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Risk Management


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OSFI in 2007 preparing for fair value accounting, pandemics

May 28, 2007 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) in 2007 is preparing to move to International Financial Reporting Standards (IFRS).[OSFI] will soon begin to determine the implications for Canadian financial institutions and supervisors, Julie Dickson, OSFIs acting superintendent, told

News Climate ChangeInsurance

Swiss Re promotes risk analysis in light of EU “polluter-pays” legislation

May 25, 2007 by Canadian Underwriter

New, polluter-pay environmental legislation in the European Union is based on a new liability regime under public law and will create unprecedented loss complexes for which claims experience is not yet available, according to a recent report by Swiss Re.It

News Climate ChangeInsurance

Sharing risk knowledge a key to sustainable insurance: UN report

May 25, 2007 by Canadian Underwriter

Sharing risk knowledge, forming public-private partnerships, using information technology and partnering for distribution and consumer education are all means insurers can use to implement a campaign of proactive engagement in sustainable insurance, according to a report released by the Insurance

News Climate ChangeInsurance

Bermuda insurers face rate pressures; warns A.M. Best

May 25, 2007 by Canadian Underwriter

The calm 2006 storm season showered benefits on Bermuda insurers, but A.M. Best is warning that last years strong performance has set the stage for increased pressure on rates as a whole.In its 2007 Special Report: Bermuda 12-Month Financial Review,

News Climate ChangeInsurance

WHO pushes international sharing of H5N1 vaccines

May 24, 2007 by Canadian Underwriter

In an attempt to better prepare all countries in the case of an influenza pandemic, the World Health Organization (WHO) has reached an agreement that encourages international cooperation to ensure equal access to H5N1 vaccines and other pandemic vaccines. The

News Climate ChangeInsurance

SCOR to take WTC settlement to arbitration

May 24, 2007 by Canadian Underwriter

SCOR Reinsurance has served notice that it intends to take to arbitration a recent US$2-billion settlement that was designed to bring an end to the six-year legal battle between seven insurers and the leaseholder of the World Trade Centre over

News Insurance

RIMS publishes compensation survey

May 24, 2007 by Canadian Underwriter

On average, a U.S. enterprise-wide risk management professional earns an annual salary of US$130,997, according to The Risk and Insurance Management Society Inc. (RIMS)s 2007 Risk Management Compensation Survey.The survey presents base salary and incentive data for 12 industry-specific jobs,

News Insurance

Insufficient risk management barrier to insurance fraud detection: IAIS

May 23, 2007 by Canadian Underwriter

Barriers to addressing insurance fraud include insufficient risk management, commercial interests and public attitudes about fraud, according to findings in Report on the survey on preventing, detecting and remedying fraud in insurance, issued by the International Association of Insurance Supervisors

News Climate ChangeInsurance

What’s New: In Brief (May 22, 2007)

May 22, 2007 by Canadian Underwriter

Risk Management Solutions (RMS) has designed a trigger mechanism and performed the risk analysis for a Swiss Re securitization of typhoon risk in Japan. A Cayman Islands special purpose vehicle, Akibare Ltd. has provided collateralized coverage of $120 million over

News Climate ChangeInsurance

NOAA predicting above-average 2007 hurricane season

May 22, 2007 by Canadian Underwriter

There is a 75% chance the 2007 hurricane season will be above normal, according to the NOAA [National Oceanic & Atmospheric Administration].An average season is one in which there are 11 storms, six of which become hurricanes and two of

News Insurance

What’s New: In Brief (May 22, 2007)

May 22, 2007 by Canadian Underwriter

Marsh Inc. announced the launch of a dedicated renewable energy team, and named Susan K. Stokes and Tom Sexton as its co-leaders. The team will work closely with the firms global marine and energy practice and the power and utilities

News Insurance

U.K. insurance market must modernize, Lloyd’s CEO says

May 22, 2007 by Canadian Underwriter

London market businesses must continue to modernize and improve customer service levels, Lloyds CEO Richard Ward recently told a meeting of senior market figures.In a speech at the London Insurance Day Summit, Ward said that modernization was vital to the