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.
Writing e-Law into the books
March 1, 2001 Vikki SpencerAs the world of insurance moves online, new laws are being established to validate online transactions, as well as protect consumer interests. Electronic signature and privacy legislation being enacted at both the federal and provincial levels will challenge the industry…
CYBER-EXPOSURE a risky business
March 1, 2001 Vikki SpencerCorporate takeovers. Plummeting stock prices. Falling profits. These used to be the primary fears of the corporate world. Today, enemy number one could be a fourteen-year-old sitting in front of a home computer with the power to bring business to…
E-INSURANCE: BREAKING DOWN REGULATORY BARRIERS
March 1, 2001 Sean van Zyl, EditorWith the recent approval of federal and provincial laws paving the way for the development of e-commerce, property and casualty insurance regulators in Canada face the tough decision of whether or not online buyers need the extent of “hand holding”…
Back-To-Basics on LOSS PREVENTION
March 1, 2001 Owen Kurin, loss prevention manager at The Citadel AssurancePreventing loss and detecting fraud – if the formula for achieving these two goals could be found, the insurance industry would be out of business. However, the knowledge insurers gain from experience can be used effectively to help clients reduce…
Cross-Canada broker survey BRIDGING THE GAP
March 1, 2001 Vikki SpencerA time of sweeping change. This is no understatement of the current regulatory, market and distribution conditions in the insurance industry. For the country’s brokers, this time of change means refocusing lobby efforts, translating the hardening of rates to their…
WIRELESS CLAIMS BEYOND THE INTERNET
February 1, 2001 Larry Snipes, director of product development and general insuraThe brave new world of the Internet brought a scope of accessibility never before experienced. And, just as insurers are beginning to grasp all that the Internet has to offer, the digital world is opening even more doorways with the…
Punitive damage claims: AN ARGUMENT FOR COVERAGE
February 1, 2001 Jim Cameron of Cameron & Associates Insurance Consultants Ltd.Just before Christmas, the Supreme Court of Canada heard argument in the case of Whiten v. Pilot. The original trial jury heard evidence that lead them to conclude that Pilot acted in bad faith against its insured Whiten and awarded…
New Heights for Regulation
February 1, 2001 Vikki SpencerLike it or not, Winston Morris, chair of Canadian Council of Insurance Regulators (CCIR) and assistant deputy minister of commercial and corporate affairs in Newfoundland and Labrador, has found his name in the news quite a bit lately. Public hearings…
Taking Shape: Insurers move online
February 1, 2001 Vikki SpencerThe potential of the Internet has been bandied about for the past several years and finally insurers seem to be taking heed of the message. In an effort to reduce escalating expense ratios, insurers are putting the Internet to work.…
SETTING THE STANDARD: Regulators tackle the Internet
February 1, 2001 Lawrie Savage, president of Lawrie Savage & Associates Inc.As insurers dip their toes into the vast ocean of e-commerce, regulators are donning their lifeguard gear in an attempt to protect consumers and the industry itself from the potential dangers lurking there. At home and abroad, the as yet…