Large company insolvency increasingly common
October 26, 2005 by Canadian UnderwriterThe recent rumblings about large companies possibly seeking bankruptcy protection should serve as a warning to the Large company insolvency that is sweeping the market may hurt smaller businesses and, according to global trade credit insurer Euler Hermes Canada, the…
Part 3: Rollercoaster Indemnity Company reaches its apex
October 1, 2005 Mike Laberge, president, Performance Imperative Inc.It has been five years since the successful implementation of a performance management process at the Rollercoaster Indemnity Co (RIC). The company, with Stanley Uris as regional director of operations, is now leading the way in claims handling. Other insurance and risk management companies, having seen the power of the process, are struggling to play catch-up. The once thriving, proof-of-quality market has begun to crumble; more and more, companies are taking responsibility for quality assurance and stakeholder confidence is beginning to grow. Stanley and RIC are moving into a new, self-sufficient and self-sustaining future, built on a performance culture populated with knowledge workers….
Lloyd’s pegs Katrina losses at US $2.55 billion
September 14, 2005 by Canadian UnderwriterLloyd’s of London estimates its market’s net loss as a result of Hurricane Katrina will be 1.4 billion (U.S. $2.55 billlion).The estimated loss is comparable with the collective impact of four U.S windstorms in 2004, which resulted in a net…
Moves (September 01, 2005)
September 1, 2005 by Canadian UnderwriterSwiss Reinsurance Co. has appointed Jacques Aigrain as the new chief executive officer. Aigrain, who most recently served as deputy CEO of the company, will succeed John Coomber upon his retirement as CEO in December. Coomber will be nominated for…
Reciprocal Resurgence Canada’s Quiet Contribution to Alternative Risk
September 1, 2005 Craig HarrisTumultuous talk about alternative risk financing vehicles from securitization to catastrophe bonds and captives has lead to one conclusion – reciprocal insurance exchanges present Canada with the most compelling case. Will the flurry of activity around reciprocals fade away as the market continues to soften or can organizations make the commitment to share their risks?
Digging Deeper Into Oil Spills
August 1, 2005 Bert Wood, president, ESRSGreater environmental awareness, tighter regulatory standards and pressure from banks and lending institutions on real estate transactions mean that risk managers and homeowners must pay close attention to oil spills, contamination and proper remediation. The alternatives can be financially disastrous.
Solvency Matters
August 1, 2005 Darrell Leadbetter, Paul Kovacs and Jim Harries PACICCFailures extend far beyond loosing face – in the U.S. failure has served insurers a bill of US$8 billion, a “tab” accumulated over the past three years. A record number of Canadian insurers were also vulnerable over this period. Although strengthening capital and loss reserves are addressing solvency concerns, the risk of insolvency remains elevated. In response industry guarantee funds (like PACICC) are working to improve financial and operational preparedness.
Insurance management learn good business strategy
June 14, 2005 by Canadian UnderwriterIncreasingly, the onus is on management level executives in the insurance industry to learn how to use groundbreaking insurance tools to maintain and control company risk and, according to consensus at Standard & Poor’s recent conference “Insurance 2005: Under the…
RIMS 2005 Conference: Revolution or Rebellion?
June 1, 2005 Vikki SpencerLittle did the drafters of the U.S. Declaration of Independence know how intensely to heart their call to free speech and revolutionary thinking would be taken by risk managers who recently met in Philadelphia for the annual Risk & Insurance Management Society (RIMS) conference. The city – which saw the foundation of liberty – was the site of frank dialogue between risk managers, brokers and insurers concerning the alarming regulatory issues now facing the property and casualty insurance industry.
Rethinking Rate Regulation
June 1, 2005 Jane Voll, chief economist at the Insurance Bureau of CanadaThe past three years has seen an unprecedented level of intervention by provincial governments in the setting of auto insurance prices. Over this period, an estimated $1.3 billion in auto insurance premiums has come under direct price controls in the form of mandatory rebates, rollbacks and price freezes. This number will move even higher when further mandatory price dictates come into effect this month in the province’s of Alberta and Newfoundland.
45 Years – In Retrospect
April 1, 2005 Sean van Zyl, EditorAfter 45 years in the insurance industry – of which the last 13 years were committed to the multi functions of helmsman and “engine room mechanic” of Canada’s largest provincial independent broker association, the Insurance Brokers Association of Ontario (IBAO) – Bob Carter has announced his retirement plans. And, in looking back to the “rockin’ sixties” when he first entered the world of insurance, Carter believes the business has undergone dramatic change in virtually every aspect of its operation. But, the biggest change is the people in the industry, he observes, and how they interact today compared with the lighter times of yesteryears.
New MGA Built on Need for Better Corporate Governance
December 1, 2004 by Canadian UnderwriterAlthough the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management. Executive Risk has been…