Canadian risk managers push for government terrorism pool
March 14, 2002 by Canadian UnderwriterAs part of its lobby effort to persuade North American governments to back terrorism reinsurance, the Risk and Insurance Management Society (RIMS) recently asked Canadian members to comment on their views. Although confidential, the survey did show that Canadian RIMS…
U.S. terror cover debate heats up
March 1, 2002 by Canadian UnderwriterAs the Canadian government waits to take its lead from the U.S. on a terrorism reinsurance solution, lobbying efforts south of the border are intensifying. Risk and Insurance Management Society (RIMS) president David Mair was on Capitol Hill this week,…
Letters (March 01, 2002)
March 1, 2002 by Canadian UnderwriterDear Editor, I have just completed reading the December issue of Canadian Underwriter and enjoyed reading your coverage on the hard market and the issue of terrorism exclusions. The Insurance Bureau of Canada, the press and the regulator continue to…
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.
Coming Events (March 01, 2002)
March 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. ORIMS Seminar: Risk Management…
Risk Management Precarious Times
March 1, 2002 Vikki Spencer“The world was on September 9th a dangerous place, full of operational and financial risks. What changed was the address of terrorism. Terrorism was no longer simply on TV, it was and is now part of our real lives.” So said David Mair, outgoing president of the Risk and Insurance Management Society following the September 11 terrorist attacks. Certainly the insurance world has been turned on it axis by those events. What was shaping up to be a hardening market was suddenly a market in chaos, and risk managers were left struggling to catch up with rapidly escalating rates, tightening terms and a severe lack of capacity. Added to this is the disappearance of terrorism coverage and the seeming ambivalence of North American governments to the plight of insurers and their commercial policyholders.
The U.S. Marketplace Post September 11
March 1, 2002 Sean van Zyl, EditorSpeakers at this year’s Joint Industry Forum — which recently took place in New York City — were bullish of the financial prospects of the North American property and casualty insurance industry in the post September 11 era. However, they,…
The Next Wave in Claims Administration
March 1, 2002 Jeff Clark, vice president of RiskVault Inc.The first wave of outsourced claims technology has passed and risk managers, while seeing some cost reductions, are still looking for greater efficiency and savings. With the prevalence of the Internet, new information technology tools are on the horizon to help those risk managers address their claims administration needs in a real-time, cost-efficient format.
Commercial insurance buyers urge terrorism pool
February 14, 2002 by Canadian UnderwriterU.S. trade associations representing the real estate, tourism and retail industries, among others, are joining forces to push the federal government to devise a solution to terrorism reinsurance. Groups including the U.S. Chamber of Commerce, the Bond Market Association, and…
Coming Events (February 01, 2002)
February 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. Insurance Institute of Ontario…
Working to Be Smart
February 1, 2002 John Kelly, a law professor at Seneca College & consultant to AlInsurance professionals tend to be well versed with the mechanics of information technology (IT), but lacking on strategic, legal, e-business applications. Much of their exposure to computer hardware and software comes from vendor and technology consultants who are long on technical expertise but short on how to add value in providing insurance services to clients. Consequently, insurance professionals who buy IT may become victims of “bells-and-whistles” sales pitches.
Tough decisions ahead for insurers: Deloitte & Touche
January 9, 2002 by Canadian UnderwriterAs 2002 gets underway, insurers will be faced with increasingly tougher decisions on risk, says consulting firm Deloitte & Touche. In its “Top Ten Global Insurance Trends”, the firm predicts insurers facing increasingly unpredictable and global catastrophes, will have to…