Rate Regulation, From Bad to Worse
August 1, 2001 Bill Star, president of Kingsway Financial ServicesMost jurisdictions have a form of rate approval systems for private passenger automobile risks but in recent times they have been going from bad to worse. Ontario, with its new rate filing system, is no exception
RISK MANAGEMENT: Maximizing Risk Evaluation Process
August 1, 2001 Perry Brazeau, Senior Vice President of Fm Global, Canadian DiviRising insurance prices, increased global risk exposure, and emerging non-property risks. Today’s risk management profession is facing a new corporate landscape where greater emphasis is being placed on a holistic approach to risk evaluation and cost. Can risk managers benefit from the expertise and risk tools developed by insurers?
The Insurance Revolution
August 1, 2001 Sean van Zyl, EditorGlobal expansion and risk diversification with emphasis on managing capital will serve as the cornerstones of the next development phase of the insurance industry, speakers at the recently held International Insurance Society (IIA) 37th annual seminar predicted. The event, which took place in Vienna, Austria, drew 530 senior insurance management delegates representing 50 countries. A survey carried out by the IIA of the attendees confirmed the common message of the speakers – the global insurance marketplace is at the brink of a revolution.
Insurance Pricing Boosts Captive Recovery
August 1, 2001 Andrew RickardIn a press release issued in early May, the American Council of Insurance Agents and Brokers announced the results of their first quarter survey. It showed rates rising significantly, with close to 90% of responding brokers suggesting that rates for…
Measuring Success Through Data Mining
August 1, 2001 Henry Hong, chief product architect, IDEA System, Insurance BureBy the end of this summer, Canada’s insurance information is expected to be available for individual insurers to conduct customized market analysis and benchmark their performance against the industry. The Insurance Bureau of Canada (IBC) will introduce the Insurance Data…
Liberals install new ICBC board (August 01, 2001)
August 1, 2001 by Canadian UnderwriterThe newly-elected Liberal government in British Columbia has made good on its promise to clean house at the Insurance Corporation of B.C. (ICBC). The recent appointment of new chairman Nick Geer has been followed by the replacement of other board…
Taking New Risks
August 1, 2001 Vikki SpencerWith the increasing emphasis being placed on the risk management function within the corporate setting comes increased responsibility and the demand for additional knowledge about a variety of risks. And, with Canadian companies moving forward into the global economy, the onus on risk managers to provide expert advice on new risks and new risk transfer opportunities is growing. This year’s conference of the Canadian chapters of the Risk and Insurance Management Society (CRIMS) is a chance to move risk managers into the new millennium, say organizers Paul Gray and Karin Zabel.
Liberals install new ICBC board (July 19, 2001)
July 19, 2001 by Canadian UnderwriterThe newly-elected Liberal government in British Columbia has made good on its promise to clean house at the Insurance Corporation of B.C. (ICBC). The recent appointment of new chairman Nick Geer has been followed by the replacement of other board…
Stock Insurers: Setting the Pace
July 1, 2001 Vikki SpencerWith the recent introduction of new insurance-related stocks on the American market, and the movement of Canadian stock companies onto exchanges south of the border, it would seem insurers are playing in the equities market spotlight. Speculation that the downfall of the technology sector could spur a return to more tried and true performers is coupled with recognition that hardening rates will bring a return to confidence in the insurance sector. But who among the Canadian players will come out on top? CU asks analysts and public company management what the key to stock market success will be.
Canadian reinsurers: AT PURGATORY’S GATE
July 1, 2001 Sean van Zyl, EditorLast year may have been a period in “hell” for global reinsurers. after seven consecutive years of declining rate adjustments spurred by weak market conditions, reinsurers were struck a double whammy of soaring catastrophic losses and a sudden reduction in retrocession capacity. action had to be taken, and was taken with treaty renewal rates rising around the globe. However, if last year was “hell”, then this year the industry must face “purgatory”, where the sins of the past will be tested against the resolve of reinsurers to implement the necessary premium rate adjustments desperately needed to regain profitability.
WHAT COMES AROUND…
July 1, 2001 by Canadian UnderwriterThe reason for cyclical rate peaks and valleys in the international insurance and reinsurance market always comes down to the issue of supply.; By Glenn McGillivray, assistant vice president & head of corporate communication at Swiss Reinsurance Co. Canada
RIMS CONFERENCE 2001: ON THE WORLDSTAGE
July 1, 2001 Vikki Spencer“We stand on the verge of an incredible opportunity.” With these words, incoming Risk and Insurance Management Society president David Mair opened the society’s 2001 conference in Atlanta. The opportunity, he says, comes from the changing insurance market, and the…