Views (June 01, 2003)
June 1, 2003 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) and Institute for Catastrophic Loss Reduction (ICLR) are doing their part to build safer communities. The IBC recently launched a program to honor “disaster-prepared” communities, while the ICLR unveiled the country’s first “disaster-resistant” home,…
Facing Disaster
June 1, 2003 Stephen McWilliamWhen you read the headlines these days, there is a sense of susceptibility and unease amongst top executives when it comes to the security of their critical information systems – most often the lifeblood of their organization. Whether it is…
Survey shows half of U.K. corporations feel unprepared for terrorist attack
May 20, 2003 by Canadian UnderwriterA new survey suggests only about half of corporations in various sectors in the U.K. feel prepared to deal with the consequences of a terrorist attack. Digital security company mi2g, along with the Association of Insurance and Risk Managers (AIRMIC),…
U.S. commercial pricing shows signs of stability: CAIB
April 22, 2003 by Canadian UnderwriterBrokers and agents in the U.S. are reporting signs of more stable pricing in the commercial p&c market, according to a survey by the Council of Insurance Agents and Brokers (CIAB). In its quarterly “Market Index”, the CIAB finds premiums…
Loss control spending up despite pressure to economize
April 11, 2003 by Canadian UnderwriterDespite corporate pressure to reduce expenses, risk managers are paying more for loss control, says a study by Chubb & Sons. In “Managing the Cost of Risk”, Chubb finds that last year, 50% of respondents report an increase in spending…
PACICC ponders future in Newfoundland
March 1, 2003 by Canadian UnderwriterThe industry’s guaranty fund is considering its future role in Newfoundland, members heard at the recent annual general meeting of the Property & Casualty Insurance Compensation Corporation (PACICC). Newfoundland recently proposed that insurers cover 100% of unearned premiums in the…
Managing Operational Risk
March 1, 2003 Blake Hanna, Mark Smith and Dr. Craig MindrumWhen risk management is the capability that underpins an entire business model, one might expect that the business is also expert at managing internal, operational risk – the risks associated with the daily interaction among people, processes and tools as an organization works toward a goal. Unfortunately, that is rarely the case. A new study shows that there is much progress to be made in understanding and mitigating operational risks. And with corporate brands on the line, recent scandals have shown the result of ignoring these everyday risks.
Claims Management Strategies 2003: Competing Interests
January 1, 2003 Vikki SpencerWhat promised to be the “year of the rebound” in 2002 was anything but. Despite price hardening, claims have continued to grow, particularly with never-ending medical payouts on auto claims. And, this is just the tip of the iceberg facing…
III puts tornado losses at US$290 million
November 15, 2002 by Canadian UnderwriterTornadoes and windstorms sweeping across several U.S. states earlier this week could cost insurers US$290 million, says the Insurance Information Institute (III).The figure comes from preliminary survey data provided by AIR Worldwide, a subsidiary of the Insurance Services Office (ISO),…
Throne speech gives attention to climate change
October 1, 2002 by Canadian UnderwriterIn the swirling controversy over the Kyoto Protocol, yesterday’s throne speech from Prime Minister Jean Chretien focussed on the environment and climate change as among the nation’s priorities. “On a global scale, the problem of climate change is creating new…
Isidore wreaks US$100 million damage on Louisiana (October 01, 2002)
October 1, 2002 by Canadian UnderwriterInsurers in Louisiana will be paying out US$100 million in the wake of Tropical Storm Isidore, according to the state’s insurance regulator.Acting insurance commissioner Robert Wooley says the storm, which hit largely in the south part of the state, caused…
III pegs 9/11 losses at US$40.2 billion
September 12, 2002 by Canadian UnderwriterNew York-based Insurance Information Institute (III) is tallying losses from the September 11, 2001 terrorist attacks at US$40.2 billion. The attacks represents not only the largest loss in insurance history, but also the most complex, notes III president Gordon Stewart.“The…