What’s new: In brief (November 03, 2004)

The “Feed the Minds of Youth” luncheon hosted by the Insurance Institute of Ontario’s (IIO) chapters Wednesday saw more than 150 students participating in the “Take Our Kids to Work” day learn more about the insurance industry from guest speakers including brokers, underwriters, adjusters and a forensic engineer. The event was also part of the Career Connections, a program which aims to educate students about the variety of careers in the p&c industry. This year’s events was such a success that in 2005 it will be held at each of the institutes across Canada.

Wednesday saw 475 industry members attend the Women in Insurance Cancer Crusade (WICC) 7th annual Learning Breakfast in Toronto. Guest speaker Mike Ramsden spoke about his wife’s battle with breast cancer, which inspired him to climb to the 19,340 ft. summit of Mount Kilimanjaro earlier this year to raise funds and awareness around the disease. With the backing of his employer CIBC Wood Gundy, Mike along with 30 others from across the country undertook the challenge, and raised a total of $250,000 for breast cancer research. Ramsden emotionally encouraged the audience to pursue its own goals, saying, “all you need is a dream, a plan to realize that dream and the courage to fulfill it.”

Broker Marsh says it will continue to accept contingent commissions on business that has already been placed, but that such funds will go to set up a fund for potential payouts resulting from the New York Attorney General’s investigation into commission practices. At the same time, the National Association of Insurance Commissioners (NAIC) says it has set up a task force to look into the issue of broker compensation.