Risk
Speakers at this year’s Joint Industry Forum — which recently took place in New York City — were bullish of the financial prospects of the North American property and casualty insurance industry in the post September 11 era. However, they, as well as the senior management audience in attendance, remained concerned with growing regulatory/political intervention […]
By Sean van Zyl, Editor | February 28, 2002
7 min read
There should be fear coursing through the veins of chief information officers everywhere! A recent study released by the University of Houston showed that a mere 6% of businesses could survive following a catastrophic loss of data. "Sure", some business owners say, "we're okay because we have a plan". Chances are, their faith may be misguided.
By Karen Rutherford, partner at The Crisis Tool Group | February 28, 2002
4 min read
The first wave of outsourced claims technology has passed and risk managers, while seeing some cost reductions, are still looking for greater efficiency and savings. With the prevalence of the Internet, new information technology tools are on the horizon to help those risk managers address their claims administration needs in a real-time, cost-efficient format.
By Jeff Clark, vice president of RiskVault Inc. | February 28, 2002
Not long ago, environmental insurance met with a lot of skepticism from businesses. Coverage was too expensive. The policies were too limiting. However, the perception and uses of environmental insurance have changed substantially
By Mary Ann Susavidge, managing underwriter, and Susan Barry, an un | February 28, 2002
6 min read
As the Ontario Insurance Adjusters Association (OIAA) met for its annual claims conference in Toronto recently, the implications of September 11 were still reverberating. With the introduction of new policy wordings and exclusions, adjusters are facing a far different task in understanding coverage than they were prior to the terrorist attacks in the U.S. The […]
February 28, 2002
2 min read
Dear Editor, I have just completed reading the December issue of Canadian Underwriter and enjoyed reading your coverage on the hard market and the issue of terrorism exclusions. The Insurance Bureau of Canada, the press and the regulator continue to position this issue as a problem for insurers. Indeed, Brian Reeve, in his article states: […]
1 min read
Despite the trials and tribulations of the current market, or perhaps because of them, risk managers have a chance to excel within the corporate structure. Incoming Risk and Insurance Management Society (RIMS) president Chris Mandel, a devotee of the enterprise risk management (ERM) approach says now is the time for risk managers to step up the plate and show their value within their organizations. While the challenges are many, risk managers also have a golden opportunity to shine.
By Vikki Spencer | February 28, 2002
With a softening economy -- which was exacerbated greatly by the 9/11 events -- an economic crisis in Argentina, and a record-breaking string of corporate bankruptcies over the last months, many companies quickly learned that natural and man-made catastrophes present just one type of threat to the balance-sheet.
By Glenn McGillivray, assistant vice president & head of corporate | February 28, 2002
9 min read
Can insurers and reinsurers change their colors? This was the ultimate question raised by financial analysts and industry CEOs at the 2002 National Insurance Leadership Symposium, which was recently held in San Francisco. From a broader perspective, the commentators analyzed developments in global market capacity following the terrorist attacks of September 11. While many were optimistic of a financial recovery for both the reinsurance and primary insurance sectors, doubts were raised to whether the September 11 events, and the firming of the industry price cycle before and in the aftermath of the attacks, will provide sufficient long-term momentum toward achieving the necessary financial returns expected by corporate shareholders.
8 min read
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. ORIMS Seminar: Risk Management Resources. Toronto, ON. For registration information contact Bruce Tainsh at 416-979-6231. March 21. Canadian Association […]
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