Claims
The Australian Prudential Regulation Authority (APRA) has released an information paper and prudential practice guide (PPG) to assist APRA-regulated institutions including insurers and reinsurers with their planning for a potential pandemic.”The advice is being released following consultation with industry and research into pandemic planning that is taking place around the world,” APRA said in a […]
By Canadian Underwriter | October 10, 2006
2 min read
A unit of American International Group Inc. issued The Environmental Quality Co. a pollution liability policy with a US$28 million aggregate limit along with other coverages to the operator of a hazardous material facility, which recently burned and forced thousands of residents near Raleigh, N.C. to evacuate.American International Specialty Lines underwrote the pollution policy, which […]
1 min read
In an effort to raised money for a children’s literacy program in Tanzania, Royal & SunAlliance board member George Anderson climbed 20,000 ft in seven days to reach the top of Mount Kilimanjaro, Africa’s tallest mountain. Anderson is a member of the board of directors of CODE, an organization that promotes literacy in underdeveloped countries […]
By Canadian Underwriter | October 6, 2006
When Fire Prevention Week officially kicks-off in Oromocto on Oct. 7, the Insurance Bureau of Canada (IBC) will be making two special presentations to show support for New Brunswick’s 4,100 volunteer and 535 career firefighters.As part of the opening ceremonies, Bill Adams, the regional director of the IBC’s ‘Be Smart. Be Safe.’ campaign, will present […]
By Canadian Underwriter | October 5, 2006
Scientists at the NOAA Climate Prediction Center have observed that El Nio conditions which affect the intensity of hurricanes have developed in the tropical Pacific and are likely to continue into early 2007.”The development of weak El Nio conditions helps explain why this Atlantic hurricane season has been less active than was previously expected,” the […]
The family and friends of a 21-year-old rugby star, Sean Corner, is holding a benefit event to raise funds after the star player was paralyzed from the waist down during a rugby match in September.Corner was studying insurance at Mohawk College in Hamilton and started work at Economical Insurance in May. He was injured when […]
By Canadian Underwriter | October 3, 2006
The Co-operators has pledged $5,000 to Tree Canada to assist with tree planting efforts following the damage caused by an F2 tornado that touched down near Ottawa on Aug. 2.The amount is in addition to the claims The Co-operators handled when the tornado ripped through the Madawaska Valley, causing extensive damage to the nearby town […]
The Canadian Hurricane Centre has downgraded Hurricane Isaac to a Tropical Storm, just prior to Isaac’s sweeping past Newfoundland on Oct. 2.”Isaac has weakened from a hurricane to a tropical storm this morning,” the Hurricane Centre announced in a storm bulletin posted at 11 a.m. on Oct. 2. “The tropical storm continues racing towards Newfoundland […]
By Canadian Underwriter | October 2, 2006
Supply shortages, low catastrophe losses and buoyant investment income resulted in record first-half profits of US$4.5 billion for Bermuda’s reinsurers, according to the latest Benfield Bermuda Quarterly report. Modest catastrophe losses held the average combined ratio to 89.2%, little changed from the 89.3% for the first six months of 2005, Benfield said. “Reserve strengthening of […]
September 30, 2006
A proposed federal catastrophe backstop would not be a good idea as it would be “detrimental” to the industry and encourage continued development in risk-prone areas, according to members of the insurance industry who recently responded to a survey conducted by Best’s Review. Most respondents however responded that if a backstop were created they would […]
By Canadian Underwriter | September 29, 2006
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