A boom in the extractive industries including the mining and oil and gas sectors has created new challenges for the insurance industry, including asset evaluations and determining true business interruption (BI) numbers.“Reinstatement costs [are] often underestimated, leading to insufficient premium…
The Ontario Securities Commission (OSC) has issued an amended order under Section 144 of the Securities Act that temporarily prohibits short selling of certain financial sector issuers. This follows an order prohibiting short selling of securities of certain financial sector…
Cunningham Lindsey Canada Claims Services Ltd. has opened an office in Kelowna, B.C., and has appointed Scott Jordan as district manager.Jordan has spent 10 years with the Insurance Corporation of British Columbia as a special investigations unit officer and special…
The Centre of the Study of Insurance Operations (CSIO) will switch service providers for its upload/download system, CSIOnet, on Friday, Nov. 21, 2008.All insurance brokers, companies and vendors that use the network must change their IP address setting on that…
Swiss Re expects its collective net claims for Hurricanes Gustav and Ike will total approximately US$300 million, the reinsurer announced Sept. 23.Swiss Re estimated its Hurricane Gustav claims exposure would amount to approximately US$50 million when all was said and…
American International Group Inc. (AIG) may need to sell more than half of its businesses, and the most coveted of its properties could be its international life businesses and the domestic retirement unit, according to Reuters, citing a Credit Suisse…
When faced with a crisis endangering a company’s reputation, it is vital for the spokesperson of that organization to immediately express empathy and then stress what the organization is doing at that moment to investigate and remedy the situation. The…
Good environmental policy is identical to good economic policy, Robert F. Kennedy Jr. told delegates attending the 33rd Annual Risk and Insurance Management Society (RIMS) Canada Conference in Toronto.He suggested de-carbonizing a society quickly would lead to greater efficiency, more…
The recent global financial services turmoil may produce opportunities for risk managers to have their voices heard within the upper echelons of their organizations, a panel of international risk managers told delegates attending the 33rd Annual Risk and Insurance Management…
Following the U.S. Federal Reserve’s US$85-billion bailout of the American International Group Inc., the International Association of Insurance Supervisors (IAIS) says it is “taking steps to intensify supervisory coordination efforts in response to the current financial market turmoil.”Key insurance supervisors…
The RIMS Ontario Chapter named George Simpson, senior manager of risk management and insurance of EPCOR Utilities Inc., as the 2008 recipient of the Donald M. Stuart Award. The award was presented at the 33rd Annual Risk and Insurance Management…
At least US$1 trillion will be used to bail out the major capitalist financial structures of the United States of America because of a complete contempt for regulation and the absence of intuitive discernment on the part of risk managers,…