9/11 One Year Later: Lingering Issues
September 1, 2002 Vikki SpencerAs the grim anniversary of the September 11 terrorist attacks in New York City and the Pentagon approached, its reverberations were still being felt. Battles in the Middle East rage on, the world’s economies continue to struggle and, in the realm of insurance, uncertainties linger. Chief among these is the lack of available terrorism coverage, specifically affecting aviation and commercial property lines. Despite hopes of a solution, a year after the tragedy that represents the largest loss in insurance history, the terrorism insurance market remains in disarray.
Protecting Value: An Enterprise-Wide Approach
August 1, 2002 Perry Brazeau, senior vice president of FM Global's Canadian divIn today’s climate of limited cover availability, increased costs and greater consequences on business returns, financial executives and risk managers must now find new solutions to help minimize their companies’ risk exposure. This is especially true in light of new research, which has found that contingency planning – once the realm of risk managers – has now reached the highest levels of the corporate boardroom.
Winners & Losers
August 1, 2002 Bill Star, president of Kingsway Financial Services Inc.The insurance industry has gone through two years of a hard market which started mid-2000 and became more restrictive following the disaster of September 11 of last year. Currently, the tight conditions experienced within the marketplace remain a dominating factor, particularly for managing general agents (MGAs) and program business.
Driving Out Costs
August 1, 2002 Sean Allen, director of financial services at XebecIt is evident that the key to improving profitability for insurance operations is reducing capital costs and creating more efficiency in day-to-day business functions. In the paper and regulatory-intensive world of insurance, efficient document management is critical to the business process.
Bridging Troubled Waters
August 1, 2002 Vikki SpencerAs risk managers converge in Saskatoon for the 27th Canadian Risk and Insurance Management (CRIMS) Conference in September, it is not difficult to predict what will be on their minds. The current market turmoil, including rising premiums, tightening terms and companies exiting lines of business or the market altogether, is causing major headaches for corporate insurance buyers. Hoping to bring insurers, risk managers and business partners together, conference chair Nowell Seaman says there is no more crucial time for networking and discussing the issues at hand than now.
Anderson, Davenport receive country’s highest honor
July 8, 2002 by Canadian UnderwriterFormer Insurance Bureau of Canada (IBC) president George Anderson is about to receive the nation’s highest honor, the Order of Canada. Anderson retired from the IBC earlier this year, after ten years in the top spot.“It is overwhelming to receive…
ISO raises WTC insured loss estimate by US$3.7 billion
June 19, 2002 by Canadian UnderwriterThe New York-based Insurance Services Office Inc. (ISO) has readjusted its insured property loss estimate from the World Trade Center (WTC) and Pentagon terrorist attacks of last year by US$3.7 billion to a total of US$20.3 billion.This latest loss figure,…
ICLR steps up research programs
June 1, 2002 by Canadian UnderwriterNoting the rising awareness of natural disaster costs, both in financial and human terms, the Institute for Catastrophic Loss Reduction (ICLR) has revealed a full slate of research programs for the year ahead. At the institute’s annual general meeting held…
Caught in a Crunch – Auto Insurers Face Litigation Nightmare
May 1, 2002 Vicki SpencerAuto insurers may have been caught asleep at the wheel, in light of the recent decision in McNaughton versus The Co-operators. The Supreme Court of Canada refused the insurer leave to appeal a decision which could see deductibles returned to thousands of drivers who have written off their vehicles. In the wake of the decision, and as insurers await potential certification of the case as a class action, industry-wide reaction is still being measured. But no clear answers are in sight — insurers and the legal public note that the case is raising as many questions as answers, with a potential pile-up of claims waiting to be addressed.
Looking Back… or to the Future?
April 1, 2002 Sean van Zyl, EditorAfter almost 10 years to the day since piloting the course of the Insurance Bureau of Canada (IBC), George Anderson has signaled a personal change in course. The long-standing president of the IBC — who held office during perhaps the “hottest political period” the property and casualty insurance industry faced to date — has retired, allowing what he describes as “new blood to step forward”.
Business Recovery Will Your Plan Work?
March 1, 2002 Karen Rutherford, partner at The Crisis Tool GroupThere should be fear coursing through the veins of chief information officers everywhere! A recent study released by the University of Houston showed that a mere 6% of businesses could survive following a catastrophic loss of data. “Sure”, some business owners say, “we’re okay because we have a plan”. Chances are, their faith may be misguided.
Enterprising Leadership
March 1, 2002 Vikki SpencerDespite the trials and tribulations of the current market, or perhaps because of them, risk managers have a chance to excel within the corporate structure. Incoming Risk and Insurance Management Society (RIMS) president Chris Mandel, a devotee of the enterprise risk management (ERM) approach says now is the time for risk managers to step up the plate and show their value within their organizations. While the challenges are many, risk managers also have a golden opportunity to shine.