Claims

What’s New: In brief (August 09, 2006)

Zurich North America Commercial, a unit of the Zurich Financial Services Group, will welcome Mike Foley of McKinsey & Co. to the position of chief operating officer as of Sept. 1. Foley’s responsibilities will include taking charge of all operating matters related to Zurich North America Commercial’s businesses and functions. Some such responsibilities will include […]

By Canadian Underwriter | August 9, 2006

2 min read

Claims

The Co-operators reports increased net income in 2006 Q2

Co-operators General Insurance Company has reported a 2006 Q2 consolidated after-tax net income of CD$49.6 million, compared to the CD$32.4 million profit for the same period in 2005.Gross written premium in the second quarter increased 4.3%, to CD$602.8 million, compared to CD$577.9 million in the second quarter of 2005, the company reported in a press […]

By Canadian Underwriter | July 31, 2006

1 min read

Claims

Fairfax announces 2006 Q2 earnings of US$223 million

Fairfax Financial Holdings Limited (TSX and NYSE:FFH) announced 2006 Q2 earnings of US$223.6 million, and has decided on the commutation of its Swiss Re cover worth US$1 billion.In a press release, the company also said it will issue a restatement of its earnings, based on an analysis of its 2001 figures.The combined ratio (COR) of […]

By Canadian Underwriter | July 28, 2006

2 min read

Claims

LCBO helps raise money for traffic injury research

Starting Aug. 1, the public can make donations to the Traffic Injury Research Foundation (TIRF) at all 600 LCBO stores throughout Ontario. Donation boxes for TIRF will be displayed at LCBO checkout counters until Aug. 31.”We thank the LCBO, its employees and customers for providing this opportunity,” TIRF president and CEO Robyn Robertson, says in […]

By Canadian Underwriter | July 27, 2006

1 min read

RIMS calls post-TRIA terrorism cover a “national security” issue

Risk managers in the United States are worried about their potential inability to purchase terrorism insurance in the event that the Terrorism Risk Insurance Act (TRIA) is allowed to sunset on Dec. 31, 2007.”Without coverage, many companies will be vulnerable to bankruptcy and extreme financial losses, which ultimately could adversely impact the nation’s economy,” The […]

1 min read

Lloyd’s absorbs major 2005-06 claims hits in Canadian market

Lloyd’s of London in Canada paid out more for claims in 2005 than it collected in premium, Lloyd’s chairman, Lord Levene, indicated in a July speech to the Vancouver Board of Trade.”What we’ve seen in Canada has caused a few frown lines,” Levene said in the text of his speech. “In 2005, Lloyd’s underwriters paid […]

2 min read

Royal & SunAlliance advises on hailstorm protection

Royal & SunAlliance recently released a public announcement advising insureds on how to stay protected during a hailstorm.First and foremost the insurer says you should: * Find shelter – avoid water, high ground, isolated trees, picnic shelters and open spaces* Stay indoors, and away from windows, glass doors and skylights, which can shatter if hit […]

2 min read

ERM becomes big business

The incredible complexity of risk for large, multi-national companies is driving managers and board to embrace enterprise risk management (ERM), A.M. Best notes, although ERM techniques often require incomplete data and board-level commitment that isn’t always there.Speaking at the 42nd annual seminar of the International Insurance Society in Chicago, Gregory C. Case, president and CEO […]

2 min read

Gulf, Atlantic coast residents half-prepared for hurricanes

Average insured homeowners throughout Gulf and Atlantic coastal communities have taken only half the steps that would best position them to recover from a major storm, according to a new Hurricane Readiness Index released in July.The Index is based on a survey that asked 4,200 people who live in the Gulf and Atlantic coastal regions […]

2 min read

B.C. Utilities Commisssion confirms auto rate increase

The B.C. Utilities Commission has confirmed a 6.5% increase that came into effect on an interim basis on Mar. 15, 2006.”ICBC is committed to keeping auto insurance rates low and stable,” Donnie Wing, ICBC’s senior vice president of insurance, marketing and underwriting, said. “But the fact of the matter is that the cost of claims […]

1 min read