Risk
Along the election of Nancy Chambers of Waterloo Region Municipalities Insurance Pool as president of RIMS, fellow Canadian Joseph Restoule, senior risk consultant for NOVA Chemicals Corp. was named vice president, chief risk officer and secretary of the RIMS executive council. Canadians joining Chambers on the board of directors are: Joseph Hardy (Hudson’s Bay Co.); […]
May 31, 2004
3 min read
More than 125 industry veterans were present for the 45th Annual Reception of the Quarter Century Club, held May 6th at the Hilton International Toronto. Emcee John Cherrie, welcomed this “International Order of Old Farts”, and thanked sponsors Cunningham Lindsey, Winmar and McLarens Canada. The reception featured a “roast” of legendary Douglas Cutbush, who started […]
2 min read
Recent years has seen the Canadian property and casualty insurance industry become increasingly volatile with the availability and pricing of coverage having fluctuated to the extent that insurers have come under intense public scrutiny and criticism, observes Lord Levene, chairman of Lloyd’s of London. Lord Levene recently addressed members of the Empire Club in Toronto […]
When Jane Voll stepped into the chief economist's role for the Insurance Bureau of Canada (IBC) this spring, it was a step into the public maelstrom of auto insurance few would be bold enough to take. But Voll's faith in the pivotal role of the insurance industry in Canada's economy, and her belief in a "member-led, research-based" association have her well-equipped to bring the industry's case before regulators, legislators, and ultimately the public.
By Vikki Spencer | May 31, 2004
6 min read
Evolving market cycles, emerging regulations and changing industry practices demand responsiveness and flexibility from commercial lines underwriters and brokers. Should insurers not expect the same from their technology?
By Kevin Campbell | May 31, 2004
5 min read
Risk retention groups (RRGs) are on the upswing, according to data compiled by the U.S.-based Risk Retention Reporter.In 2003, RRG premiums rose to US$1.73 billion dollars, up from US$1.27 billion in 2002. In the last 17 years, RRG premiums have risen more than US$1.5 billion.And the number of RRGs jumped in 2003, to more than […]
By Canadian Underwriter | May 31, 2004
1 min read
Despite a strong recovery, downgrades are expected to continue to outpace upgrades for North American life insurers, says Standard & Poor’s.The rating agency applauds the industry’s ability to bounce back from the investment drought and weak corporate credit environment of the past few years, but says lingering issues remain, not the least of which are […]
Despite risk managers and brokers shrugging off investigations of contingent commission arrangements, a new survey suggests commercial insurance buyers do see such payments as a conflict of interest.The study, “A Season of Discontent” by Advisen, shows 69% of the 331 risk managers responding think contingent commissions represent a conflict of interest. Such commission arrangements are […]
By Canadian Underwriter | May 26, 2004
The Facility Association (FA) is celebrating early success in its goal to depopulate the New Brunswick pool for high-risk drivers, having reduced market share to 2.5% in just two months.”While the May numbers are early projections, I’m thrilled to see our market share shrink continuously on a monthly basis,” says FA CEO David Simpson. “These […]
One-in-four privately held companies has been the target of an employee lawsuit in the past few years, according to a new study by New Jersey-based Chubb Group.In fact, 44% of the companies surveyed said they expect to be the target of such a suit this year, suggests data from the Chubb 2004 Private Company Risk […]
By Canadian Underwriter | May 25, 2004
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