Segment
Risk Management
RIMS supports TRIA extension
June 20, 2007 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has commended the June 18 introduction of the Terrorism Risk Insurance Revision and Extension Act (TRIREA) of 2007.RIMS strongly supports the reauthorization of TRIA and believes the introduction of this important measure represents…
What’s New: In Brief (June 18, 2007)
June 18, 2007 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has sponsored publication of a new handbook to help people make sense out of that nebulous area known as Enterprise Risk Management (ERM). The title of the book which would be familiar to…
What’s New: In Brief (June 18, 2007)
June 18, 2007 by Canadian UnderwriterAon Reed Stenhouse Inc. has announced the appointment of Christine Lithgow as executive vice president, national client service, market relations for Aon Reed Stenhouse and as a member of the national executive committee. Lithgow began her career at Reed Stenhouse…
Cat model updates increase demand surge assumptions
June 15, 2007 by Canadian UnderwriterThe catastrophe models in 2007 have updated their demand surge assumptions and industry exposure levels, resulting in an increase in estimated average annual losses, according to Fitch Ratings Hurricane Season 2007: A Desk Reference for Insurance Investors.Because catastrophe losses fell…
Insurance agents challenge RIMS on contingent commissions
June 14, 2007 by Canadian UnderwriterThe National Association of Professional Insurance Agents (PIA) in the United States has criticized a statement issued by the Risk and Insurance Management Society (RIMS), saying the groups position on incentive compensation undermines the free enterprise system.RIMS, the nations largest…
What’s New: In Brief (June 14, 2007)
June 14, 2007 by Canadian UnderwriterGreg Knowles has been appointed to vice president, marine manager for Canada at CNA. In addition to leading the marine book of business, Knowles will be responsible for developing, supporting and executing new initiatives including construction and HealthPro. He has…
Obesity epidemic could weigh heavily on insurers
June 14, 2007 by Canadian UnderwriterExperts at Lloyds are warning that the global obesity epidemic could have hefty implications for insurers claims payouts. Some jurisdictions are attempting to hold fast food restaurants liable for the epidemic, causing pre-emptive obesity legislation to be passed, particularly in…
What’s New: In Brief (June 13, 2007)
June 13, 2007 by Canadian UnderwriterTravelers has enhanced its SelectOne liability policy for investment advisors and funds in Canada, by protecting Independent Review Committee (IRC) members.National Instrument 81-107 requires the creation of an Independent Review Committee for each investment fund that is a reporting issuer.…
RMS predicts increased storm activity in 2007
June 12, 2007 by Canadian UnderwriterRisk Management Solutions Inc. (RMS) has predicted above-average activity during the 2007 tropical storm season, due to the dissipation of last years El Nino condition and a potential El Nina event on the horizon. Authors of the white paper 2007…
What’s New: In Brief (June 12, 2007)
June 12, 2007 by Canadian UnderwriterThe Co-operators Group Limited has donated more than Cdn$220,000 to 183 different charities across the country. The donations were made on behalf of staff members, each of whom contributed $75 to the charity of their choice. “We’re proud to stand…
Increased regulation “joined at the hip” with reputational risk
June 12, 2007 by Canadian UnderwriterInsurance companies interested in reducing regulation need to take a hard look at their reputational risks, Scott Newquist, the managing director of the consulting firm Perception Partners, told a seminar organized by the Insurance Bureau of Canada (IBC).Experience has shown…
Canada goes against global terrorism insurance trend
June 11, 2007 by Canadian UnderwriterThe Canadian government has failed to follow the global trend of becoming more involved in mitigating the risk exposure of insurance and reinsurance companies, according to a Guy Carpenter & Company, LLC report. While a number of countries have developed…