DANGEROUS WATERS: A GUIDE TO INSURING GENERAL LIABILITY MUNICIPAL PROGRAMS
June 1, 2001 David Wade, an independent risk management consultantMention Walkerton, and the immediate thought that jumps to mind is “water contamination”. The tragic deaths that occurred in Walkerton, Ontario last year as a result of contaminated water supply are a stark reminder of the importance of risk management. A proper risk management program applied by the Walkerton authorities could have averted the tragedy that took place. As such, insurers looking to underwrite general liability insurance products for municipalities need to focus on the appropriate risk containment programs applied by these insureds.
THE IBC’S “MAN IN BLACK”
June 1, 2001 Sean van Zyl, Editor“Some people regard lobbying as kind of dirty word. I don’t necessarily agree, I think a lot of positive initiatives, from public safety to consumer protection, have come about from efforts to influence public policy,” says the man who for a long time standing has been a major driving force behind regulatory reform lobby campaigns engaged by the Insurance Bureau of Canada (IBC). George Cooke, president of one of Canada’s more prominent “home bred” property and casualty insurers – The Dominion of Canada General Insurance Company – was recently appointed the chair of what will become a new and more formidable industry lobby body as the IBC and the Insurance Information Centre of Canada (IICC) merge from July this year.
the “EX GRATIA” payment
June 1, 2001 Linden Rees, president of Insurers Security Services Inc.The “supply and demand” forces that at various points of the insurance pricing cycle dictate the influence of relations between insurers and brokers has resulted in what many would regard as being “questionable practices” being brought into the marketplace over the years. Perhaps the most questionable of all is the “ex gratia” claim payment, a practice which seems to be becoming increasingly prevalent as the mega insurers fight to secure volume business of the broker networks.
BIRTH OF THE CAT BOND
May 1, 2001 Andrew RickardTHE FUTURE OF REINSUR ANCE FINANCING
Seattle quake estimates high
May 1, 2001 by Canadian UnderwriterAn earthquake that shook Seattle and nearby areas in Washington and Oregon will cost insurers about $330 million, says a press release from the Insurance Services Office (ISO). The quake, which struck on February 28 and measured 6.8 on the…
U.S. not out of woods
May 1, 2001 by Canadian UnderwriterWhile rates are on the rise, the price correction may not be enough to counter the U.S. industry’s expense problems, says a new report by A.M. Best. Figures from the last quarter of 2000, as well as yearend results, show…
UNLOCKING B.C.’S AUTO MARKET
May 1, 2001 Sean van Zyl, EditorAt the time of writing this article, less than two weeks remained before voters in British Columbia will be asked to choose a new provincial government. And, in the lead-up to B.C.’s provincial election set for May 16, polling results suggest that the current ruling New Democratic Party (NDP) will likely garner less than 20% of the popular vote, while the opposition Liberal Party seems to be favored by 80% of the province’s voters. As media reports in B.C. point out, it is not a case of whether the Liberals will win, but by how much. What does this have to do with the insurance industry? A change in government in B.C. this year – particularly with the Liberals in the driving seat – could herald the beginning of deregulation of the province’s $2.6 billion “basic auto” insurance marketplace which for the last 27 years has been legislatively protected and underwritten by the Insurance Corporation of British Columbia (ICBC).
THE CYBER RISK: protecting non-property losses
April 1, 2001 Fred Shurbaji, underwriting manager of Chubb & Son's departmentIn a relatively short period in the historical record of mankind’s social development and exploration, technology advancements over recent decades have thrust us beyond what anyone three generations past could possibly have envisaged. But, with the rewards of advancement also comes risk, and similar to the charting of hidden reefs by early sea trade merchants, modern-day businesses need to identify and defend against their online technology risks – both tangible and non-tangible property.
GISCO failure a test case for PACICC
April 1, 2001 by Canadian UnderwriterThe failure last year of Quebec insurer GISCO put the Property and Casualty Insurance Compensation Corporation (PACICC) pre-fund system to the test, and now new changes are in the works. At the corporation’s recent annual general meeting, president and CEO…
Defining the Cost of Risk
April 1, 2001 Vikki SpencerThe cost of risk in Canada rose in 1999, according to a survey from the Risk and Insurance Management Society. At the same time, administration costs for risk management departments fell, giving rise to the observation that risk managers are having to do more with less. And, with the hardening of the insurance market, already evident in the 1999 results, there promises to more pressure than ever on risk mangers to stretch their resources and find creative ways to finance risk.
DEVELOPING A PROFESSION
April 1, 2001 Vikki SpencerAt the recent Ontario Risk Management and Insurance Society (ORIMS) professional development day, a host of speakers expressed the need for expanding the knowledge and influence of risk managers in the corporate structure. With new approaches to risk financing and…
IN THE EYE OF THE STORM
April 1, 2001 Glenn McGillivray, assistant vice president & head of corporateThe prospect of a growing tornado loss potential due to underlying increases in exposed insurable equity coupled with the historical frequency associated with tornadoes do not bode well for the insurance industry’s future.