underwriter | February 5, 2007
Directors and officers (D&O) and workers’ compensation reported the largest decreases in premium rates in the fourth quarter of 2006, according to the Risk and Insurance Management Society, Inc. (RIMS)’s Benchmark Survey.Commerical insurance premiums experienced some of the most dramatic rate changes of 2006, says a RIMS press release.Specifically, D&O and workers’ compensation reported sharp […]
Hub International Limited (NYSE: HBG) (TSX: HBG) has continued its penetration of the transportation insurance market, acquiring New Jersey-based Bart Proud Insurance (Proud). Proud, with US$3 million in revenue, has entered into a definitive purchase agreement with Hub International Pennsylvania (HUB Pennsylvania). “The proposed transaction will support Hub International’s initiative to expand its transportation insurance […]
By Canadian Underwriter | February 1, 2007
2 min read
Marsh & McLennan Companies, Inc. (MMC) has announced the sale of Putnam Investments to Great-West Lifeco Inc., a financial services holding company controlled by Canada-based Power Financial Corporation, for US$3.9 billion in cash.Putnam Investments is a global money management firm with about 3,000 employees and more than 68 years of investment experience. It had US$192 […]
February is Auto Crime Enforcement Month in British Columbia and the provincial government police, and ICBC are working together to reduce auto crime. Auto theft is linked to almost every other common crime, such as break and enters, mail theft, purse snatching and armed robbery. Drug addicted car thieves steal vehicles to help them commit […]
The overall level of global political risk decreased in 2006, but the magnitude and complexity of risks facing companies around the world has increased, according to Aon’s Political & Economic Risk Map. The risk map surveyed 214 countries; of these, 15 countries posed less of a risk in 2007 compared to 2006, marking the first […]
January 31, 2007
Emphasis and spending on operational risk management will increase substantially in 2007, according to a recent study by AMR Research. The study reveals 46% of firms surveyed plan to implement or evaluate technologies for risk management in the next one to two years. The emergence of risk management as a critical practice is based on […]
Why so-called 'legacy systems' aren't yet extinct from Canada's P&C insurance landscape
By David Gambrill | January 31, 2007
14 min read
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