Claims

Only small portion of flood loss ceded to UK reinsurers

Only a small proportion of the 2007 flood losses in the United Kingdom was ceded to reinsurers, while most of the damage losses were absorbed by the direct insurance industry, a Guy Carpenter report says.According to the report, Wrong Type of Rain: Impact and Implications of 2007 UK Floods, two factors determined the allocation of […]

By Canadian Underwriter | December 13, 2007

1 min read

Claims

What’s New: In Brief (December 12, 2007)

Aon Re Global Fac has launched a reinsurance private clients suite model consisting of facultative insurance professionals in 15 different locations around the world.This approach to global cedants is a component of the Aon Re Global’s Integrated Capital Solutions and Services strategy.”By offering the Private Clients Suite, we can focus on building strategic and consultative […]

By Canadian Underwriter | December 12, 2007

1 min read

Claims

Long-range, 2008 forecast predicts 13 storms, three major hurricanes next season

Colorado State University (CSU)’s Tropical Meteorology Project is calling for somewhat above-average Atlantic basin hurricane activity in 2008.A new report provides the team’s first extended-range forecast for the 2008 hurricane season. It anticipates 13 named storms forming in the Atlantic basin between June 1 and Nov. 30.Seven of the 13 storms are predicted to become […]

By Canadian Underwriter | December 10, 2007

2 min read

Claims

IBC to provide data to governments on domestic oil spills

The Insurance Bureau of Canada (IBC) on Jan. 1, 2008 is launching a project that will accurately track domestic oil spills in Atlantic Canada for the first time. The data will be provided to governments as part of an effort to introduce and strengthen legislation for the installation, maintenance and replacement of domestic oil tanks.”IBC […]

By Canadian Underwriter | December 6, 2007

1 min read

What’s New: In Brief (December 05, 2007)

The Insurance Brokers Association of Ontario (IBAO) has launched a new feature of its online function, ‘Locate a Broker,’ which now allows consumers to search for a broker representing a specific insurance company.”Using a broker is all about having access to choice, and by expanding the search criteria on our web site, we are inviting […]

2 min read

Study finds homeowners perceive low risk of sewer backups

Insurers need to work to improve homeowners’ risk perception of sewer backups in order to increase their mitigative efforts, says new research from the Institute for Catastrophic Loss Reduction (ICLR).The ICLR surveyed 805 homeowners in Edmonton and Toronto with the aim of investigating perceptions related to the sewer backup component of urban flooding and mitigative […]

1 min read

Climate change will triple number of people exposed to flooding by 2070

As a result of climate change and urban development, as many as 150 million people in the world’s major cities could be reliant on flood defenses by 2070 more than three times the 40 million people who face such exposure today, according to a new study by the OECD.The study was jointly authored by Risk […]

1 min read

Poor risk management leads to overreactions in face of crisis

The recent subprime mortgage crisis exposed narrowly focussed risk management programs in financial institutions around the world, which could lead to overreactions when unforeseen or damaging events arise, a TowerGroup report notes.In “Multifunctional Integration: The Positive Side of Risk,” researchers noted that most financial services institutions are predominantly risk-averse. But as the balance between product […]

1 min read

ICLR to host international disaster research program

Lloyd’s has dedicated Cdn$100,000 a year, for the next ten years to help sponsor the Institute for Catastrophic Loss Reduction (ICLR)’s latest endeavour hosting and managing an international Integrated Research on Disaster Risk program. The announcement was made at a Toronto event celebrating the 75th anniversary of Lloyd’s conducting business in Canada. Paul Kovacs, ICLR’s […]

1 min read

RIMS Canada Conference 2007 – Annual Fun Run/Walk

A flock of runners and walkers stretched and breathed in the ocean air before charging through Point Pleasant Park in support of the McGannon Foundation’s 4th Annual Fun Run/Walk, sponsored by FM Global, with participants’ gift bags donated by CIAA, and held at “Halifax Beacons 2007.” Thirty-six runners and walkers laced up their shoes. Those […]

November 30, 2007

2 min read