Risk
Both risk managers and commercial brokers report further softening across the insurance market for the third quarter of 2004. The RIMS/Advisen Benchmark Survey of North American risk managers finds softening across many lines of business on third quarter renewals, with property, excess and fiduciary liability dropping 2-3%, and general liability and directors’ and officers dropping […]
October 31, 2004
1 min read
Odyssey Reinsurance Co. of Canada president Bob Ysseldyk and his staff gave guests a chance to live history at the Hockey Hall of Fame in Toronto recently. The reception welcomed clients, business partners and guests to wander through the exhibits, take their turn as an NHL star, and sample an impressive food selection. *** Toa […]
2 min read
Industry
The Registered Insurance Brokers of Ontario's (RIBO) CEO Jeff Bear has been with the regulatory body almost since the beginning, marking his 20th anniversary this year. Moving from inhouse legal counsel to his current role, he has witnessed first-hand the evolving role of the broker in a changing marketplace. Bear's emphasis for the organization today is to keep pace with these changes, while fulfilling a mandate of consumer protection.
By Craig Harris | October 31, 2004
6 min read
The professional bar has clearly been raised for risk managers in the last three years. Not only have they faced an intense period of rising insurance rates and coverage restrictions, but a host of new risks have dominated the landscape, most notably around corporate governance. But, risk managers are also upping the ante for their industry partners, lifting their voices to demand higher levels of service from insurers and brokers.
By Vikki Spencer | October 31, 2004
After three years of hard market conditions, many players in the Canadian property and casualty insurance industry have put their existential woes behind them. Most balance sheets have been mended, risk-adjusted capital ratios have improved and rating agencies have backed off.
By Joel Baker | October 31, 2004
5 min read
Auto
Insurance fraud and related crimes have too often been perceived as "victimless", but those on the front-line of crime prevention say nothing could be further from the truth. Speakers at the Annual Toronto Fraud Forum say the victims of insurance crimes are widespread and the consequences go well beyond mounting claims costs.
4 min read
With the announcement in mid-October of a civil suit against Marsh & McLennan over broker commission practices by New York Attorney General Eliot Spitzer, the floodgates of civil litigation, broker reform and even spin-off investigations here in Canada were opened. The Spitzer announcement, which accused Marsh of bid-rigging, but also of engaging in “steering” clients […]
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In the wake of the worst Atlantic hurricane season in recent memory, U.S. insurers have posted record third-quarter catastrophe losses of US$21.3 billion, according to data compiled by the Property Claim Services unit of the Insurance Services Office (ISO). 2001 had previously been the worst third quarter on record, with US$19.5 billion in property losses […]
The Risk & Insurance Management Society (RIMS) has named Mary Roth as executive director to replace Jack Hampton, who departed earlier this year. Roth has been with RIMS since 1985, most recently as chief operating officer. She is a graduate of Pennsylvania State University and Columbia University Institute for Not-for-Profit Management and holds the Associate […]
The Supreme Court of Canada ruled that directors should not be held liable to creditors for decisions made in good faith prior to a bankruptcy, even if those decisions may have contributed to the company’s demise. In the case, in which law firm Lavery de Billy represent insurer Chubb on behalf of the directors of […]
By Canadian Underwriter | October 31, 2004
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