Risk
The past year has been marked by sharply rising insurance rates, tightening terms of cover and scarce capacity across the various lines of commercial business. At a recent meeting of the Ontario Chapter of the Risk and Insurance Management Society (ORIMS), the speakers painted a dire outlook of the insurance environment facing risk managers in 2003.
By Vikki Spencer | February 28, 2003
5 min read
Risk managers are suffering from a case of the blues. Premium hikes, vanishing capacity, tighter terms and increased expectations from insurers are creating havoc for risk professionals. As they descend on Chicago for this year's Risk and Insurance Management Society (RIMS) Conference, the air is filled with apprehension over when the bleeding will stop. Consensus is, while some price and capacity stabilization has occurred, by and large risk managers need to buckle in for a bumpy 2003.
11 min read
Risk managers are facing the worst of times. The hard market is in full swing, scandals have shaken corporate America and the terrorist threat continues to loom. But this is also the best of times, says incoming Risk and Insurance Management Society (RIMS) president Lance Ewing. Risk managers have the chance to show their creativity, to assert their role as the "corporate conscience", and to help each other weather the rough winds.
6 min read
The Toronto Insurance Women’s Association Patron of the Year Award was presented to Simmlands Insurance Brokers Ltd. A session led by I Promise Program executive director Gary Direnfeld will now qualify brokers for a RIBO technical credit. Direnfeld has been making the presentation for the past year to various audiences and now hopes to engage […]
February 28, 2003
2 min read
The recently announced federal budget brought good news for insurers, says Paul Kovacs, chief economist for the Insurance Bureau of Canada (IBC). Three items are of particular interest: elimination of the federal capital tax, a boost to healthcare spending, and new funding for infrastructure. In his “legacy” budget, outgoing prime minister Jean Chretien increased spending […]
1 min read
When risk management is the capability that underpins an entire business model, one might expect that the business is also expert at managing internal, operational risk - the risks associated with the daily interaction among people, processes and tools as an organization works toward a goal. Unfortunately, that is rarely the case. A new study shows that there is much progress to be made in understanding and mitigating operational risks. And with corporate brands on the line, recent scandals have shown the result of ignoring these everyday risks.
By Blake Hanna, Mark Smith and Dr. Craig Mindrum | February 28, 2003
While the beat of war drums from down south might currently sound distant to those in the Canadian property and casualty insurance industry, insurer CEOs believe that the restructuring turmoil underway in the U.S. – which has seen some major players exit mainstream lines of business while others such as Kemper are in the process […]
By Sean van Zyl, Editor | February 28, 2003
9 min read
While the strong price firming witnessed across nearly all lines of business of the North American property and casualty insurance industry will likely maintain momentum through this year and into 2004, company CEOs and investment analysts who partook in this year’s Joint Industry Forum hosted by the Insurance Information Institute (III) in New York City […]
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 parent Gerling-Konzern Allgemeine Versicherungs-AG (GKA) and Gerling-Konzern Lebensversicherungs-AG (GKL) to BB+ from BBB.”The downgrade reflects […]
By Canadian Underwriter | February 26, 2003
The U.S. Terrorism Risk Insurance Act of 2002 (TRIA) is failing to address the long-term issue of terrorism risk, says a new study by Conning Research & Consulting Inc. The study speculates that not only does the act not address why terrorism is so difficult to underwrite, but insurers may also be distracted from finding […]
By Canadian Underwriter | February 24, 2003
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