Canadian Underwriter

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Risk Management


News Climate ChangeInsurance

B.C. earthquakes a “wake up call”

July 21, 2004 by Canadian Underwriter

Earthquakes which shook British Columbia this week point to the need for homeowners to ensure they have adequate coverage in place to deal with the earthquake risk, and to the need for disaster preparation to be in place in homes.The

News Climate ChangeInsuranceMergers and Aqcuisitions

Edmonton storm losses top $87 million

July 20, 2004 by Canadian Underwriter

Insured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional

News Insurance

What’s new: In brief (July 20, 2004)

July 20, 2004 by Canadian Underwriter

U.K. risk managers are welcoming word from the Financial Services Authority (FSA) that they will not be considered “intermediaries” under the new U.K. regulations. The Association of Insurance & Risk Managers (AIRMIC) says a letter it received from the FSA

News Insurance

U.S. commercial lines outlook stable: Fitch

July 19, 2004 by Canadian Underwriter

The outlook for the U.S. commercial lines sector has been revised from negative to stable by rating agency Fitch. Fitch had placed a negative rating on the sector since September 2000.Fitch says there will be fewer rating changes in the

News Insurance

U.K. firms more likely to put risk specialist in charge of corporate governance

July 19, 2004 by Canadian Underwriter

In a comparative study of companies in the U.K., U.S., Germany, France and the Netherlands, British firms were more likely to have a specific risk specialist to handle corporate governance functions, while U.S. firms largely put primary responsibility for this

News Insurance

RIMS members report rates dropping across all lines

July 15, 2004 by Canadian Underwriter

The soft market is well on its way, evidenced by findings in the second quarter 2004 Risk and Insurance Management Society (RIMS)/Advisen benchmark survey which show half of all commercial accounts seeing rate decreases on renewal.The survey of risk managers

News Climate ChangeInsurance

Actuaries say industry not ready to assume terrorism risk

July 14, 2004 by Canadian Underwriter

With the future of the Terrorism Risk Insurance Act (TRIA) currently being debated by U.S. legislators, the American Academy of Actuaries (AAA) says the insurance industry will not be prepared to assume the risk if TRIA is not renewed beyond

News Insurance

What’s new: In brief (July 14, 2004)

July 14, 2004 by Canadian Underwriter

Kingsway Financial Services has promoted Claude Smith to the role of vice president and chief information officer. Smith has been with the company four years, and most recently held the same titles with subsidiary Kingsway General Insurance. Kingsway Financial has

News Insurance

Bond insurance market maintains stability: Fitch

July 13, 2004 by Canadian Underwriter

In a new report on bond insurers, Fitch Ratings says the market is stable, owing to its predictable earnings stream and ultra-conservative risk profile, as well as its high levels of excess capital. Nonetheless, pressures exist to grow business and

News Insurance

New study looks at “best practices” for insurer risk management

July 12, 2004 by Canadian Underwriter

Insurers are increasingly focused on their own risk management practices in response to market turmoil as well as incoming regulatory changes. In a new study, Ernst & Young looks at best practices for insurers to evaluate, control and account for

News Insurance

Continued improvement in Canadian commercial property line

July 11, 2004 by Canadian Underwriter

In 2003, Canadian commercial property writers saw across-the-board improvement with rising rates and declining loss ratios, according to a new report by A.M. Best.Best’s data shows the net loss ratio in commercial property dropped to 49.5% in 2003, a 12.3

News Insurance

What’s new: In brief (July 07, 2004)

July 7, 2004 by Canadian Underwriter

U.S. life and health insurers posted a 310% jump in net income for 2003, earning US$30 billion versus US$7.3 billion in 2002, according to data from Weiss Ratings Inc. Rebounding equity markets were the major force, with capital losses dropping