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.
Managing Operational Risk
March 1, 2003 Blake Hanna, Mark Smith and Dr. Craig MindrumWhen risk management is the capability that underpins an entire business model, one might expect that the business is also expert at managing internal, operational risk – the risks associated with the daily interaction among people, processes and tools as an organization works toward a goal. Unfortunately, that is rarely the case. A new study shows that there is much progress to be made in understanding and mitigating operational risks. And with corporate brands on the line, recent scandals have shown the result of ignoring these everyday risks.
Maximizing Risk Dollars
March 1, 2003 David Mair, Risk ExcellenceWhat do you do to get the most from your risk dollar? For many, this appears to be an activity question, with answers ranging from the negotiation and purchase of insurance, to loss prevention and loss control, to risk assessment. For business today, however, we must recognize this question as a value proposition to be answered not with questions about activity but with answers related to the strategic integration of risk management and the benefit it brings the organization as a whole. At a recent session hosted by Aon Reed Stenhouse in Toronto, chief financial officers from major Canadian corporations learned how good risk management fits into the overall corporate strategy.
Oh No… It’s “D&O”
March 1, 2003 Sean van Zyl, EditorWhile price strengthening in the North American commercial insurance marketplace had been well underway before 9/11, the terrorist attacks served as a catalyst that rocketed proper coverage prices upward. It was perhaps an unfortunate coincidence that the financial troubles of…
The D&O Shakeout
March 1, 2003 Craig HarrisShareholder activism, regulatory scrutiny and poor corporate governance practices have opened the floodgates to litigation against directors and officers in the post-Enron U.S. market. How much of this has spilled over to executive risk in Canada? A recently held D&O conference in Toronto looked to providing some direction for Canadian corporations.
Risk Management: 2003 More Of The Same
March 1, 2003 Vikki SpencerThe past year has been marked by sharply rising insurance rates, tightening terms of cover and scarce capacity across the various lines of commercial business. At a recent meeting of the Ontario Chapter of the Risk and Insurance Management Society (ORIMS), the speakers painted a dire outlook of the insurance environment facing risk managers in 2003.
III “groundhog” predicts weakened hard market
February 4, 2003 by Canadian UnderwriterIn a new survey by the U.S. Insurance Information Institute, Wall Street analysts predict that while the hard market will continue through 2003, its pace will slacken. Following up on its “Earlybird Forecast” late last year, the “Groundhog Forecast” suggests…
Accountants bear brunt of scandals – CIAA
February 1, 2003 by Canadian UnderwriterAccountants have become “human pinatas” following recent corporate scandals, television business analyst Dierdre McMurdy said at the a recent luncheon of the Canadian Insurance Accountants Association (CIAA). While the impact of new public accounting rules, including Ontario’s Bill-213, “remain to…
How Do I Rate … ?
February 1, 2003 Sean van Zyl, EditorWhere once catastrophes such as hurricanes, earthquakes and floods were the dread of property and casualty insurers worldwide, the post-9/11 risk environment has introduced a new threat, one which strikes to the heart of the insurance industry: corporate catastrophes. While…
North American Insurance Conference: Dawn of a New Day
January 1, 2003 Vikki SpencerThe financial numbers for insurers and reinsurers across North America are not good – but they may only tell part of the story of the property and casualty insurance industry’s woes. It has become a familiar refrain, the need to…
U.S. insurance regulation: GOING FEDERAL
January 1, 2003 Brian Reeve a partner at Cassels Brock & Blackwell LLPIn the assessment of its duty to defend, an insurer is entitled to go beyond the pleadings rule. Recent decisions from the Supreme Court of Canada have shed new light on the thorny question of when an insurer’s duty to…
Auto Product Reform: Effecting Change
January 1, 2003 Jacquelyn Stephens, executive director, Preferred Medical ProfesPending auto insurance product reform in Ontario presents new opportunities for insurers and their third-party vendors to collaborate in bringing the market back to a healthy state. However, change requires leadership, resolution and an enterprise-wide focus to be effective. We…