Risk

IBC corrects reports on N.B. insurance premiums

Recent misleading reports from the opposition Liberal party regarding New Brunswick auto insurance premiums has incited the Insurance Bureau of Canada (IBC) to release accurate information. The IBC is concerned about an insurance survey and subsequent correction from the opposition Liberal party.”The survey conducted for the Liberal party is a farce and it’s baffling that […]

By Canadian Underwriter | March 24, 2006

2 min read

Risk

Overseas risks mapped out for filmmakers

Terrorism, kidnap and ransom, as well as disease are all risks that filmmakers producing overseas should be concerned about, according a report recently released by Aon/Albert G. Ruben Insurance Services Inc.The report ‘2006 Risks in Global Filmmaking Map’ analyzes data for more than 200 countries regarding potential risks that crews and actors will likely face […]

By Canadian Underwriter | March 23, 2006

2 min read

Risk

Captive formation diminishing, report finds

Falling commercial insurance rate levels and expanding insurance capacity have led to a slowing of new captive insurance company formations, according to a recent study by Advisen, a company that provides data to the insurance industry. “Right on cue, the growth in captive insurance companies nearly stalled in 2005,” the Advisen report observes. “Within the […]

By Canadian Underwriter | March 23, 2006

2 min read

Risk

What’s New: In brief (March 22, 2006)

Willis Group Holdings Ltd. recently hired Phillip Ellis to lead its global energy practice in London. Ellis, is an expert on energy having spent six years with Boston-based Consulting Group Inc. as the head of its oil and gas practice. In a statement Willis said Ellis has an “extraordinary wealth” of experience in working with […]

By Canadian Underwriter | March 22, 2006

1 min read

Guidewire introduces new P&C admin system

Guidewire Software Inc. has released Guidewire PolicyCenter, a policy administration system for all lines of P&C insurance. Guidewire PolicyCenter is a web-based system facilitating business between agents and insurance carriers. The technology also works towards enhancing underwriting accuracy and efficiency. “Underwriting professionals told us they needed an intuitive, rule-driven policy processing environment to maximize and […]

2 min read

Speeding trucks slow within Canadian borders

The Canadian Trucking Alliance recently called upon the country’s provincial governments to take action on the problem of speeding trucks. The Alliance, a federation of Canada’s provincial trucking associations, has endorsed a national policy to pass a law making it mandatory that speed limiters on all trucks operating in, out and within a Canadian province […]

2 min read

What’s New: In brief (March 13, 2006)

Willis Group Holdings (NYSE: WSH) has appointed of three new members to the Canadian Advisory Board of Willis Canada Inc. Robert Hogan, D. Udo Nixdorf, and Bernard R. Wilson will join Willis Canada as senior members and advisors. Hogan, LL.M. (Tax); LL.B., is currently a partner in the Montreal office of Stikeman Elliott, LLP and […]

2 min read

Canada strengthens financial reporting requirements

D&O insurers and risk managers take note: Canada’s version of the U.S. Sarbanes-Oxley Act has arrived.The Canadian Securities Administrators (CSA) recently announced proposals that would require all publicly-traded companies in all Canadian jurisdictions to report on the effectiveness of their internal controls over financial reporting, starting as early as Dec. 31, 2007.”All members of the […]

2 min read

ICBC’s 2005 net income drops substantially

ICBC reported a net income of CDN$198 million for the year ended December 2005, compared to its restated 2004 net income of CDN$373 million.”Last year was a challenging year for ICBC,” ICBC president and CEO Paul Taylor said. “Net income is about half of what it was in 2004 due to a significant increase in […]

2 min read

U.K. non-life insurance stable

Standard & Poor’s Ratings Services is maintaining its stable outlook on the U.K. non-life insurance sector.The stable rating as noted in S&P’s recent report titled “Insurance Industry Risk Analysis: United Kingdom Non-Life,” verifies expectations that most nteractive insurer financial strength ratings on domestic insurers (excluding reinsurers and London Market insurers) will remain unchanged. However, S&P’s […]

2 min read