Primary Insurer Strategies 2003: The Next Round
December 1, 2002 Sean van Zyl, EditorThe year past was marked by financial downgrades of insurers and reinsurers, investment write-offs, falling capacity, multi-million dollar reserving adjustments and a scarcity of new capital. And, oh yes, this year was the first “real round” of the so-called “hard…
Traditional reinsurance sector still lives
December 1, 2002 by Canadian UnderwriterDespite major financial upsets over the past two years, culminating in the devastating loss arising from the World Trade Center (WTC) terrorist attacks, the global reinsurance sector is emerging “alive and well”, says Ross McKenzie, CEO of Aon Re International.…
RIMS Canada 2002 Conference: A Hard Market Face-Off
November 1, 2002 Vikki SpencerWhen risk managers gathered in Saskatoon recently for the 2002 RIMS Canada Conference, an air of tension could be felt. Rising pricing, shrinking capacity and new exclusions have caused a rift in insurer relations with their commercial buyers. It was…
Bridging Troubled Waters
August 1, 2002 Vikki SpencerAs risk managers converge in Saskatoon for the 27th Canadian Risk and Insurance Management (CRIMS) Conference in September, it is not difficult to predict what will be on their minds. The current market turmoil, including rising premiums, tightening terms and companies exiting lines of business or the market altogether, is causing major headaches for corporate insurance buyers. Hoping to bring insurers, risk managers and business partners together, conference chair Nowell Seaman says there is no more crucial time for networking and discussing the issues at hand than now.
FSCO passes guidelines on insurer investments
March 4, 2002 by Canadian UnderwriterFollowing the release of a consultation paper last fall, the Financial Services Commission of Ontario has passed, as part of a budget bill, changes to the restrictions on insurer investment portfolios. The changes are to make the province’s regulations more…
Losing by Default
March 1, 2002 Glenn McGillivray, assistant vice president & head of corporateWith a softening economy — which was exacerbated greatly by the 9/11 events — an economic crisis in Argentina, and a record-breaking string of corporate bankruptcies over the last months, many companies quickly learned that natural and man-made catastrophes present just one type of threat to the balance-sheet.
Enterprising Leadership
March 1, 2002 Vikki SpencerDespite the trials and tribulations of the current market, or perhaps because of them, risk managers have a chance to excel within the corporate structure. Incoming Risk and Insurance Management Society (RIMS) president Chris Mandel, a devotee of the enterprise risk management (ERM) approach says now is the time for risk managers to step up the plate and show their value within their organizations. While the challenges are many, risk managers also have a golden opportunity to shine.
Profitability “first line of defence”, says regulator
February 13, 2002 by Canadian UnderwriterProfitability is the “first line of defence” for insurers facing rough financial times, says the country’s top regulator. In a speech to the Empire Club, superintendent Nick Le Pan of the Office of the Superintendent of Financial Institutions notes that…
Facility voices opposition to Newfoundland auto plans
December 3, 2001 by Canadian UnderwriterIn a response to the Newfoundland government’s consultation paper on auto insurance reform, the Facility Association (FA) has come out strongly against several proposed changes to its operation in that province.The plan calls for the government to control the membership…
2001 CIAA Conference: Perilous Times
November 1, 2001 Vikki SpencerAs the Canadian Insurance Accountants Association (CIAA) held its annual convention in Montreal in late September, the terrorist attacks just days prior that shook the U.S. and the insurance industry worldwide were heavy on the minds of many. The attacks cast a pall over an already troubled industry, everyone agrees, and put the industry’s financial woes front and center.
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.
THE IBC’S “MAN IN BLACK”
June 1, 2001 Sean van Zyl, Editor“Some people regard lobbying as kind of dirty word. I don’t necessarily agree, I think a lot of positive initiatives, from public safety to consumer protection, have come about from efforts to influence public policy,” says the man who for a long time standing has been a major driving force behind regulatory reform lobby campaigns engaged by the Insurance Bureau of Canada (IBC). George Cooke, president of one of Canada’s more prominent “home bred” property and casualty insurers – The Dominion of Canada General Insurance Company – was recently appointed the chair of what will become a new and more formidable industry lobby body as the IBC and the Insurance Information Centre of Canada (IICC) merge from July this year.