Enterprise risk management, important but neglected
July 29, 2005 by Canadian UnderwriterEnterprise risk management is increasingly important as a tool to analyze and confront risks with 91% of risk management executives approximately 247 of the 271 surveyed by the Conference Board and risk management consulting firm Mercer Oliver Wyman inclined toward…
Proving the Pre-tax Plight
July 1, 2005 Richard Cutfield, Managing Partner and National Practice Leader, Income Trusts, Jones Brown Inc.Income trusts have recently experienced explosive growth as corporations seek to achieve stable cash flow and generate strong balance sheets. The key to successful trusts is in developing total comprehension of the risk profile these relatively new business structures present.
Insurance coalition requests federal intervention
June 14, 2005 by Canadian UnderwriterA coalition of over 100 insurers, financial institutions, agent groups and trade associations have called on the Senate Banking Committee in support of an optional federal charter for insurers. The coalition recently requested a federal regulator oversee the industry because…
Insurance Companies Act to be amended by new legislation
June 7, 2005 by Canadian UnderwriterGovernment elements of the Insurance Companies Act will be amended based on recent plans to introduce new legislation to modernize the corporate governance framework for Canada’s federally regulated financial institutions, according to Minister of Finance Ralph Goodale.The Insurance Companies Act…
IBC releases submission regarding Government’s consultation paper
June 2, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) recently sent its submission to the federal Department of Finance on the Government’s consultation paper, “An Effective and Efficient Legislative Framework for the Canadian Financial Services Sector.” Part of “Budget 2005,” the consultation paper…
Developing Website Strategies
June 1, 2005 Grant Fairley of Strategic SeminarsIn the decade or so since the World-Wide-Web (WWW) became a part of our business environment it has suffered from those who promised it as the instant future as well as those, like CB radios, who predicted it was just another fad. However, for more and more people, a company’s website is now the first “face” they see.
RIMS 2005 Conference: Revolution or Rebellion?
June 1, 2005 Vikki SpencerLittle did the drafters of the U.S. Declaration of Independence know how intensely to heart their call to free speech and revolutionary thinking would be taken by risk managers who recently met in Philadelphia for the annual Risk & Insurance Management Society (RIMS) conference. The city – which saw the foundation of liberty – was the site of frank dialogue between risk managers, brokers and insurers concerning the alarming regulatory issues now facing the property and casualty insurance industry.
Rethinking Rate Regulation
June 1, 2005 Jane Voll, chief economist at the Insurance Bureau of CanadaThe past three years has seen an unprecedented level of intervention by provincial governments in the setting of auto insurance prices. Over this period, an estimated $1.3 billion in auto insurance premiums has come under direct price controls in the form of mandatory rebates, rollbacks and price freezes. This number will move even higher when further mandatory price dictates come into effect this month in the province’s of Alberta and Newfoundland.
Chief risk officer position, a universal mainstay
May 17, 2005 by Canadian UnderwriterChief risk officers (CROs) are multiplying in the financial services sector and expected to grow exponentially in other industries. According to a recent survey of 137 global risk managers conducted by the Economist Intelligence Unit (EIU), mounting regulatory pressures and…
PACICC increases insolvency preparedness
May 1, 2005 by Canadian UnderwriterThe Property and Casualty Insurance Compensation Corp. (PACICC) says member insurers have agreed to increase their maximum permissible assessment to the guaranty fund in order to better prepare for future insolvencies. At the recently held annual general meeting (AGM), PACICC…
Rate, Risk and Reputation
May 1, 2005 Craig HarrisA recent gathering of industry leaders, organized by the CIP Society, featured animated discussions about future directions in the Canadian property and casualty insurance industry. Two broad themes of keeping rates (and risk assessment) realistic in a softening market and salvaging the industry’s reputation emerged as key messages.
compensation reform: Motivating Integrity
May 1, 2005 Luis Navas, senior vice president of Executive Risk Consulting“One of the great, as-yet-unsolved problems today is executive compensation and how it is determined” – SEC Chairman William Donaldson, 2004. How do insurers measure up? Independent advisory firm Executive Risk Consulting, which specializes in executive compensation and board effectiveness…