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.
Protecting Value: An Enterprise-Wide Approach
August 1, 2002 Perry Brazeau, senior vice president of FM Global's Canadian divIn today’s climate of limited cover availability, increased costs and greater consequences on business returns, financial executives and risk managers must now find new solutions to help minimize their companies’ risk exposure. This is especially true in light of new research, which has found that contingency planning – once the realm of risk managers – has now reached the highest levels of the corporate boardroom.
XL increase reserves by $200 million for Sept. 11 claims
July 18, 2002 by Canadian UnderwriterXL Capital Ltd has announced that it is increasing reserves for losses relating to the September 11 attacks by $200 million and expects to report net investment losses of approximately $120 million for the quarter ended June 30, 2002 largely…
On The Move (June 01, 2002)
June 1, 2002 by Canadian UnderwriterThe Risk and Insurance Management Society honored retiring Canadian director of legislative, risk management and public affairs Lloyd Hackett recently at its annual conference in New Orleans. Making the presentation is Mike Phillipus, vice president of communications & external affairs…
News (June 01, 2002)
June 1, 2002 by Canadian UnderwriterThe Ontario Chapter of the Risk and Insurance Management Society (RIMS) held its annual dinner at the Hudson’s Bay Company in downtown Toronto recently. Past president Ed Martingano passed the gavel to new president Karin McDonald, and also presented a…
Insight: Coverage Crisis: Raining on the Parade?
June 1, 2002 Craig HarrisEvents from air shows to street festivals to sporting venues have suffered the wrath of insurers in the form of sharp premium hikes, inflated liability limits and coverage restrictions. Is this a new insurance crisis or just evidence of the industry’s cycle at work?
Regulator Focuses on Risk
May 1, 2002 Sean van Zyl, EditorRelations between insurers and the financial services regulators at both the federal and provincial levels have not always been “easy going”. Which is understandable considering that the basic driving forces of free enterprise and that of government regulation appear to stand at odds. As such, when the federal government appointed a new head to its financial services watchdog body, the Office of the Superintendent of Financial Institutions (OSFI), many insurer CEOs took a deep breath in anticipation of the good or bad that could result from a new regulatory regime. However, insurers have no need to worry about draconian interference in the operational structure of the insurance industry says Nick Le Pan, the newly appointed superintendent of OSFI. Le Pan expects to maintain the progress made by his predecessor toward creating a more flexible and cost-effective regulatory environment p rimarily based on a per-company risk management process.
On The Move (May 01, 2002)
May 1, 2002 by Canadian UnderwriterDavid Forster (left) accepts congratulations on a successful past year as president of the Insurance Brokers of Toronto Region from incoming president Debbie Thompson at the association’s recent AGM. GE ERC has appointed Rick Smith to head its new global…
U.S. terror coverage backstop to get presidential backing
April 4, 2002 by Canadian UnderwriterSources are reporting that a Monday meeting and press conference scheduled by U.S. President George Bush will see him calling for the federal government to put together a terrorism reinsurance plan. The Washington Post, as well as U.S. insurance industry…
Coming Events (April 01, 2002)
April 1, 2002 by Canadian UnderwriterAnnouncements 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. Institute for Catastrophic Loss…
Looking Back… or to the Future?
April 1, 2002 Sean van Zyl, EditorAfter almost 10 years to the day since piloting the course of the Insurance Bureau of Canada (IBC), George Anderson has signaled a personal change in course. The long-standing president of the IBC — who held office during perhaps the “hottest political period” the property and casualty insurance industry faced to date — has retired, allowing what he describes as “new blood to step forward”.
Technology Drives Change in Policy Delivery
April 1, 2002 Carolyn Horan, president, Informco Inc.Embracing today’s powerful technology can provide solutions to some of the major challenges facing the insurance industry today, including the task of reducing policy handling and delivery expenses, increasing retention rates, cross-selling additional services to clients, supporting distribution channels and…