Topic
Associations
PACICC warns of ‘risk of financial contagion’ if earthquake losses exceed $30 billion
September 6, 2016 by Canadian UnderwriterProperty and Casualty Insurance Compensation Corp. is urging federal finance minister Bill Morneau to “carefully look” at recommendations made last month in a C.D. Howe Institute report, including a suggestion that Ottawa make arrangements to provide financial assistance to PACICC…
Insured losses from Colorado Springs “hail bomb” storm estimated at US$352.8 million
August 23, 2016 by Canadian UnderwriterA late July hailstorm that pelted the Colorado Springs area with golf- and tennis ball-sized hail cost an estimated US$352.8 million in insured losses, according to the non-profit Rocky Mountain Insurance Information Association (RMIIA), an organization affiliated with the Insurance…
City of Toronto issues Private Transportation Company licence to Uber
August 17, 2016 by Canadian UnderwriterThe City of Toronto announced on Tuesday that it has issued a Private Transportation Company (PTC) licence to Uber, calling it the first of its kind in Canada. Since Toronto City Council gave Uber the green light to operate legally…
Canada’s police chiefs want new law that would compel people to reveal passwords
August 16, 2016 Jim Bronskill - THE CANADIAN PRESSOTTAWA – Canada’s police chiefs want a new law that would force people to hand over their electronic passwords with a judge’s consent. The Canadian Association of Chiefs of Police has passed a resolution calling for the legal measure to…
Applications for Toronto Insurance Conference scholarships program due soon
August 9, 2016 by Canadian UnderwriterThe Toronto Insurance Conference (TIC) is reminding broker members, partners and staff that the deadline to submit applications for the annual TIC Scholarships Program is just around the corner. Up to $15,000 in scholarships will be available as part of…
RMS estimates potential 1-in-500 year catastrophe loss at 10 sea ports
August 8, 2016 by Canadian UnderwriterSix of the ten ports with the highest potential insured loss from natural catastrophes are on the United States gulf coast, Risk Management Solutions (RMS) Inc. said in a release Monday. Newark, Calif.-based RMS ranked the top 10 ports in…
Message from the President
August 5, 2016 Fred Plant, President, Canadian Independent Adjusters' AssociationFred Plant, President, President of the Canadian Independent Adjusters’ Association, comments on insurance claims arising from the wildfire in and near Fort McMurray, Alberta
La Plume du Président
August 5, 2016 Fred Plant, president, ACEIOui, cela a bien eu lieu. Nous savions qu’il en serait ainsi. Tout le monde le savait. Ce n’était qu’une question de temps. Une catastrophe vraiment terrible. Fort McMurray a été ravagé par les flammes. Au moment de la rédaction…
C.D. Howe Institute report calls for federal emergency backstop arrangement for earthquakes
August 3, 2016 by Canadian UnderwriterA former federal Superintendent of Financial Institutions is calling for a last-resort federal emergency backstop arrangement for P&C insurers to minimize the systemic financial impact resulting from a “catastrophic and likely uninsurable natural disaster,” such as earthquake. “A federal emergency…
Mutual insurers seeing revival in recent years: Swiss Re sigma report
August 2, 2016 by Canadian UnderwriterMutual insurers’ share of the overall insurance market increased from 24% of direct premiums written in 2007 to just over 26% in 2014, reversing some of the declines of previous decades, according to Swiss Re’s latest sigma report. Released on…
Strategic Thinking
August 1, 2016 Greg Meckbach, Associate EditorRisk management is becoming more about strategy and less about buying insurance and managing hazard risk, Julie Pemberton, RIMS president for 2016, says.
The Art of Taking Risk
August 1, 2016 Jessica Wasserman, Office of Compliance and Risk Management, New York UniversityRisk professionals would do well to consider “taking risk” as part of the risk management role. The art of taking that risk, however, demands risk professionals of all types have an understanding of conditions, influences and a clear plan on how best to go about meeting that objective.