What’s New: In Brief (July 25, 2008)

Stephen J. Mallory has been appointed as a member of the Standards Council of Canada (SCC) by industry minister Jim Prentice, the minister responsible for the SCC. “I am very pleased to welcome Mr. Stephen J. Mallory to the SCC, and we look forward to his contribution to the board,” Prentice said in a release. “There is no doubt his insights and experience will be very valuable in helping to guide the SCC in the years ahead.”Mallory has more than 27 years of sales, management and service leadership experience within the insurance industry. In 2007, he founded the Directors Global Insurance Brokers Ltd., which focuses on providing risk management services to corporate clients.

Hurricane Dolly is estimated to result in total insured losses between US$350 million and US$750 million in the United States and Mexico. In the United States alone, AIR Worldwide estimates insured losses between US$300 million and US$600 million. Originally, AIR had estimated U.S. insured losses between US$300 million and US$1.2 billion. But the company revised the outer range of its loss estimate because Dolly’s actual track inland was on the northern edge of the range of forecast tracks issued by the National Hurricane Center (NHC) at the time of landfall, an AIR release notes. Risk Management Solutions estimates the insured losses from Dolly to be less than US$750 million, with roughly 500,000 people expected to be affected by the storm.