The Insurance Bureau of Canada (IBC) recently completed a survey in conjunction with management consultants Deloitte & Touche to identify what internal risk control procedures property and casualty insurers have or should be applying in evaluating strategic, operational and capital…
Dear Editor, I was so pleased to read that Jan Lowther had received the “Golden Torch” award recently in Colorado. Jan has been the “guiding light” for risk management communications in Canada for many years and her trustworthy and interested…
The focus for risk managers in the year ahead continues to be about education. But, according to Risk & Insurance Management Society (RIMS) president Susan Meltzer, the organization will focus on continuing education for professionals, not necessarily on designing new…
Angela Haywood, the 1998 winner of The Sovereign Award, which each year recognizes superior achievement by a graduate of the Risk and Insurance Management Program at the University of Calgary, is congratulated by (left) P.A. Parkin, Sovereign General’s vice president…
Investment gains have kept Canadian property and casualty underwriting results afloat, but conservative leverage — combined with signs of a market price hardening — now look to provide some additional comfort to the market. However, a comparison of business strategies applied by companies in Canada and their counterparts south of the border suggests that the former will have to place greater emphasis on reducing operating expenses.
With the potential of gaining profit on underwriting limited by the soft market, property and casualty insurers are increasingly looking at ways of boosting their investment earnings. However, in today’s volatile investment markets, coupled with a low interest rate environment, the task of achieving an above average return is easier said than done — but not impossible. Appropriate risk rating and investment strategy implementation can generate higher gains.
The Risk and Insurance Management Society (RIMS) has announced Christine Zahn has been named as the new director of events management and Mary Roth has been named to the newly created position of deputy executive director. Zahn, who joined RIMS…
Despite the recent and resounding victory of independent property and casualty insurance brokers in blocking banks from branch retailing of insurance, Canada’s brokerage community faces many challenges on the road ahead. Even without the bank threat, the distribution end of…
The recent acquisition of insurance wholesale broker KMS Insurance by consolidator The Hub Group emphasizes the change consolidation is bringing about throughout the broker distribution channel. Wholesale brokers and managing general agents have been brought into the market fray of soft rates and the eternal drive for cost-efficiency. Is there a future for this particular breed of broker — most of the players believe so, but each appears to be taking a different course.
Canada is big business — amounting to some $17 billion each year. And, although Canada’s money recycling black market is minor in global terms (which the U.N. estimates to be $1 trillion worldwide), there are weaknesses in the current financial…
Last June the federal government released its white paper on financial services regulation. While the gist of the paper was very much in favor of protecting the existing rights of members of the property and casualty insurance industry, contained within…
Foods that hit New Brunswick and Nova Scotia the week of July 26 have formed one of the largest insured losses to hit Atlantic Canada this decade. Close to 900 claims have been submitted to date and insurers predict damages…