Risk
Global expansion and risk diversification with emphasis on managing capital will serve as the cornerstones of the next development phase of the insurance industry, speakers at the recently held International Insurance Society (IIA) 37th annual seminar predicted. The event, which took place in Vienna, Austria, drew 530 senior insurance management delegates representing 50 countries. A survey carried out by the IIA of the attendees confirmed the common message of the speakers - the global insurance marketplace is at the brink of a revolution.
By Sean van Zyl, Editor | July 31, 2001
11 min read
With the potential deregulation of the British Columbia auto insurance market, insurers, brokers and the government insurer are set on a collision course. At the recent Insurance Brokers Association of B.C. (IBABC) conference in Kelowna it was clear that insurers see winning over the association and its members as key to their successful introduction into the market. But private insurance will be a tough sell, with brokers wondering just what, if any, benefits will come with open competition.
By Vikki Spencer | July 31, 2001
6 min read
One of the biggest challenges insurers face is dealing with the non-tangible and borderless world of e-commerce. Reinsurers have already imposed strict cover limitations, and insurers are finding it extremely difficult to offer their customers effective risk solutions. However, if the industry plans on retaining its customer base and growing it as the business environment increasingly moves toward e-commerce, then cyber risk solutions will have to be found.
By George Cooke and Anne MacKenzie of Dominion of Canada General In | July 31, 2001
8 min read
With risk managers scrambling to find alternative risk financing, the importance of accurate claims data has come under the spotlight. In today's hard market, risk managers are increasingly taking a closer look at their insurance costs and considering alternative risk transfer (ART) solutions. But, in order to make an accurate assessment, they need precise and timely claims data.
By Ed Doyle, Managing Director of Gallagher Bassett Canada Inc. and | July 31, 2001
5 min read
In a press release issued in early May, the American Council of Insurance Agents and Brokers announced the results of their first quarter survey. It showed rates rising significantly, with close to 90% of responding brokers suggesting that rates for the five commercial lines were already “somewhat hard” or “very hard”. In an environment like […]
By Andrew Rickard | July 31, 2001
9 min read
By the end of this summer, Canada’s insurance information is expected to be available for individual insurers to conduct customized market analysis and benchmark their performance against the industry. The Insurance Bureau of Canada (IBC) will introduce the Insurance Data Enquiry and Access (IDEA) System, which will allow insurers to access its information warehouse – […]
By Henry Hong, chief product architect, IDEA System, Insurance Bure | July 31, 2001
3 min read
With the increasing emphasis being placed on the risk management function within the corporate setting comes increased responsibility and the demand for additional knowledge about a variety of risks. And, with Canadian companies moving forward into the global economy, the onus on risk managers to provide expert advice on new risks and new risk transfer opportunities is growing. This year's conference of the Canadian chapters of the Risk and Insurance Management Society (CRIMS) is a chance to move risk managers into the new millennium, say organizers Paul Gray and Karin Zabel.
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. Canadian Risk & Insurance Management Society Annual Conference. Ottawa, ON. Visit www.rims.org/canada for conference details. September 9 to 12. […]
July 31, 2001
2 min read
The Facility Association has named David Simpson its new president and CEO. Simpson is former president of the Insurance Institute of Ontario and assistant division manager with State Farm. He succeeds Stan Griffin, who has become executive vice president of regional operations for the Insurance Bureau of Canada. William Fischer has joined the brokered group […]
Bermuda-based XL Capital has finalized its purchase of the Wintherur International operations of Credit Suisse Group. The all-cash deal, valued at US$405 million, is slightly less than originally announced because of the exclusion of "certain parts of the business agreed by the parties", states a press release.The sale includes the Canadian branch of Winterthur International, […]
By Canadian Underwriter | July 27, 2001
1 min read
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