Claims
The Insurance Corporation of British Columbia (ICBC) has issued a statement warning BC drivers to prepare and beware of flooding. According to BCs Ministry of Environment, warmer temperatures and snowmelt combined with high volume precipitation could increase the risk of rising water in the coming weeks. ICBC recommends finding a safe location on high ground […]
By Canadian Underwriter | May 10, 2007
2 min read
The Intergovernmental Panel on Climate Change (IPCC) points to changes in insurance practices as an indirect form of climate change policy in its its fourth report, Climate Change 2007. According to the panel, there is growing evidence that decisions concerning insurance practices, as well as macroeconomic policy, electricity market reform, energy security and forest conservation, […]
By Canadian Underwriter | May 8, 2007
1 min read
The Institute for Catastrophic Loss Reduction (ICLR) is unveiling a winter storm- and tornado-resistant home in Edmonton, Alberta.The home retrofit includes: anchoring cabinets, office equipment and bedroom furniture to walls; bracing TV stands, televisions and refrigerators with appliance straps; outfitting the washing machine with armoured water supply hoses; anchoring the hot water heater; installing snow […]
By Canadian Underwriter | May 7, 2007
AIR Worldwide Corp, a global risk modelling company, has teamed with the International Hurricane Research Center (IHRC) to fund the AIR Turntable for the centres hurricane simulator.The AIR Turntable is a computer controlled, mechanical platform which will be used to evaluate extreme wind loading conditions by facilitating the testing of buildings at different angles of […]
Standard & Poor’s Ratings Services has raised its counterparty credit and senior debt ratings on Arch Capital Group Ltd. (NASDAQ:ACGL) to ‘BBB+’ from ‘BBB’. At the same time, Standard & Poor’s raised its counterparty credit and financial strength ratings on operating subsidiaries Arch Reinsurance Ltd., Arch Reinsurance Co., Arch Insurance Co., Arch Specialty Insurance Co., […]
By Canadian Underwriter | May 4, 2007
Manulife Financial Corporation has reported 2007 Q1 earnings of US$986 million, including a one-time charge of US$69 million related to an asset realignment undertaken to more appropriately position Manulife Financials assest under the new financial accounting standards that became effective Jan.1, 2007.Excluding the impact of the one-time-only cost, Manulifes net income was US$1.055 billion, and […]
By Canadian Underwriter | May 3, 2007
Risk managers are accustomed to taking steps to protect their businesses from fires and floods, but are beginning to consider other, less tangible risks, A.M. Best reportsIn addition to traditional risks, risk managers are focusing on their companys economic, social and environmental impacts, as well as changing government regulations worldwide, the ratings agency reported in […]
Crawford & Company (NYSE: CRDA; CRDB), an independent provider of claims management solutions to insurance companies and self-insured entities, announced a 2007 Q1 profit of US$3.3 million compared to net income of US$5.8 million for the 2006 first quarter. The company announced 2007 Q1 consolidated revenues (before reimbursements) totaling US$243.6 million compared to US$201.6 million […]
By Canadian Underwriter | May 2, 2007
Commercial insurance pricing trends in 2007 Q1 seem to be in line with 2006 Q1, according to the RIMS Benchmark Survey in 2007.Directors and Officers (D&O) and workers compensation are both decreasing, proving to remain highly competitive, the survey notes. A year and a half after Hurricane Katrina, companies with properties in catastrophe-exposed regions are […]
By Canadian Underwriter | May 1, 2007
Theres a growing disconnect between risk and mitigation, and bold action must be taken to address it, a Swiss Re executive member told a panel discussion at RIMS 2007 in New Orleans.Agostino Galvagni, a member of Swiss Res executive board and head of the companys global and large risks division, outlined sponsorship of a report, […]
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