News
Opportunity for risk management to deliver more value: RIMS/Marsh survey
April 23, 2013 by Angela Stelmakowich, EditorDespite greater alignment in how senior executives and risk professionals view the role that risk management should play in strategic planning, there is room for improvement and certain opportunities have yet to be realized. Those are among the findings of…
Risk management becoming more involved in critical decision-making: RIMS president
April 22, 2013 by Angela Stelmakowich, EditorRisk management has become a multi-disciplinary engine of growth and profit, with the discipline crossing all organizations and industries, RIMS president John Phelps said during the opening session of the 2013 RIMS Annual Conference & Exhibition. With the discipline starting…
How a director of a failed company can still be on the hook for employees’ pay after resigning
April 22, 2013 by Greg Meckbach, Associate EditorA recent court decision means that directors of corporations regulated by the federal government could, in some cases, be held liable for unpaid wages even if they delivered a resignation letter, a blog post from law firm Heenan Blaikie LLP…
Seven Ontario municipalities declare states of emergency, claims teams on standby
April 22, 2013 by Laura Kupcis, Editor, Claims CanadaSeven Ontario municipalities have declared states of emergency due to flooding caused by melting snow from to a jump in temperatures last week, in addition to in excess of 75mm of rainfall in certain areas. As of Sunday, much of…
Ontario court rules against insurer denying defence costs
April 22, 2013 by Canadian UnderwriterAn Ontario court ruled last week against State Farm Fire and Casualty Company, which had settled an injury claim made against a horse racetrack and a property maintenance contractor but had declined to defend the racetrack operator. In June 2009,…
93% of New York, New Jersey claims from Sandy settled
April 22, 2013 by Canadian UnderwriterThe majority of claims received in New Jersey and New York following Superstorm Sandy have been settled, and estimated insured losses make the storm the third costliest in U.S. history, according to the Insurance Information Institute. Insurance regulators have reported…
Ontario regulator warns of individual selling false insurance cards
April 22, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has issued a warning to consumers that Bosko Kostovski is not licensed to do insurance business in the province. Police have charged Kostovski for fraud, forgery, and sale of false or invalid insurance…
AIR Worldwide launches new service for real-time climate risk analysis
April 22, 2013 by Canadian UnderwriterCatastrophe modelling firm AIR Worldwide has introduced a new service for corporations and emergency management agencies to manage and assess their risk from natural catastrophes. Dubbed Real-Time Climate Risk Analytics, the service “addresses the uncertainty in data reported in real…
Risk readiness among organizations declined last year, global survey says
April 22, 2013 by Canadian UnderwriterOrganizations worldwide are showing a decline in risk readiness, with only three industries showing the same or an improved level of preparedness for major risks, suggests a new study from Aon Risk Solutions. On average, readiness for the top 10…
RIMS Community Service Day kicks off RIMS Conference & Exhibition
April 21, 2013 by Canadian UnderwriterRIMS Community Service Day, expected to attract more than 100 risk and insurance professionals in support of the Child Care Resource Center (CCRC), kicks off the 2013 RIMS Annual Conference & Exhibition in Los Angeles later today. The Zurich-sponsored event,…
Ontario court rules against auto accident claims fund after attempt to suspend uninsured driver’s licence
April 19, 2013 by Greg Meckbach, Associate EditorAn Ontario court recently ruled against the province’s Minister of Finance when the Financial Services Commission of Ontario’s payer of last resort tried to collect money from and threatened to suspend the licence of an uninsured driver who had been…
Many consumers say businesses aren’t transparent enough about privacy risks
April 19, 2013 by Canadian UnderwriterBreaches of personal information at an organization can have a major impact on its business, with consumers reporting ceasing to do business after a breach, notes a new report from the Economist Intelligence Unit (EIU). In a global survey of…