Risk
The total insured loss from Hurricane Charley will likely top US$6.8 billion, says the U.S. Insurance Services Office (ISO), making it the second costliest hurricane to hit the U.S. behind Hurricane Andrew. The ISO says the category 4 hurricane, which hit Florida on August 13, will cause US$6.755 billion in insured losses in that state. […]
August 31, 2004
2 min read
Ethical dilemmas are a reality in the risk management profession. How prepared are you as risk manager - as well as the organization that you work for - in responding to the ethical "gray areas" of operational decisions?
By Garry McDonell | August 31, 2004
5 min read
Where there is risk, there is normally insurance coverage available. As risk attracts insurance, the latter attracts the possibility of fraud. In today's high-tech, high-speed world, both insurers and risk managers face increasing challenges in combating fraud through effective loss control. And, although the sophistication behind fraudulent activities will likely continue to develop, new tools and approaches to combating fraud are delivering excellent results in curtailing claims costs.
By Greg Smith | August 31, 2004
6 min read
The transition from the previous "soft" to "hard" market impacted global property and casualty insurers significantly - with not all the players having survived the hardship of the pricing cycle. Many global insurers reduced capacity and ceased writing business in some countries and regions, with Canada having attracted a cautious outlook based on the perceived burdensome regulatory environment of doing business in the country. But, with the pricing corrections brought about by the hard market, Canada once again is drawing favorable attention.
By Nicholas Smith | August 31, 2004
The Financial Services Commission of Ontario (FSCO) has published its guidance on the new minimum capital test (MCT), with p&c insurers set to implement the new test on 2004 annual returns, filed by February 28, 2005. The MCT, a risk-based system of assessing capital requirements, has actually been in place on a trial basis since […]
By Canadian Underwriter | August 31, 2004
1 min read
The Toronto Insurance Conference has set the line-up for its annual seminar, slated for Thursday, September 9 at the Toronto Marriott Eaton Centre. The program, which runs through the morning, focuses on “Errors & Omissions” for brokers and commercial clients. Speakers include Rod Finlayson (CG&B Group), John L. Monette (Monette May & Assoc.), Hugh Fardy […]
By Canadian Underwriter | August 30, 2004
More than 46% of U.S. businesses who purchased property insurance in the second quarter of 2004 also bought terrorism risk coverage, according to the latest survey from international broker Marsh Inc.Marsh has been tracking terrorism insurance purchases since the implementation of the Terrorism Risk Insurance Act at the end of 2002 and finds this most […]
By Canadian Underwriter | August 25, 2004
Mutuals and stock insurance companies have decidedly different growth strategies, as outlined in a new study by Conning Research & Consulting Inc.The study, “Mutuals and Stock in the P-C Industry: How Does Your Company Grow?” finds that while large stock companies have outperformed mutuals in terms of underwriting for the years 1998-2002, small mutual were […]
By Canadian Underwriter | August 24, 2004
The organization representing commercial insurance buyers has not come out against broker contingent commissions, but is issuing strong words on the need for full disclosure of such arrangements. In its policy statement on compensation agreements, the Risk and Insurance Management Society (RIMS) says, “because of the complex nature of insurance transactions, a special trust relationship […]
XN Holdings has launched XN Risk Insurance Services (Canada) Inc., a web-based managing general underwriter. The Toronto-based company will offer management liability insurance for mid-tier, privately-held companies in Canada this includes companies with 250 or fewer employees and less than $50 million in assets. Among its products will be directors’ and officers’ liability, employment practices […]
By Canadian Underwriter | August 22, 2004
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