Risk
As the Ontario Insurance Adjusters Association (OIAA) met for its annual claims conference in Toronto recently, the implications of September 11 were still reverberating. With the introduction of new policy wordings and exclusions, adjusters are facing a far different task in understanding coverage than they were prior to the terrorist attacks in the U.S. The […]
February 28, 2002
2 min read
Dear Editor, I have just completed reading the December issue of Canadian Underwriter and enjoyed reading your coverage on the hard market and the issue of terrorism exclusions. The Insurance Bureau of Canada, the press and the regulator continue to position this issue as a problem for insurers. Indeed, Brian Reeve, in his article states: […]
1 min read
Commercial
The January 2002 edition of CU contained an error. OIAA president Louise Rivett is not a member of the CICMA.
Despite the trials and tribulations of the current market, or perhaps because of them, risk managers have a chance to excel within the corporate structure. Incoming Risk and Insurance Management Society (RIMS) president Chris Mandel, a devotee of the enterprise risk management (ERM) approach says now is the time for risk managers to step up the plate and show their value within their organizations. While the challenges are many, risk managers also have a golden opportunity to shine.
By Vikki Spencer | February 28, 2002
6 min read
With a softening economy -- which was exacerbated greatly by the 9/11 events -- an economic crisis in Argentina, and a record-breaking string of corporate bankruptcies over the last months, many companies quickly learned that natural and man-made catastrophes present just one type of threat to the balance-sheet.
By Glenn McGillivray, assistant vice president & head of corporate | February 28, 2002
9 min read
Can insurers and reinsurers change their colors? This was the ultimate question raised by financial analysts and industry CEOs at the 2002 National Insurance Leadership Symposium, which was recently held in San Francisco. From a broader perspective, the commentators analyzed developments in global market capacity following the terrorist attacks of September 11. While many were optimistic of a financial recovery for both the reinsurance and primary insurance sectors, doubts were raised to whether the September 11 events, and the firming of the industry price cycle before and in the aftermath of the attacks, will provide sufficient long-term momentum toward achieving the necessary financial returns expected by corporate shareholders.
By Sean van Zyl, Editor | February 28, 2002
8 min read
Industry
When Canada's financial services industries caught wind of a government proposal to build a national ombudsman service geared at regulating customer service under the regal eye of Ottawa, companies from banks, investment dealers to insurers reacted swiftly with the creation of their own "all-in-one" countrywide ombudsman service. But, the question remains, will this private sector initiative hold up under political as well as consumer scrutiny?
By Suzanne Wintrob | February 28, 2002
On the heels of selling its personal lines book of business to ING, Zurich is now set to sell its Canadian life operations to giant Manulife. The two companies have inked a deal where Manulife will acquire all outstanding shares of Zurich Life for an undisclosed price. Manulife already owns Zurich’s group life and health […]
The World Trade Center (WTC) attacks, combined with the failure of U.S. energy-trading giant Enron, led Canadian-based Fairfax Financial Holdings (TSE: FFH) to a $346 million loss last year, compared to $137.4 million profit in 2000. This works out to a loss of $28.04 per share for 2001, versus a gain of $9.41 the year […]
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The debate surrounding compensation for unearned premiums was among the issues on the table at the recent annual general meeting of the Property and Casualty Insurance Compensation Corporation (PACICC). The corporation, set up to pay out claims following insurer insolvencies, had been asked by regulators to review its coverage of unearned premiums. PACICC had instituted […]
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