Risk
U.S. legislators are looking to the insurance industry to provide a long-term roadmap for providing terrorism coverage before agreeing to extend the Terrorism Risk Insurance Act beyond its December 31, 2005 sunset. In an editorial written for the Property Casualty Insurers Association of America (PCI), House Majority Leader Tom Delay writes, “As Congress begins its […]
By Canadian Underwriter | March 14, 2005
2 min read
A bulletin from the Financial Services Commission of Ontario (FSCO) outlines the provincial insurance regulators new rules on underwriting. The new regulations passed by the Ontario government restrict underwriting criteria and non-payment terminations.Regulation 664 has been amended to eliminate the use credit history and credit ratings in determining whether to offer or renew coverage, and […]
By Canadian Underwriter | March 9, 2005
1 min read
The Risk & Insurance Management Society is established in its new location at 1065 Avenue of the Americas, 13th Floor, New York, NY, 10018. Phone and fax numbers and email addresses remain the same. FM Global’s ratings outlook has been raised to “positive” from “stable” by rating agency Fitch. At the same time, FM Global’s […]
Aviva Canada has officially launched its "Autograph" program in Ontario. The program allows drivers to monitor their driving habits (including speed and how far the car is driven) through a device attached to their car, and to submit this information voluntarily after six months to the insurer for rebates as high as 25%. The pilot […]
By Canadian Underwriter | March 7, 2005
Broker commissions should be history, and broker compensation should come from the client rather than the insurer, says the keynote speaker to Wednesday’s Ontario Risk & Insurance Management Society (ORIMS) “Professional Development Day”.Felix Kloman, editor of Risk Management Reports told the audience a “Pandora’s box” has been opened by New York Attorney General Eliot Spitzer, […]
By Canadian Underwriter | March 2, 2005
The Risk and Insurance Management Society (RIMS) is reaffirming its support for an extension of the Terrorism Risk Insurance Act (TRIA).Currently a bill is before the U.S. Senate which would extend the government’s terrorism insurance backstop for two years beyond its December 31, 2005 sunset. RIMS says Congress should pass this extension as soon as […]
Canadian and U.S. financial institutions are falling behind those of other countries in managing today’s escalating risks, according to a new study by Deloitte.The study, based on interviews with executives from 162 global financial institutions, makes this conclusion based on factors including the comparatively low percentage of companies who have a chief risk officer (CRO) […]
By Canadian Underwriter | March 1, 2005
Specialty risk insurer Kingsway Financial Services (TSX: KFS) saw net income for 2004 rise 54% to hit a record $131.0 million, or $2.32 per share. This equates to a return on equity (ROE) of 17.4% for last year versus the 12.9% posted for 2003. For the fourth quarter ending December 2004, the company produced net […]
February 28, 2005
A press conference recently held by the Insurance Bureau of Canada (IBC) to disclose preliminary earnings figures for the Canadian property and casualty insurance industry, and presumably to achieve maximum “damage control” in anticipation of a negative media response to the above-average results, produced a mixed outcome. While the bureau’s approach to proactively handling an […]
By Sean van Zyl, Managing Editor | February 28, 2005
5 min read
Risk managers await clear skies
By Vikki Spencer | February 28, 2005
11 min read
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