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Risk Management

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OSC releases corporate governance guidelines for comment

January 23, 2004 by Canadian Underwriter

The Ontario Securities Commission (OSC) has released for discussion new guidelines for accounting and disclosure for publicly-traded companies. The guidelines follow a Toronto Stock Exchange (TSX) announcement last fall that provincial securities regulators would now set the standards for corporate

News Insurance

Almost 40% of private companies anticipate d&o-based suit in 2004

January 23, 2004 by Canadian Underwriter

Nearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by

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CEOs extol virtues of ERM, but implementation is slow to catch on

January 23, 2004 by Canadian Underwriter

Global CEOs understand the need for enterprise-wide risk management (ERM), but say there are many barriers to full implementation, according to the 7th annual Global CEO Survey by PricewaterhouseCoopers.The survey found CEOs confident of future growth in revenue (80% of

News Insurance

Commercial property rates dropping; signs of flattening in liability

January 22, 2004 by Canadian Underwriter

Commercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd.Risk managers report not only are

News Insurance

Casualty line to cause risk managers headaches in 2004: Willis

January 13, 2004 by Canadian Underwriter

International broker Willis says Canadian organizations should expect no respite from directors’ and officers’ rate hikes, and a critical capacity shortage in professional liability heading into 2004.“The intensity in rate increases has shifted from property to the casualty lines,” writes

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Casualty rates continue climb in 2004: JLT

January 6, 2004 by Canadian Underwriter

International broker Jardine Lloyd Thompson says commercial clients should prepare themselves for further increases in liability rates this year as insurers continue to repair balancesheets and shy away from long-tail exposures.In its annual “state of the market” report, JLT says

News Insurance

New study highlights dangers of marijuana grow operations

December 23, 2003 by Canadian Underwriter

In a report highlighting concerns over commercial marijuana grow operations, insurance concerns over the increased danger of fire are being brought forward by the Ontario Association of Chiefs of Police (OACP).The OACP-commissioned report speaks to several concerns, including the cost

News Insurance

S&P pegs US commercial reserve shortfall at US$60 billion

December 16, 2003 by Canadian Underwriter

Notwithstanding asbestos and environmental liabilities, the U.S. commercial insurance market is facing a reserve shortfall of about US$60 billion, says rating agency Standard & Poor’s. This is despite reserve additions of US$22 billion in 2002 towards prior year losses.“As its

News Insurance

Consolidation push will be on in 2004: Towers

December 11, 2003 by Canadian Underwriter

In making its 2004 predictions for the insurance industry, Tillinghast-Towers Perrin says consolidation will be key trend in the coming year, with major players dominating the market.Taking off from the recent merger of St. Paul and Travelers, the firm predicts

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ICLR tells B.C. inquiry forest fire risk can be mitigated

December 10, 2003 by Canadian Underwriter

Speaking at the provincial review into B.C.’s “firestorm 2003”, the forest fires that caused extensive damage to several areas of the province this summer, the Institute for Catastrophic Loss Reduction (ICLR) highlighted why forest fire risk is growing and how

News Insurance

Insurers have “long way to go” on risk and capital management

November 14, 2003 by Canadian Underwriter

Global insurers are lagging in the implementation of programs to management risk and capital within their own organizations, according to a new study by Ernst & Young LLP.The “risk management and capital management survey” shows that 65% of insurers are

News Insurance

New risks challenge insurers and corporate clients

November 11, 2003 by Canadian Underwriter

As Canadian businesses face a new host of risks, the applicability of insurance as the proper means to cover those risks is coming into question, according to experts from KPMG LLP.SARS, blackouts, floods and hurricanes experienced through 2003 have put