Risk
Risk managers need to be positioned high enough in their organizations to effect enterprise-wide risk management (ERM) throughout the organizational structure, says a new position paper by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA president Sue Meltzer, who also serves as assistant vice president of risk management for Sun Life Financial, says […]
By Canadian Underwriter | June 21, 2004
1 min read
The Facility Association (FA) is not prepared to withdraw from Newfoundland yet, but that option is still very much on the table, following a special meeting of member insurers Monday.FA CEO David Simpson says members are “mindful that Bill-30 has not been proclaimed yet” and have asked the organization to look more fully into the […]
2 min read
The Alberta Workers Compensation Board (WCB) says premiums for 2005 should drop by 7.6% to $1.83 for every $100 of insurable earnings. This is down from $1.98 for 2004. In 2003, the WCB saw injury rates fall, with 1,000 fewer workers off-the-job due to injury compared to 2002. At the same time, average length of […]
By Canadian Underwriter | June 17, 2004
After two years of downward pressure on the financial strength of European reinsurers, the market is stabilizing, says rating agency A.M. Best. That said, ratings are unlikely to return to former high levels, the rater addsRatings are currently supported by strong results through the first quarter of 2004, which are expected to continue through the […]
Fairfax’s TIG Insurance is reducing its stake in California-based Zenith National Insurance Corp. through the sale of 3.1 million common shares. Fairfax has filed a registration statement with the U.S. Securities Exchange Commission (SEC) to sell the shares, plus offer an additional 400,000 Zenith shares as an over-allotment option to underwriters. Fairfax currently owns 7.8 […]
By Canadian Underwriter | June 16, 2004
The potential for the Facility Association (FA) the industry’s pool for high-risk drivers to exit Newfoundland should be a sure sign to the province’s government that auto reforms newly legislated are a step in the wrong direction, says one risk manager.Craig Rowe, president of the Newfoundland and Labrador chapter of the Risk and Insurance Management […]
Almost half of all Canadians have an “it won’t happen to me” attitude to house fires, according to a new survey commissioned by Duracell and the Canadian Association of Fire Chiefs (CAFC). Although more than one-tenth of Canadians have been victims of home fires, 48% of those surveyed feel there is almost no chance it […]
By Canadian Underwriter | June 15, 2004
The contingent commission investigation by New York Attorney General Eliot Spitzer has now been extended to insurers, with Chubb, Hartford Aetna and MetLife confirming they have been subpoenaed. Each company has issued a brief statement Chubb’s coming in May, and the rest following just last week stating that they had been subpoenaed and would cooperate […]
By Canadian Underwriter | June 14, 2004
With the introduction in the Ontario legislature of a bill to allow restaurant patrons to “bring your own wine” (BYOW), restaurant owners are expressing concern the legislation will have negative insurance implications. Specifically, the Ontario Restaurant, Hotel and Motel Association (ORHMA) wants to delay the bill until formal discussions are held to resolve issues including […]
By Canadian Underwriter | June 10, 2004
Risk managers and brokers have been shocked by the rapid return of soft market conditions, a panel of speakers told the World Insurance Forum in Bermuda yesterday.”We’re not seeing any sort of rate stability in the marketplace today,” admits Peter Garvey, president & CEO of North American operations for Marsh Inc. Specifically, the softening of […]
By Canadian Underwriter | June 8, 2004
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