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 […]
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 […]
By Canadian Underwriter | October 3, 2004
1 min read
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 […]
Who gets paid what? In the wake of investigations of sales practices in the mutual fund, investment banking and security industries, several U.S. state regulators and class action specialists now have compensation agreements between insurance companies and brokers in their crosshairs. The key buzzwords are "conflict of interest" and "disclosure" when it comes to contingent commissions and other "market service" arrangements. Is this an issue destined to move north across the border?
By Craig Harris | September 30, 2004
10 min read
With the recent legislative amendment by the Saskatchewan government to allow credit unions to acquire insurance brokerages, it is clear that non-insurance financial institutions remain keenly interested in gaining a foothold within the distribution side of the property and casualty insurance business. And, with the federal banking legislation set for revision by 2006, independent brokers have to remain vigilant of possible changes and lobbying attempts on the legislative front which could compromise their businesses as well as the best interests of the insurance buying public.
By Dan Danyluk | September 30, 2004
4 min read
What can brokers and underwriters do to reduce pension plan fiduciary liability risk? Policy wordings and applications play a significant role in this regard, but unfortunately, most company wordings differ widely. It is important to be aware of these differences.
By Rob Bickerton | September 30, 2004
6 min read
A year after "The Atlantic Canada Insurance Harmonization Task Force" released its report, it remains unclear to whether it was actually read, never mind understood, by some of the provincial premiers. Today, notwithstanding the clarity of the report, the environment in some of the Atlantic provinces remains overly-politicized and hostile, with draconian and ill-conceived government edicts that were likely figured out over a take-out pizza. As Premier Williams would say: "It's a farce."
By George Cooke | September 30, 2004
Hurricanes in focus
By Paul Kovacs and Ian Campbell | September 30, 2004
5 min read
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