A Stronger Voice
April 1, 2004 Sean van Zyl, EditorThe most recent hard market pricing cycle of the property and casualty insurance industry has been a test of endurance for brokers across the business spectrum. And, while the tight marketplace is seen to have generally brought about a leaner and more efficient distribution channel primarily through Canada’s independent broker network, today’s insurance environment also stresses the different needs of intermediaries according to the classes of business they handle. As such, the Toronto Insurance Conference’s newly appointed president Robert Jones says the organization plans to increase its visibility this year in terms of advocacy and identifying the specific needs of its commercial broker members.
Travelers, St. Paul merger to take effect April 1
March 30, 2004 by Canadian UnderwriterFollowing shareholder support, and settlement of a shareholder lawsuit, the Travelers-St. Paul merger is set to take place April 1, the companies announce.Shareholders had approved the merger two weeks ago, with regulators following suit. The new company, St. Paul Travelers,…
CICMA/CIAA Joint Conference: Testing the Limits
March 1, 2004 Vikki SpencerAs claims managers and adjusters entered the new year they faced tough federal privacy legislation which presented a host of unknown factors to their work environment: public reaction, professional limitations, and whether the industry’s existing claims handling standards would hold…
Taking CAT Risks to the Next Advancement
February 1, 2004 Dennis KuzakThe longstanding business of insurance – whereby risk of loss is transferred for a price per a set contract – has withstood wars, disasters, politics and time. Yet, the business of risk transfer has not remained “timeless” in that market forces have adapted with the changing needs of a developing and ever advancing society. The growing popularity of “cat bonds” as a form of investment as well as that of risk hedging against large unexpected losses therefore should come as no surprise to insurers.
OSC releases corporate governance guidelines for comment
January 23, 2004 by Canadian UnderwriterThe Ontario Securities Commission (OSC) has released for discussion new guidelines for accounting and disclosure for publicly-traded companies. The guidelines follow a Toronto Stock Exchange (TSX) announcement last fall that provincial securities regulators would now set the standards for corporate…
Almost 40% of private companies anticipate d&o-based suit in 2004
January 23, 2004 by Canadian UnderwriterNearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by…
Insurer IT spending up marginally in 2004, says consultant
January 13, 2004 by Canadian UnderwriterU.S. general insurers will spend slightly more on information technology (IT) in 2004, but funding will be limited and focused, says research and consulting firm TowerGroup.In its annual forecast, the consultant says the industry faces similar challenges to the life…
Privacy in Perspective
January 1, 2004 Craig HarrisCanada’s Personal Information Protection and Electronic Documents Act (PIPEDA) has generated controversy on several fronts, with some arguing that private sector companies are woefully unprepared, while others accuse lawyers and consultants of scare-mongering. A legal challenge from Quebec in late December on PIPEDA’s constitutionality only adds to the confusion. While many support the principles of the legislation, several point out that ambiguities in its practical application will have to be navigated carefully – or interpreted by the courts.
Risk Management: Changing Times
September 1, 2003 by Canadian UnderwriterNo one would disagree that the world of risk management has changed completely over recent years. Risk managers of today have to contend with corporate scandals and property risk exposures that before the 9/11 terrorist attacks were inconceivable. For many risk managers this is also the first real hard insurance market they have encountered during their careers. It is in such times that the role of professional bodies become invaluable to their members. And, as veteran risk managers Glen Frederick and Anne Chalmers prepare for this year’s RIMS Canada conference to be held in Victoria, B.C., they promise that the event will be very much focused on the tools and solutions available to risk managers during such volatile times.
Disclosure of Insurance
July 1, 2003 Ani Abdalyan, barrister & solicitorOntario’s rules of civil procedure have not always mandated disclosure of insurance. In the years before 1984, under Ontario’s old rules, plaintiffs settled or proceeded to trial with no knowledge of whether the defendant was insured. Counsel used strategies to get around the lack of procedural requirement to disclose insurance.
“New School” Adjusting
July 1, 2003 Vikki SpencerAdjusting may be a time-honored profession, but it is one facing an intense period of transition. New privacy rules, varied and changing auto insurance systems, the rise of class actions and growing concern with potential bad faith lawsuits. As if…
Federal Privacy Legislation Countdown Begins
July 1, 2003 by Canadian UnderwriterWith provincial privacy legislation stalled, insurers must prepare for the federal act to come into force at the beginning of 2004, notes David Young of Lang Michener in a recent presentation to the Canadian Insurance Accountants Association (CIAA) in Toronto.…