Risk

Neck pain most frequent injury in car crashes: ICBC

The Insurance Corporation of British Columbia (ICBC) says neck pain is the most frequent type of injury reported in motor vehicle crashes.Citing statistics from 2002-06, John Gane, ICBCs manager of vehicle safety and research, says: “More than 70% of people injured in a crash report a soft tissue injury to their neck and/or back.One estimate […]

By Canadian Underwriter | November 21, 2007

2 min read

Risk

XL Insurance purchases Global Asset Protection Services (GAPS)

XL Insurance, the global insurance operation of XL Capital Ltd (NYSE: XL), has reached an agreement with Swiss Re to purchase Global Asset Protection Services LLC (GAPS), a loss prevention consulting service provider. The transaction is expected to be completed by the end of 2007, subject to the satisfaction of certain closing conditions.GAPS is a […]

By Canadian Underwriter | November 20, 2007

2 min read

Risk

Swiss Re reports CHF$1.2-billion hit arising from subprime fallout

Swiss Re has reported a CHF1.2-billion, pre-tax, mark-to-market loss (about Cdn$1.058 billion) resulting from the U.S. subprime mortgage fallout.The reinsurer made its announcement following completion of its 2007 Q3 performance report.Swiss Re reported the loss came as a result of exposure to two, related credit default swaps written by its Credit Solutions unit that provide […]

By Canadian Underwriter | November 19, 2007

2 min read

Risk

A.M. Best seeks comment on plans to rate Takaful insurers

A.M. Best is seeking public comment on its plans to rate and assess Takaful insurance companies, which operate in compliance with Islamic Sharia principles.In its report, Draft: Takaful (Sharia Compliant) Insurance Companies, A.M. Best notes that Takaful insuranceis clearly on the rise, particularly in the Middle East and Malaysia. In addition, at least one Takaful […]

By Canadian Underwriter | November 19, 2007

2 min read

Zurich reports net income of US$4.2 billion (November 16, 2007)

Zurich Financial Services Group has reported a net income of US$4.2 billion for the first nine months of 2007, marking an increase of 25% over the same period of 2006. The company reported and an annualized return on equity of 21.4%.Gross written premiums and policy fees for general insurance were a reported US$27.3 billion, up […]

1 min read

Only 10% of North American companies have integrated ERM into practices: Aon survey

Even though government regulators and corporate stakeholders are demanding that companies do more to address and mitigate enterprise-wide risks, only 10% of companies in the Americas and Europe have fully integrated an enterprise risk management (ERM) strategy into their practices, according a survey of global ERM practices by Aon Global Risk Consulting (AGRC).The ERM practice […]

2 min read

What’s New: In Brief (November 14, 2007)

Operation Red Nose, a free service that keeps impaired drivers off the road, will be available in three Nova Scotia communities this year: Sydney, Truro and Halifax. This service, which allows holiday revelers to opportunity to make a call and have their car and themselves drive home safely on Friday and Saturday nights, has been […]

2 min read

MMC reports 2007 Q3 profits up, but insurance broking results “unacceptable”

Marsh & McLennan Companies, Inc. (MMC) reported a 2007 Q3 profit of US$1.9 billion, compared to US$176 million during the same period last year.Marsh reported being happy with revenues generated by its consulting businesses. MMC’s consulting segment revenue grew 14% to US$1.2 billion in the third quarter on a reported basis, and 9% on an […]

2 min read

Benfield buys insurance business from Beaufort Group in Canada

Benfield Corporate Risk has acquired the businesses of Beaufort International Insurance Inc. (BIII) and Beaufort Insurance Services Inc. (BISI), from Beaufort Group in Canada. The terms of the acquisition were not disclosed.Based in Calgary, Alberta, BIII and BISI provide specialist insurance broking services to companies operating in the oil and gas exploration and oil sands […]

2 min read

Pharmaceutical insurers migrating north

Pharmaceutical insurers underwriting huge liabilities and risks in the United States are migrating to a much-friendlier climate in Canada, according to a report by A.M. Best. Canadas feature attraction is that its legal environment is much more predictable than that of the United States when it comes to assessing medical liability risk, A.M. Best says. […]

2 min read