The dramatic incident that took place in Walkerton, Ontario during the final two weeks of May, 2000 will go down in history as a tragic example of the suffering and disruption that can occur when municipal and provincial agencies fail to act on system safeguards. The events that led up to the contamination of Walkerton’s water supply present valuable lessons in risk management as well as serious considerations for insurers underwriting municipal risks.
When a tornado ripped through Pine Lake, Alberta in July of this year, confusion was the order of the day. Local emergency authorities and the media swarmed around the devastated area trying to assist the victims. Insurers and adjusters were also there, providing swift service in getting the residents back on their feet
Ontario-based brokerage Cowan Insurance Group has teamed with Internet software developer Open Text Corporation and AOL Canada to introduce the first online, real-time multi-company quotation and buying system in Canada. The “cowaninsure.com” service, which was launched toward the end of…
I expect there was an audible and collective sigh of relief from the management of tobacco manufacturer RJR-MacDonald Co. and their insurers when a New York district court recently dismissed the Canadian federal government’s US$1 billion lawsuit. The lawsuit was…
Counting the costs of risks associated with the rapid rise of computer technology is no simple task, say risk managers. But, recent surveys say “cyber risks” will be the next big challenge. Are today’s risk managers prepared to stay afloat in these dangerous waters, or will they be sitting ducks?
Growth in the formation of captives for self-insurance and the facilitation of alternative risk transfer (ART) transactions is expected to rise by 5% per annum through to the end of 2005, according to rating agency A.M. Best Company. Specifically, the…
Estimates suggest that roughly 65% of Canadian small to medium size enterprises (SMEs) engaged in manufacturing currently do not have equipment breakdown coverage, according to research by the Boiler Insurance and Inspection Company of Canada (BI&I). Clearly the owners of…
The old adage ‘you have to spend money to make money’ should be taken to heart by today’s insurance companies, say the industry’s claims managers. Canada’s top insurers agree that customer service is the name of the game, and claims handling the key to keeping customers on board. Companies that sacrifice customer service in the name of cost saving are in danger of paying the price in the long run.
With increasing technological and market pressures coming to bear on the broker distribution channel, it is more important than ever for brokers to market their expertise and customer-service excellence, says Renate Mueller, new president of the Insurance Brokers Association of…
There is little wonder to why insurance company leaders are reluctant to embrace e-commerce wholeheartedly. Having being struck a double whammy of first “panel beating” their multi-million dollar legacy-based systems into shape for Y2K, then being told these same platforms…
What are some of the world’s reinsurers doing to move forward amid what has been the worst market downturn in recent memory?
The Risk and Insurance Management Society 2000 Conference & Exhibition, which was recently held in San Francisco, drew a record number of more than 12,000 attendees and exhibitors. The event marked the society’s 50th anniversary as the North American body…