Risk
The month of March has seen an increasing number of cyber attacks in North America as war with Iraq looms, says mi2g, a international digital risk company.Almost 64% of digital attacks this month have been against U.S. and Canadian businesses, with only 21% against European targets. A year previous, Europe and America were being targeted […]
By Canadian Underwriter | March 18, 2003
2 min read
Just a year after it was started up by a group of insurers, a specialty terrorism insurance operation is closing shop due to lack of demand.Specialty Risk Insurance and Reinsurance (SRIR), formed by Allianz, Hannover Re, SCOR, Swiss Re, XL Capital Ltd. and Zurich Financial Services, will cease writing new business and plans to liquidate […]
By Canadian Underwriter | March 13, 2003
1 min read
(Note: Includes correction Gerling NCM was placed on credit watch, not downgraded as per story 2/26/03)The sale of Gerling’s reinsurance operations is being halted by German regulators the parent company has confirmed to Reuters. The story comes as Standard & Poor’s says it is lowering the long-term counterparty credit and insurer financial strength ratings of […]
By Canadian Underwriter | March 11, 2003
A new study from Munich Re suggests that natural catastrophe losses are on the rise, despite less-than average event totals in the last three years.”One of the main reasons for the steep increase in natural catastrophe losses observed worldwide in recent decades is the mounting concentration of people and property values in exposed cities and […]
Rising rates and tighter terms are putting smiles on the faces of reinsurance CEOs as they come off January 1 renewals.Munich Re Group, which saw 65% of its portfolio (worth EUR2.2 billion in premium volume in 2001) renew on January 1, says 16% of existing business was not renewed based on new, stricter underwriting controls.Of […]
By Canadian Underwriter | March 4, 2003
Contracts are a commonly used tool to limit an organization's exposure to many types of liability claims. Perhaps their most common use is in the construction industry where many organizations are brought together to work on large projects. Often these projects leave the various organizations exposed to many types of liability claims. Risk managers in this field must ensure they review and understand all of the contracts that are entered into, in order to avoid an unexpected liability.
By Paul Famula | February 28, 2003
6 min read
As a growing number of multi-national corporations relocate key executives on overseas assignment, they are increasingly faced with a challenging array of strategic risk exposures.
By Daniel Anber, president of XN Holdings, Inc. | February 28, 2003
4 min read
What do you do to get the most from your risk dollar? For many, this appears to be an activity question, with answers ranging from the negotiation and purchase of insurance, to loss prevention and loss control, to risk assessment. For business today, however, we must recognize this question as a value proposition to be answered not with questions about activity but with answers related to the strategic integration of risk management and the benefit it brings the organization as a whole. At a recent session hosted by Aon Reed Stenhouse in Toronto, chief financial officers from major Canadian corporations learned how good risk management fits into the overall corporate strategy.
By David Mair, Risk Excellence | February 28, 2003
While price strengthening in the North American commercial insurance marketplace had been well underway before 9/11, the terrorist attacks served as a catalyst that rocketed proper coverage prices upward. It was perhaps an unfortunate coincidence that the financial troubles of Enron and Worldcom, and the subsequent corporate governance scandals and shareholder lawsuits that ensued from […]
By Sean van Zyl, Editor | February 28, 2003
Shareholder activism, regulatory scrutiny and poor corporate governance practices have opened the floodgates to litigation against directors and officers in the post-Enron U.S. market. How much of this has spilled over to executive risk in Canada? A recently held D&O conference in Toronto looked to providing some direction for Canadian corporations.
By Craig Harris | February 28, 2003
8 min read
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