Risk
The search for a global standard for risk management begins with finding a common language, say speakers at the 29th annual RIMS Canada Conference being held this week in Winnipeg, Manitoba. “We see the growing emergence of a more common terminology…what that means for you and me is we have to change our language,” says […]
By Canadian Underwriter | October 4, 2004
2 min read
“Carpe diem”. Seize the day. Risk managers are enjoying a moment in the spotlight and now is the time to break down the corporate “silos” and push enterprise-wide risk management (ERM) to the board level. So say speakers at the 29th annual RIMS Canada Conference in Winnipeg, Manitoba on Monday. Risk managers must “expand upon […]
Industry
Despite moves by several companies to bolster reserves over the past three years, the p&c industry remains under-reserved to the tune of US$67 billion, according to rating agency A.M. Best. In a special report, the rater says reserve adequacy remains a key issue in ratings, with adverse reserve development the number-one cause of insurer insolvency. […]
Claims
AIG may face civil charges by the U.S. Securities Exchange Commission (SEC), the insurer has disclosed. SEC may recommend civil action against the insurer for press releases issued in late September in response to initial recommendations by SEC staff that a division of the insurer face civil action over dealings between its AIGFP operation and […]
1 min read
The 2004 hurricane season will rank as the second-largest insured loss in U.S. history, according to the Insurance Information Institute (III).The III says losses from the 2004 hurricanes Charley, Frances, Ivan and Jeanne will hit US$22 billion at least. The largest loss ever was the September 11, 2001 terrorist attacks at US$32 billion.While 1992’s Hurricane […]
By Canadian Underwriter | October 3, 2004
While parent company Saskatchewan Government Insurance (SGI) says its “A-” (excellent) rating affirmed by A.M. Best, its Ontario subsidiary Coachman Insurance Co. was downgraded to “B-” (fair) from “B”. SGI’s other subsidiaries, SGI Canada Insurance Services Ltd. (SCISL) and The Insurance Co. of PEI, saw their “B+” (very good) ratings affirmed. However, like Coachman, SCISL […]
Insurers must address their “pretty appalling” reputation with the public, Lloyd’s director of worldwide markets told the Chartered Insurance Institute Annual Conference last week.James says the industry has lost public confidence, as well as that of investors and regulators, in part due to its poor financial performance, but also shoddy service.In the U.K., for example, […]
Increasing variety in reinsurance tools and increasing exposure of reinsurers to catastrophic risks are among the topics discussed in a new report by LOMA. The report, which covers jumbo tort liability claims, cyber risks, and expanding ocean marine risks, amongst others, finds reinsurers responding to this heightened risk profile with new tools. The report also […]
With insurers' profitability believed to now be at a sustainable level to deliver adequate shareholder returns, a sense of stability has crept into the Canadian property and casualty insurance marketplace. Coverage availability has increased tremendously across the provinces over the course of this year, with new product innovations within the regulated auto line set to kick into effect in early 2005 - all of which should alleviate the cost pressures and overall company/broker relationship stress that has marked the past two years of the hard market. But, will consumers simply forget the turmoil of the insurance marketplace and willingly embrace the industry with open arms? Whether justified or not, the public image of the insurance industry has plummeted to an all-time low - an issue which brokers and insurers alike agree has to be addressed urgently.
By Sean van Zyl, Editor | September 30, 2004
11 min read
After two years of extremely difficult market conditions, independent brokers in Ontario are hopeful of a period of stability. However, the immediate future will not be a period of “easy sailing” as brokers tackle the delicate task of rebuilding consumer confidence in the insurance industry, and specifically regaining the trust of communities which has always […]
5 min read
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