Canadian Underwriter

Segment
Risk Management


Dr. Tim Doggett, research scientist, at AIR Worldwide Corp.
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Severe Thunderstorms – Canada’s Billion Dollar Risk

September 1, 2003 David Lalonde & Dr. Tim Doggett

According 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.

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Risk Management: Changing Times

September 1, 2003 by Canadian Underwriter

No one would disagree that the world of risk management has changed completely over recent years. Risk managers of today have to contend with corporate scandals and property risk exposures that before the 9/11 terrorist attacks were inconceivable. For many risk managers this is also the first real hard insurance market they have encountered during their careers. It is in such times that the role of professional bodies become invaluable to their members. And, as veteran risk managers Glen Frederick and Anne Chalmers prepare for this year’s RIMS Canada conference to be held in Victoria, B.C., they promise that the event will be very much focused on the tools and solutions available to risk managers during such volatile times.

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Partnerships in Risk

September 1, 2003 Garry McDonell, senior vice president at Aon ReedStenhouse

The complexity of today’s business environment is largely a result of both the volume of change and the speed at which it occurs. Driven by shareholder expectations, the scrutiny of regulators and the demands of consumers, corporations are learning that managing risk is significantly different than it was even three years ago.

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Curtain Call? On The Hard Market

September 1, 2003 Vikki Spencer

Waiting 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.

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Aligning Sources & Exposures

September 1, 2003 Perry Brazeau Canada division manager at FM Global

From 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.

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Building Boom, Insurance Bust

August 1, 2003 Craig Harris

Insurance costs are hammering Canada’s rapidly growing construction industry as rates go through the roof and capacity caves in. Builders are harder hit than many other commercial policyholders because underwriters are skittish about large-loss exposures. Many in the construction industry want rate relief and the return of stable markets.

News Insurance

Associations drawing up enterprise risk framework

July 24, 2003 by Canadian Underwriter

Several financial associations are working together on a framework for enterprise risk management (ERM). The Committee of Sponsoring Organizations of the Treadway Commission (COSO), which combines five accountancy and finance organizations, commissioned the framework from Pricewaterhouse Coopers early last year.

News Insurance

Lloyd’s gets “thumbs up” from A.M. Best

July 18, 2003 by Canadian Underwriter

In affirming the “A-” (excellent) rating of Lloyd’s of London, rating agency A.M. Best says the outlook for the world’s oldest insurance market remains stable.Strong capitalization, stable investment returns and a new focus on risk management are all factors leading

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Catastrophe Modeling: Shifting Perceptions

June 1, 2003 Eric Gobble and Don Windeler at RMS

As Canada’s insurers seek to quantify their catastrophe exposure, earthquake models offer an insight into how technology can further underwriting. Even events south of the border illustrate the wealth of new information at insurers’ fingertips to better comprehend large losses that can have a significant impact on reinsurance and reserves.

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OSFI’s Supervisory Ratings: Rating the Risk

April 1, 2003 by Canadian Underwriter

In 1999, the Office of the Superintendent of Financial Institutions (OSFI) – Canada’s federal regulator of financial institutions – released its “Supervisory Framework” outlining an innovative approach to supervision. The framework is risk-based and enhances OSFI’s ability to intervene on

News Insurance

Recognition of risk management growing, survey shows

February 18, 2003 by Canadian Underwriter

Financial institutions are showing an increased understanding of the need for enterprise-wide risk management (EWRM), says a survey of financial institutions from The Risk Management Association (RMA) and First Manhattan Consulting Group.Among 30 U.S.-based financial institutions, the study found that

News Insurance

France, Germany face almost $1.5 billion loss from windstorm

January 8, 2003 by Canadian Underwriter

Windstorm Calvann, which swept across France and Germany late last week, has produced Eur900 million in insured damages (Cdn$1.47 billion), according to preliminary estimates from Risk Management Solutions Inc.The California-based catastrophe risk management solutions provider says the January 2 storm