Features
Letters to the Editor (September 01, 2003)
September 1, 2003 by Canadian UnderwriterDear Editor, Don Callahan is likely correct in his statement that “I cautiously (my emphasis) add that Canadian licensed reinsurers, regardless of the precarious position of their parents, will have sufficient capital to support run-offs view of strong scrutiny in…
Views (September 01, 2003)
September 1, 2003 by Canadian UnderwriterEach Thursday this summer, members of the insurance industry participated in the Great Ontario Salmon Derby, hosted by Blakeney Henneberry Murphy. Launching from Port Credit, the motley crews vied for the biggest catch, with AIG leading as of mid-August. Leading…
In Memory (September 01, 2003)
September 1, 2003 by Canadian UnderwriterThe insurance industry lost a long-time friend recently with the passing of John (Jack) Lawrence Charles Lyndon. Born in 1934, he was called to the Alberta Bar in 1962, and later served as Deputy Minister of Consumer & Corporate Affairs…
Ontario Auto Package Offers Tax Cut
September 1, 2003 by Canadian UnderwriterThe Ontario government has formally proposed additional changes to the auto insurance system on the heels of implementation of Bill-198. The program includes a reduction in the premium tax from 3% to 2%, which the government says should save policyholders…
On The Move (September 01, 2003)
September 1, 2003 by Canadian UnderwriterRoyal & SunAlliance Canada confirms the retirement of president and CEO Larry Simmons. Simmons took over the top spot in 2001, having previously served as COO. He will continue to head up the company until a replacement is named. The…
Curtain Call? On The Hard Market
September 1, 2003 Vikki SpencerWaiting in the wings like nervous actors on opening night, risk managers are preparing for the upcoming insurance renewal season, unsure of the reception before them. Over recent years they have received a less than warm greeting from underwriters. But, recent surveys of the commercial insurance marketplace suggest that there may well be a “turning point” near – or at the least a “moderation” of the hard market which has dictated pricing for the last two years. However, CU’s annual roundup of Canadian risk management views indicates that the hard market is far from over, although its intensity has shifted from property to casualty/liability lines. And, in light of recent catastrophes from SARS to the “blackout of 2003”, the pressure from corporate boardrooms has increased on risk managers.
Aligning Sources & Exposures
September 1, 2003 Perry Brazeau Canada division manager at FM GlobalFrom newspaper headlines to the corporate boardroom, risk management is becoming a high profile proposition. As companies react to stories of corporate scandals and multi-million-dollar lawsuits, how does this align with the long-term risks facing corporations daily. A recent study compared the views of risk managers and financial executives on the greatest threats to their corporations, as well as the best means of addressing these threats.
Severe Thunderstorms – Canada’s Billion Dollar Risk
September 1, 2003 David Lalonde & Dr. Tim DoggettAccording to the Insurance Bureau of Canada’s (IBC) “Facts 2002”, the individual perils that comprise severe thunderstorms – tornado, hail and straight-line winds – have been responsible for more than half of the natural catastrophe losses incurred by Canadian insurers over the past 20 years. While the earthquake threat in Canada is very real and must be managed, insurers should not ignore the risk of significant losses from severe thunderstorms.
Black Summer…
September 1, 2003 Sean van Zyl, EditorThose in the industry who had been looking forward to an easy-going summer would have been jolted by the series of adverse events that seemed to cascade one after the other in the final stages of the season. Basically, short…
Northbridge Gains Strong Earnings Footing For 2-Q
September 1, 2003 by Canadian UnderwriterToronto-based Northbridge Finan- cial Corp. (TSX: NB), part of the Fairfax group, increased net earnings by 250% to $57.5 million for the second quarter of this year compared with the $16.4 million shown for the same period in 2002. The…
Hub Boosts 2-Q Revenue; Buys CBUS
September 1, 2003 by Canadian UnderwriterBroker consolidator Hub Inter-national Ltd. (TSX: HBG) increased second quarter revenue by 29% year-on-year to US$74.1 million, while net earnings fell to US$10.1 million for the same period compared with the US$10.7 million reported at the end of June 2002.…
Newfoundland Auto Reform Includes Rate Freeze
September 1, 2003 by Canadian UnderwriterFeatured among reform changes to Newfoundland’s auto insurance system is optional coverage for minor pain and suffering, as well as a rate freeze imposed on insurers. This follows on the heels of the other Atlantic provinces in introducing changes to…