Taking the Lash Out of Driving
December 1, 2002 Mary Lou Reilly, IBCAdjusting vehicle head restraints, or headrests, can help prevent the pain of whiplash, says a new Canadian study. The message for drivers: rest up and save your neck.
Primary Insurer Strategies 2003: The Next Round
December 1, 2002 Sean van Zyl, EditorThe year past was marked by financial downgrades of insurers and reinsurers, investment write-offs, falling capacity, multi-million dollar reserving adjustments and a scarcity of new capital. And, oh yes, this year was the first “real round” of the so-called “hard…
Weighing in MCT
December 1, 2002 Paul KovacsAnd then there was one. As from the beginning of 2003, the minimum capital test (MCT) replaces the various minimum asset tests (MAT) currently applied across the Canadian property and casualty insurance industry.
IBC launches headrest campaign
November 21, 2002 by Canadian UnderwriterFollowing research into the improper adjustment of headrests and their role in soft tissue injuries, the Insurance Bureau of Canada (IBC) is launching a national awareness campaign.The three-year campaign, “Rest up! Save your neck.” is aimed at teaching drivers how…
Toronto Fraud Forum: Taking a Stand
November 1, 2002 Vikki SpencerLife under Ontario’s current no-fault accident benefits system is no picnic for insurance adjusters and claims investigators. A system originally intended to curb fraud has in fact exacerbated the situation and insurers are fighting an uphill battle against a rising tide of fraudulent claims. At the recent Toronto Fraud Forum, the Ontario system was put under the microscope with the conclusion that insurers need to step up the heat against fraud.
Protecting Value: An Enterprise-Wide Approach
August 1, 2002 Perry Brazeau, senior vice president of FM Global's Canadian divIn today’s climate of limited cover availability, increased costs and greater consequences on business returns, financial executives and risk managers must now find new solutions to help minimize their companies’ risk exposure. This is especially true in light of new research, which has found that contingency planning – once the realm of risk managers – has now reached the highest levels of the corporate boardroom.
Wilson stresses need for global thinking
May 1, 2002 by Canadian UnderwriterInsurers should adjust their investment strategies in the face of an increasingly global marketplace, former federal cabinet minister and Brinson Canada Co. CEO Michael Wilson told attendees at a recent meeting of Canadian Insurance Accountants Association. Canadian p&c companies have…
OSFI pushes late filing penalty
January 1, 2002 by Canadian UnderwriterIn response to the high number of late filings from federally-regulated financial services companies, including insurers, the Office of the Superintendent of Financial Services (OSFI) has proposed regulations for “late and erroneous filings” penalties. The proposed regulation, which at the…
OSFI proposes late filing penalty regulation
December 6, 2001 by Canadian UnderwriterIn response to the high number of late filings from federally-regulated financial services companies, including insurers, the Office of the Superintendent of Financial Services (OSFI) has put out proposed regulations for its “late and erroneous filings” penalties framework.The proposed regulation,…
Back Stop…or “Stopped”
December 1, 2001 Sean van Zyl, EditorWith the deadline for yearend reinsurance renewals rapidly drawing near, a political game of “chicken” appears to be in play between insurers, reinsurers and the federal government. The Insurance Bureau of Canada (IBC) established a special task group following the…
Reinsurance Strategies 2002: Bargain Days Over
November 1, 2001 Sean van Zyl, EditorPrior to the terrorist attacks of September 11, reinsurers operating in Canada were adamant that 2002 treaty renewals would have to reflect general rate adjustments in the order of 15% to 25%. Most companies were mindful, however, of the prevailing and excessive competition within the Canadian marketplace, and in this respect seemed more hopeful than resolved that the rate adjustments they hoped to seek for next year would be achieved. The post-September 11 reinsurance landscape has changed dramatically. Covers available at “less-than-cost” pricing have vanished to be replaced by a steely attitude to both the terms and pricing of coverage. Reinsurers partaking in CU’s annual “Reinsurance Strategy Outlook” offer little hope for cheap pricing as the global cost impact of the terrorist attacks begins to bite. The message is clear: “The bargain days are over”.
The Smart Home of the Future
October 1, 2001 Andy Walker, Cyberwalker Media SyndicateJust as items in a store are tracked through UPN codes, the items in homes may soon be “tagged” and tracked. And this is just the beginning of new “smart home” technology. New systems are under development that could put a very different face on the house of the future.