Global risks must be corporate focus: Aon
July 28, 2003 by Canadian UnderwriterReleasing its annual “report card for the world”, broker Aon Corp. says there are new threats to corporations dealing in the global business world.Among these is the risk of war in the Korean Peninsula, a more serious threat than may…
Canadian companies feel confident of fraud coverage
July 9, 2003 by Canadian UnderwriterDespite almost half of Canadian companies reporting themselves a victim of economic crime, most feel they are well prepared to deal with the problem.In a study by Pricewaterhouse Coopers, 50% of Canadian companies say they have been a victim of…
The Invisible Hand
July 1, 2003 Glenn McGillivrayWith a great number of property and casualty insurers and reinsurers operating in this country being owned by foreign parent companies, the market here is often influenced by decisions taken in far off home-offices.
“Kick-Starting” Competition in B.C.
June 1, 2003 Sean van Zyl, EditorThis year’s annual general meeting and conference of the Insurance Brokers Association of British Columbia (IBABC), which was recently held in Victoria, focused on implementation of increased competition in the province’s optional auto insurance marketplace. Also included in the association’s top priorities in the year ahead is facilitating increased underwriting capacity in commercial lines, where the province’s brokers have most experienced the effect of the “hard market” cycle.
Profile: Mutual Attraction
May 1, 2003 Vikki SpencerSince their inception in 1696 in London, England, mutual insurers have outlived the ups and downs of the insurance industry cycle, competition from large multi-national carriers and even changes to their own operating style. In Canada, their presence has been felt in rural communities and beyond since 1836. Today, members of the Canadian Association of Mutual Insurance Companies (CAMIC) represent annual premiums of about $1.2 billion and serve 1.5 million policyholders, or about 6% of the total Canadian marketshare. CAMIC president Normand Lafreniere says that, although the issues impacting mutual companies have changed over the last 150 years, their foundation of cooperation remains.
RIMS Conference 2003: The Age of Risk
May 1, 2003 Vikki SpencerThe concept of “risk” has been at the center of public attention since the events of 9/11 through corporate scandals and most recently, with the spread of severe acute respiratory syndrome (SARS). And, risk managers, meeting in Chicago recently for this year’s Risk & Insurance Management Society (RIMS) conference, are more than aware of the impact this new “age of risk” is having on premiums. However, despite these “trying times”, risk mangers have evolved within the corporate culture.
Tillinghast study shows 30% hike in D&O pricing for U.S./Canada
April 28, 2003 by Canadian UnderwriterA study released by Tillinghast – Towers Perrin based on a survey of U.S. and Canadian corporations on the purchase of directors’ and officers’ (D&O) insurance indicates that pricing rose on average by 30% for 2003 covers despite an overall…
Final Belton Report calls for change
April 21, 2003 by Canadian UnderwriterIn its final edition, the Belton Report calls for change both within the insurance industry and from legislators to deal with the slippery slope of insurer returns. Author Ted Belton says the call of “real retirement” beckons, and in this…
Loss control spending up despite pressure to economize
April 11, 2003 by Canadian UnderwriterDespite corporate pressure to reduce expenses, risk managers are paying more for loss control, says a study by Chubb & Sons. In “Managing the Cost of Risk”, Chubb finds that last year, 50% of respondents report an increase in spending…
Nuked Covers?
April 1, 2003 Craig HarrisInsurance and reinsurance companies are trying to get on the same page when it comes to exclusions, particularly for fire following nuclear incidents. According to sources, it’s a work in progress. Primary insurers are caught between a classic rock and…
OSFI’s Supervisory Ratings: Rating the Risk
April 1, 2003 by Canadian UnderwriterIn 1999, the Office of the Superintendent of Financial Institutions (OSFI) – Canada’s federal regulator of financial institutions – released its “Supervisory Framework” outlining an innovative approach to supervision. The framework is risk-based and enhances OSFI’s ability to intervene on…
Profile: Walk the Talk
March 1, 2003 Vikki SpencerRisk managers are facing the worst of times. The hard market is in full swing, scandals have shaken corporate America and the terrorist threat continues to loom. But this is also the best of times, says incoming Risk and Insurance Management Society (RIMS) president Lance Ewing. Risk managers have the chance to show their creativity, to assert their role as the “corporate conscience”, and to help each other weather the rough winds.