Industry
The CIP Society has named J.R. (Bob) Tisdale, VP of Allstate Canada Group and president and COO of Pembridge Insurance Company and Pafco Insurance Company, as the 2006 recipient of the GTA Fellow Distinction Award. Carla Blackmore, chair of the CIP Society Ontario, said, “Bob Tisdale’s remarkable ability to spend quality time with his family, […]
By Canadian Underwriter | December 12, 2006
1 min read
Total IT spending by North American insurance firms is expected to reach US$31.2 billion by the year’s end, and is predicted to grow to US$36.3 billion in 2008, says a new global study.Celent, the company responsible for the report, compared and contrasted IT spending trends across different industries around the world to pinpoint and understand […]
Claims
Swiss Re urged for the renewal of the Terrorism Risk Insurance Act (TRIA) during the reinsurer’s 2006 year-end economic forum and 2007 insurance industry review.Swiss Re based its position on the belief that the insurance industry isn’t equipped to deal with terrorism on its own, according to a report on the forum published by MarketWatch.According […]
Risk
A Nov. 30 Hamilton fundraiser raised about $100,000 for Sean Corner, a rugby star who was paralyzed during a game just prior to learning the team’s insurance had been cancelled. More 1,200 people industry colleagues attended the fundraiser, which was held at at Michelangelo Banquet Centre in Hamilton, Ontario. The event was titled: “We Are […]
By Canadian Underwriter | December 11, 2006
2 min read
The Supreme Court of Canada is hearing two cases that, taken together, will help define what constitutes a “car accident.”The twin Ontario cases each dealing with “auto” claims that, on their face, are only tangentially related to the autos involved have been on the insurance industry’s radar for some time. Insurance companies are concerned that […]
A food-contamination crisis can leave a restaurant with a hefty clean-up bill, says A.M. Best, but few realise that the financial damage that comes in the wake of the eatery’s tarnished reputation is seldom insured. Pam Ritz, president of Specialty Risk Management, a crisis manager for Lloyd’s underwriters, told BestWeek that “traditional insurance, conceptually, tends […]
Developing and implementing enterprise risk management (ERM) within a firm is essentially on par with invoking a cultural shift in a company’s operations, actuaries were told at the Casualty Actuarial Society (CAS) annual meeting.Thomas Hettinger, managing director of EMB America LLC, explained that ERM is a process of identifying risk, assessing risk, transferring risk and […]
Insurers should refuse to ‘follow the herd,’ provide the right incentives for underwriters, and invest in risk management tools in order to successfully manage the insurance cycle, according to a report recently released by Lloyd’s of London.The report, Managing the Insurance Cycle, warns that there still exists a considerable amount of uncertainty regarding prices and […]
By Canadian Underwriter | December 8, 2006
Net income for 13 major U.S. reinsurers rose to US$6 billion for the first nine months of 2006, compared to a break-even position during the same period last year, according to Benfield.The reinsurance and risk intermediary’s U.S. quarterly report revealed the positive result was prompted by a 30-percentage-point fall in the loss ratio. The weighted […]
Dale-Parizeau LM and Morris & Mackenzie Inc. will merge to become Dale-Parizeau Morris Mackenzie Inc.This new incarnation will become Quebec’s largest independent and privately owned insurance broker.The company will write more than Cdn$200 million of premium with 400 staff operating out of five offices throughout Quebec, and one service office in Ontario.Maurice Sauve, president and […]
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