Risk
Risk managers are being tested by insurance negotiations in the current market, says a new study by Prudential Financial. Rising rates, tighter terms and increased demand for information from corporate insurance buyers are leading to long, intense negotiations, reports the 2002 Insurance Buyers Survey.The survey, which involved interviews with 120 risk managers in Canada and […]
By Canadian Underwriter | February 15, 2002
2 min read
U.S. trade associations representing the real estate, tourism and retail industries, among others, are joining forces to push the federal government to devise a solution to terrorism reinsurance. Groups including the U.S. Chamber of Commerce, the Bond Market Association, and even the National Football League have formed the Coalition to Insure Against Terrorism, which will […]
By Canadian Underwriter | February 14, 2002
Profitability is the “first line of defence” for insurers facing rough financial times, says the country’s top regulator. In a speech to the Empire Club, superintendent Nick Le Pan of the Office of the Superintendent of Financial Institutions notes that regulators need to “be highly interested in the success of institutions and their profitability”.He adds […]
By Canadian Underwriter | February 13, 2002
In response to the lack of available war risk coverage following the September 11 terrorist attacks, airlines south of the border are considering their own insurance scheme. This comes as government-backed coverage is set to run out on March 20.The coverage, for third-party war risk liability, was pulled by insurers after two planes were hijacked […]
By Canadian Underwriter | February 12, 2002
1 min read
The world’s largest insurance brokers have each produced very different yearend results in the wake of September 11 and a hardening insurance market.Giant Marsh & McLennan held the line, with revenues of US$2.5 billion in the fourth quarter, equal to the same period in 2000. For the year, revenues were down 2% from 2000, to […]
The Canadian government has followed its U.K. counterparts and extended the deadline for federally-backed insurance coverage for the airline industry. The coverage, for war risk liability, was to have ended February 4, but will now go until March 21.However, there is still no solution to the airline industry’s insurance dilemma. Following the September 11 terrorist […]
By Canadian Underwriter | February 4, 2002
Following a decision by the U.S. National Association of Insurance Commissioners (NAIC) not to allow terrorism exclusions on personal lines policies, insurers are reacting with dismay. Through their trade associations, including the National Association of Independent Insurers (NAII) and the National Association of Mutual Insurance Companies (NAMIC), insurers are expressing concerns over a vote of […]
By Canadian Underwriter | February 1, 2002
3 min read
XML has become the buzz- word of the insurance industry. But insurers are still coming to grips with what this new technology will mean for their business. For an industry deluged in information, XML is a means of making that information accessible and usable in modern, online systems. Rather than scrapping legacy systems, which cost dearly in both time and money to develop, XML offers the chance to mine these legacy systems for the precious information they hold.
By Bob Rybak, chief technology officer, Whitehill Technologies Inc. | January 31, 2002
5 min read
Insurance professionals tend to be well versed with the mechanics of information technology (IT), but lacking on strategic, legal, e-business applications. Much of their exposure to computer hardware and software comes from vendor and technology consultants who are long on technical expertise but short on how to add value in providing insurance services to clients. Consequently, insurance professionals who buy IT may become victims of "bells-and-whistles" sales pitches.
By John Kelly, a law professor at Seneca College & consultant to Al | January 31, 2002
6 min read
All to often insurers are presented e-business strategies that appear to be conceived, developed and implemented in a straightforward manner. This view makes getting online look easy, but let us face it: things have not quite worked out that way.
By Glen Piller, president of iter8 Inc. | January 31, 2002
7 min read
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