Segment
Risk Management
London companies not prepared for terrorist incident
March 26, 2008 by Canadian UnderwriterMany companies remain under-prepared for a terrorist attack in London, England according to a Marsh survey. Roughly one-third of 80 delegates attending a Marsh seminar on terrorism, representing large and mid-size firms in the Greater London area, noted they did…
SEC regulations may force U.S. insurers to give up proprietary information
March 25, 2008 by Canadian UnderwriterVarious disclosure regulations put forth by the U.S. Securities and Exchange Commission (SEC) in 2007 have created challenges in boardrooms nationwide during this proxy season, according to Aon Consulting’s Radford Surveys + Consulting.At issue is pay-for-performance, a major area of…
Carriers should offer long-term policies to homeowners in hazard areas
March 24, 2008 by Canadian UnderwriterIn an effort to better manage risks during a period of large-scale catastrophes, insurers should consider offering long-term policies to homeowners in hazard-prone areas.“Such a long-term policy could be tied to a mortgage, and home improvement loans can encourage the…
Taking ERM to ‘next level’ faces hurdles
March 24, 2008 by Canadian UnderwriterInsurers are optimistic about the future role of enterprise risk management (ERM), according to a survey of chief risk officers (CROs) by Ernst & Young LLP. However, while the ERM building blocks are in place, the industry faces significant challenges…
What’s New: In Brief (March 24, 2008)
March 24, 2008 by Canadian UnderwriterIntegro Insurance Brokers, an international insurance broker and risk management firm, has appointed managing principals Mark Rankin and John Haas to the firm’s partnership group in Canada.Rankin is client development sales leader for the Toronto and Vancouver offices. He has…
Talent attraction and retention top priority for claims officers
March 24, 2008 by Canadian UnderwriterNinety per cent of 62 property and casualty claims officers surveyed by Towers Perrin late last year said increased competition, consolidation and convergence are among the leading challenges facing their industry in 2008.Survey respondents represented property and casualty insurance companies…
Investors rank risk management on par with performance
March 19, 2008 by Canadian UnderwriterInvestors consider transparency and risk management to be just as important as performance when deciding whether to retain their managers of alternative investments, according to a PricewaterhouseCoopers (PwC) report. A global survey of 226 institutional investors and alternative investment providers…
New coverage protects food industry against reputational damage following product recall
March 18, 2008 by Canadian UnderwriterFood producers must be better prepared to manage not only the possibility of a product recall, but any reputational damage that could sink the company as a result.“It takes 20 years to build a reputation, and about five minutes to…
Willis CEO lists eight megatrends that could affect industry in the future
March 17, 2008 by Canadian UnderwriterToday’s risks are increasingly being shaped by a number of different factors, including globalization, global warming, terrorism, and cyber risk and credit risk, according to Joseph Plumeri, chairman of Willis Group Holdings. Historically, the risks were property, casualty, marine, aerospace,…
S&P’s ERM assessment model too rigid, says RIMS
March 14, 2008 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has expressed concern about how to apply Standard & Poor’s (S&P’s) proposal to implement an enterprise risk management (ERM) analysis for credit ratings of non-financial companies. Overall, RIMS commends S&P’s work to elevate…
Climate change tops list of risks to insurers
March 14, 2008 by Canadian UnderwriterPotential climate change is the greatest strategic risk currently facing the property and casualty insurance industry, according to an Ernst & Young report. Demographic changes and catastrophic events follow closely behind.For the study, Strategic Business Risk 2008, Ernst & Young…
What’s New: In Brief (March 13, 2008)
March 13, 2008 by Canadian UnderwriterING Insurance Company of Canada has announced the continuation of its full partnership in the Insurance Brokers Association of Canada’s (IBAC) Broker Identity Program.“We continue to recognize the invaluable branding the Broker Identity Program brings the insurance broker profession,” said…