Industry
Alberta’s insurance regulator has issued a public warning against operators said be selling insurance products within the province without a license. This move follows on legal action taken by Ontario’s financial services regulator last month against a company believed to have been illegally underwriting property and casualty insurance products. An Insurance Bureau of Canada (IBC) […]
July 31, 2001
1 min read
Risk
An earthquake in Peru. The fall of the argentinean economy. tropical storm allison strikes several american states. Political tensions flare in the middle east. for the average canadian, these events seem a world away, having little impact on day-to-day life. But, for the average canadian company, these events can have a profound effect on the bottom-line. With the growth of canadian exports and domestic companies stretching their wings to establish operations beyond the border, managing these new international risks is a minefield of potential losses. and, with insurance rates hardening on a global scale and few companies willing to offer bundled international coverage, today's corporate risk managers could find themselves scrambling for cover.
By Vikki Spencer | July 31, 2001
11 min read
Rising insurance prices, increased global risk exposure, and emerging non-property risks. Today's risk management profession is facing a new corporate landscape where greater emphasis is being placed on a holistic approach to risk evaluation and cost. Can risk managers benefit from the expertise and risk tools developed by insurers?
By Perry Brazeau, Senior Vice President of Fm Global, Canadian Divi | July 31, 2001
4 min read
Property and casualty insurers have gained a temporary reprieve from the Office of the Superintendent of Financial Services (OSFI) on implementation of the regulator’s proposed reporting of discounted unpaid claims, according to the Insurance Bureau of Canada (IBC). The new reporting requirement was supposed to take effect from the beginning of January this year. However, […]
Global expansion and risk diversification with emphasis on managing capital will serve as the cornerstones of the next development phase of the insurance industry, speakers at the recently held International Insurance Society (IIA) 37th annual seminar predicted. The event, which took place in Vienna, Austria, drew 530 senior insurance management delegates representing 50 countries. A survey carried out by the IIA of the attendees confirmed the common message of the speakers - the global insurance marketplace is at the brink of a revolution.
By Sean van Zyl, Editor | July 31, 2001
It was annual broker review time. Like all my company’s marketing representatives, I had to hold up an objective magnifying glass once a year to each of my brokers. I had to assess each one, listing their strengths and their weaknesses. This annual review included charts showing the mix of business my company was receiving […]
By Axiom | July 31, 2001
9 min read
With the potential deregulation of the British Columbia auto insurance market, insurers, brokers and the government insurer are set on a collision course. At the recent Insurance Brokers Association of B.C. (IBABC) conference in Kelowna it was clear that insurers see winning over the association and its members as key to their successful introduction into the market. But private insurance will be a tough sell, with brokers wondering just what, if any, benefits will come with open competition.
6 min read
One of the biggest challenges insurers face is dealing with the non-tangible and borderless world of e-commerce. Reinsurers have already imposed strict cover limitations, and insurers are finding it extremely difficult to offer their customers effective risk solutions. However, if the industry plans on retaining its customer base and growing it as the business environment increasingly moves toward e-commerce, then cyber risk solutions will have to be found.
By George Cooke and Anne MacKenzie of Dominion of Canada General In | July 31, 2001
8 min read
With risk managers scrambling to find alternative risk financing, the importance of accurate claims data has come under the spotlight. In today's hard market, risk managers are increasingly taking a closer look at their insurance costs and considering alternative risk transfer (ART) solutions. But, in order to make an accurate assessment, they need precise and timely claims data.
By Ed Doyle, Managing Director of Gallagher Bassett Canada Inc. and | July 31, 2001
5 min read
Auto
Only a numskull politician could possibly suggest that cars are to blame for what their idiot drivers do. Yet, that seems to be the message Quebec’s (questionably) revered Minister of Transport, Guy Chevrette, has charged. At a recently held media conference, Chevrette accused auto manufacturers for creating a “highway hazard” by building increasingly powerful engines […]
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