Industry
Workplace fraud affected roughly one-quarter of Canadian small- and medium-sized businesses in 2010, costing an estimated $3.2 billion, according to a survey by the Certified General Accountants Association of Canada (CGAAC). Roughly 290,000 companies were victims of at least one instance of workplace fraud last year, the survey found. Of those companies surveyed, 59% do […]
By Canadian Underwriter | December 6, 2011
1 min read
Insured losses resulting from the Thailand floods may exceed $10 billion, according to Aon Benfield.In its Monthly Cat Recap report, Aon Benfield noted the floods, currently in the fourth month, have caused 657 deaths and affected more than 13.4 million people. Total economic losses are estimated at $45 billion.”As floodwaters throughout Thailand continue to recede, […]
Employees from The Dominion of Canada General Insurance Company (The Dominion) have volunteered to put their building skills to the test in support of Habitat for Humanity Halton. Habitat for Humanity Halton is a local, non-profit, faith-based organization working for a world where everyone has a safe and decent place to live. In its first […]
Ontario’s insurance regulator should update its 12% reasonable rate of return for insurers, review mediation backlogs of up to a year and address a $109-million asset deficiency in the Motor Vehicle Accident Claims Fund, the Office of the Auditor General of Ontario says in its 2011 Annual Report.A 23-page chapter of the report identifies many […]
By Canadian Underwriter | December 5, 2011
2 min read
The U.S. property/casualty industry experienced catastrophe-related losses in the first nine months of 2011 that have surpassed the total year-end losses, reported A.M. Best.Total pre-tax, accident-year catastrophe-related losses, net of reinsurance and reinstatement premiums, were an estimated $38.6 billion during the first nine months of 2011. This marks an increase from the estimated $16.1 billion […]
If China experienced a catastrophic event similar in magnitude to the March 2011 Japan earthquake and tsunami, the impact on global supply chains would be far worse, since twice as many companies rely on this country for their key product lines, an FM Global study has found. FM Global commissioned a market research firm to […]
Responding to a rise in Canadian insurance fraud, ISB Canada, a source document company, is partnering with AFI International, an elite security firm that provides best-in-class insurance investigations. AFI International Group Inc. has over the past 25 years conducted more than 8,000 investigations related to fraudulent claims both in the insurance and corporate markets. Its […]
Giffin Koerth is welcoming three new people into the fold: Francis Loh, Gary Cheung and Peter Speight.Loh is joining Giffin Koerth’s casualty group. He has a Masters of Applied Science degree in Systems Design Engineering from the University of Waterloo and joins Giffin Koerth with four years of relevant experience.Cheung will be joining the firm’s […]
A city team in Calgary is collecting information to better understand why three buildings in the city’s downtown core saw parts of their office tower launched to the ground in a windstorm recently, according to The Calgary Herald.The windstorm blew through Southern Alberta on Nov. 27, forcing the evacuation of Calgary’s downtown core. Winds were […]
By Canadian Underwriter | December 2, 2011
Nearly half of all property renewals in the United States experienced rate increases in the fourth quarter to date, according to Marsh’s Global Benchmarking Portal.Twenty-nine per cent of clients renewed with increases between 1% and 10%. Nineteen per cent received increases above 11% at renewal.Additionally, 18% of all renewals in the fourth quarter (to date) […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
