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The failure last year of Quebec insurer GISCO put the Property and Casualty Insurance Compensation Corporation (PACICC) pre-fund system to the test, and now new changes are in the works. At the corporation’s recent annual general meeting, president and CEO Alex Kennedy notes that the existing provisions for the fund were “not as flexible as […]
March 31, 2001
2 min read
Risk
Insurers may deal in risk, but they may not be taking “enterprise risk management” to heart in their own companies, and it is a situation that will have to change soon. Neil Parkinson, partner at KPMG LLP, told guests at a recent Canadian Insurance Accountants Association seminar that insurers need to take their own advice […]
1 min read
Canada has never seen the severity like the twisters that tore through the U.S. in early May, 1999, or the frequency as in the fateful day of April 3, 1974 when 148 twisters touched down in 13 U.S. states – the worst tornado outbreak in U.S. history. However, tornadoes have been reported in every province. […]
Industry
The Canadian property and casualty insurance industry disclosed a $130 million taxed loss for the final quarter of last year, the first quarterly loss in almost 18 years, observes Paul Kovacs, chief economist of the Insurance Bureau of Canada (IBC). The IBC’s preliminary financial figures for 2000 (based on reports of over 90% of companies) […]
Claims
Following a fairly mild earthquake which shook the Queen Charlotte Islands and surrounding areas in British Columbia in early February, a second quake of a much greater magnitude of 6.8 on the Richter Scale occurred in the northern part of Washington state in the U.S. at the end of the same month. Although the tremor […]
The cost of risk in Canada rose in 1999, according to a survey from the Risk and Insurance Management Society. At the same time, administration costs for risk management departments fell, giving rise to the observation that risk managers are having to do more with less. And, with the hardening of the insurance market, already evident in the 1999 results, there promises to more pressure than ever on risk mangers to stretch their resources and find creative ways to finance risk.
By Vikki Spencer | March 31, 2001
9 min read
Auto
The Insurance Bureau of Canada stepped up its fight against auto theft last month, sponsoring a one-hour documentary, “Stolen to Order”, which aired on Global TV. Hosted by Peter Kent (pictured), the documentary features an interview with an “auto theft boss”, a top ten list of the most stolen cars, and several panel discussions. Among […]
February 28, 2001
It is with deepest regrets that CU announces the passing of Fred Funston, on January 11, 2001, following a brief illness. Fred, a veteran of World War II, was long-time general manager of the Canadian Federation of Insurance Agents and Brokers (now the Insurance Brokers Association of Canada) and a frequent contributor to this magazine. […]
What do legendary rockers Aerosmith, boy band *Nsync and the Insurance Brokers Association of Canada have in common? All three were featured in the half-time show of this year’s SuperBowl game. It was a touchdown of sorts for the national association, which had been rethinking its national campaign. It was also a fast start for […]
By Vikki Spencer | February 28, 2001
6 min read
The spread of computer technology in the business world brought with it the promise of the “paperless” office. But, as it turns out, a great future of hyper efficiency and zero waste has become buried under a mountain of paper. As the volume of paper documents continues to pile higher at many insurance businesses, it […]
By Robert Finlay, director and general manager, financial services, | February 28, 2001
3 min read
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