Zurich research shows cyber claims pose ‘systemic risk’
May 31, 2014 byCyber-risk management professionals must look beyond their internal information technology safeguards to interconnected risks that could build up and create a global shock on a similar scale to the 2008 financial crisis, cautions recently published research from Zurich Insurance Group.…
Get Smart
May 1, 2014 Peter Hohman, President and Chief Executive Officer, Insurance Institute of CanadaA new program from the Insurance Institute of Canada teaches company board members the foundational principles and concepts of property and casualty insurance, a move meant to answer an updated federal guideline and the trend of more board members outside the p&c insurance industry.
Weather Beaten?
March 1, 2014 Greg Meckbach, Associate EditorClimate change is contributing to sea level rise, coupled with changing temperature and precipitation patterns. This has Canadian municipal risk managers grappling with challenges posed by more frequent and more severe disasters, including flood and damaging winds. While some officials focus on mitigation measures, such as improving drainage and building dikes, some experts suggest the best approach is to discourage development in high-risk areas, or at the very least, enforce building standards that reduce risk.
Soft Landing
March 1, 2014 Rohan Dixon, Chief Broking Officer, Aon Risk SolutionsUnderstanding and managing operational risks will be key to success in 2014, suggests a new outlook from Aon Risk Solutions. Organizations are advised to test the strength of their existing programs and develop risk management practices to lower their total cost of risk.
Beyond Fire
March 1, 2014 Doug McPhie, Partner & Canadian Insurance Leader, EYFor property and casualty insurers today, “risk” is a lot more than a four-letter word. By leveraging technology and focusing on the customer, and understanding of new and emerging risks can serve as a means for insurers to position themselves for growth going forward.
Real Puzzler
December 1, 2013 by Canadian UnderwriterThings are changing for property and casualty insurers. In Canada, 2013 provided a dramatic illustration of how one event (or two) threaten to jumble the pieces expected to be part of the p&c puzzle moving forward. Preparing for everything from the best to the worst – and understanding how a single piece can influence the p&c solution as a whole – may be the most reliable way to approach the times ahead.
Reluctant Innovators
December 1, 2013 Karen Forward and Allan Buitendag, PwCCanadian financial institutions are struggling with innovation, new research by PwC shows. How can these institutions, including insurance companies, change to focus on opportunities, rather than barriers, and ensure that they are not outrun by more innovative players in the years to come?
Moves and Views
December 1, 2013 by Canadian Underwriter1 The Travelers Companies Inc. has completed its acquisition of The Dominion of Canada General Insurance Company from E-L Financial Corporation Ltd. The combined organization, which will be referred to as Travelers Canada, will remain headquartered in Toronto, Travelers Companies…
Best Foot Forward
September 30, 2013 Education Forum: A Series of Articles Provided by the Insurance Institute of CanadaBrand and Reputation in the P&C Sector
Moves and Views
September 1, 2013 by Canadian Underwriter1 EGI Financial Holdings Inc. announced in August it has reached an agreement to sell the company’s non-standard automobile insurance operations in the United States. It has entered into a stock purchase agreement with Michigan-based White Pine Insurance Company, in…
Getting Ready for ORSA
April 1, 2013 J. Brian ReeveCanada, along with the rest of the world, will be subject to new Own Risk and Solvency Assessment rules in the future. ORSA is intended to provide a more effective means for insurers and insurance regulators to be able to effectively monitor insurance risk and capital requirements on a prospective, rather than retrospective, basis.
Risk, Interrupted
March 1, 2013 Angela Stelmakowich, EditorMany events can cause business interruption, although natural catastrophes are the most obvious culprits. Whether close to home, across the country or around the world, these events can interrupt – even break – supply chains that allow businesses to run. To stop green light from turning to red, risk management at the front end and perhaps contingent business interruption at the back end is well-advised.