Walkerton: a risk management nightmare
September 1, 2000 William Blakeney, senior partner at Blakeney Henneberry BakshThe 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.
ALBERTA GOVERNMENT ESTABLISHES RELIEF PACKAGE
September 1, 2000 by Canadian UnderwriterAlthough much of the damage caused by the Pine Lake tornado was insured, the Alberta government has set aside funds to pay for uninsured losses and to cover emergency service expenses. The multimillion-dollar relief package includes an automatic $3,000 award…
Coming THrough A Crisis
September 1, 2000 Vikki SpencerWhen 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
Risk Management: DANGER OF THE CYBER DEEP
September 1, 2000 Vikki SpencerCounting 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?
GOING FOR THE NICHE APPLE
September 1, 2000 Mike Wills, leader of Royal & SunAlliance's Specialty SolutionsGlobalisation has created an expanded market in Canada for specialty niche lines of business. Products such as alternative risk financing or equipment maintenance management which have historically been unavailable in Canada either because the market was too small to support such activity, or large insurers were reluctant to break new ground, are now washing up on Canadian shores.
Alberta, Ontario struck by tornadoes
August 1, 2000 by Canadian UnderwriterThe aftermath of tornado action in late July left massive damage in parts of Alberta and southern Ontario – the insured cost of which is likely to run into millions of dollars. As a result, the Insurance Bureau of Canada…
Sweet but Deadly, Lessons From Walkerton
August 1, 2000 David CarrAging infrastructure, cut budgets and a blind political eye. With increasing pressure to cut taxes, Canada’s federal and provincial governments have for decades reduced investment and maintenance expenditure in public infrastructure. Repeatedly, reports have been issued of the resulting dangerous…
When it rains, it pours
July 1, 2000 by Canadian UnderwriterThe torrential and almost record downpour resulting from a rainstorm which struck southern Ontario over the weekend of May 12th and 13th of this year is expected to cost insurers about $68 million in insured damages, according to preliminary figures…
Turning a slow corner: Canadian Insurance Congress 2000
July 1, 2000 Sean van Zyl, EditorThe 2000 Canadian Insurance Congress — which this year celebrated its tenth anniversary as Canada’s premier annual reinsurance/primary company CEO forum — drew together a strong cast of speakers from across the sectors of the North American property and casualty…
WANTED: Partners against natural disasters
July 1, 2000 Linda Matthews, COO of Royal & SunAlliance CanadaFor most Canadians, a natural disaster is something that takes place half a world away, generally in poor, under-developed countries, across the hurricane swept Caribbean, or along the southeast coast of the U.S. But more natural disasters are happening in our own backyard, adding to the burden of risk management, and raising concern that resources for immediate disaster relief will be spread too thin.
Catastrophe loss mitigation: Saving What We Have
June 1, 2000 Sean van Zyl, EditorIncluded in the federal government budget for the current fiscal year was a long-range allocation of several billion dollars to be earmarked for provincial infrastructural development projects. The property and casualty insurance industry’s recently formed Institute for Catastrophic Loss Reduction…
Maximizing Auto Claims
May 1, 2000 Roch Lacroix, vice president of Mitchell International CanadaAuto physical damage claims (APDs) represent a significant portion of claim costs for most insurers dealing in personal lines business. But, should this area of claims management be simply seen as the “dark evil” of being in the business, or…