Like druids, witches and warlocks of ancient folklore, financial risk evaluators such as actuaries are generally treated by management of financial institutions with a degree of awe and suspicion. The mathematical risk recipes presented by these modern day wizards may…
Technology shopping-lists and three-page security policies are no longer an adequate network security planning method for an insurance company. It used to be information technology (IT) management would seek funding approval for firewalls, anti-virus tools, and the computers to run…
The first phase of Bill C-6, the federal government’s Personal Information Protection and Electronic Documents Act, becomes law on January 1, 2001. Only Canada’s Schedule-A banks, wholly regulated companies such as Air Canada and Bell, and data gathering organizations such…
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. Waterloo Region Insurance Professionals…
With the globalization of business, companies are increasingly opening themselves up to exchange rate risk.
Another reinsurer has withdrawn capacity from the Canadian market with Rhine Reinsurance’s recent decision to discontinue its facultative business. The reinsurer experienced “marginal losses” in this area since it entered this particular line three years ago, says Patrick King, chief…
Counting the costs of risks associated with the rapid rise of computer technology is no simple task, say risk managers. But, recent surveys say “cyber risks” will be the next big challenge. Are today’s risk managers prepared to stay afloat in these dangerous waters, or will they be sitting ducks?
The recently released A.M. Best Claims Report for the Canadian property and casualty insurance market highlights several interesting trends in the structuring of company reserves and the actual impact of claims versus reserving estimates across the business lines. Most importantly,…
I expect there was an audible and collective sigh of relief from the management of tobacco manufacturer RJR-MacDonald Co. and their insurers when a New York district court recently dismissed the Canadian federal government’s US$1 billion lawsuit. The lawsuit was…
Growth in the formation of captives for self-insurance and the facilitation of alternative risk transfer (ART) transactions is expected to rise by 5% per annum through to the end of 2005, according to rating agency A.M. Best Company. Specifically, the…
The dramatic incident that took place in Walkerton, Ontario during the final two weeks of May, 2000 will go down in history as a tragic example of the suffering and disruption that can occur when municipal and provincial agencies fail to act on system safeguards. The events that led up to the contamination of Walkerton’s water supply present valuable lessons in risk management as well as serious considerations for insurers underwriting municipal risks.
Aging infrastructure, cut budgets and a blind political eye. With increasing pressure to cut taxes, Canada’s federal and provincial governments have for decades reduced investment and maintenance expenditure in public infrastructure. Repeatedly, reports have been issued of the resulting dangerous…