Industry
Montreal-based insurer Optimum General Inc. (TSE: OGI.A) which through five subsidiaries operates across Canada and parts of the U.S. posted a net loss of $2.7 million for the 2001 financial year ended December compared with earnings of $168,000 reported for the previous year. This translates to a loss of 25c a share for the latest […]
By Canadian Underwriter | March 5, 2002
2 min read
Following the release of a consultation paper last fall, the Financial Services Commission of Ontario has passed, as part of a budget bill, changes to the restrictions on insurer investment portfolios. The changes are to make the province’s regulations more in line with other provincial as well as federal guidelines.Among the provisions is one that […]
By Canadian Underwriter | March 4, 2002
1 min read
Risk
As the Canadian government waits to take its lead from the U.S. on a terrorism reinsurance solution, lobbying efforts south of the border are intensifying. Risk and Insurance Management Society (RIMS) president David Mair was on Capitol Hill this week, urging Congress, on behalf of commercial insurance buyers, to move forward on a plan.”Businesses have, […]
By Canadian Underwriter | March 1, 2002
"The world was on September 9th a dangerous place, full of operational and financial risks. What changed was the address of terrorism. Terrorism was no longer simply on TV, it was and is now part of our real lives." So said David Mair, outgoing president of the Risk and Insurance Management Society following the September 11 terrorist attacks. Certainly the insurance world has been turned on it axis by those events. What was shaping up to be a hardening market was suddenly a market in chaos, and risk managers were left struggling to catch up with rapidly escalating rates, tightening terms and a severe lack of capacity. Added to this is the disappearance of terrorism coverage and the seeming ambivalence of North American governments to the plight of insurers and their commercial policyholders.
February 28, 2002
11 min read
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 […]
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.
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.
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
6 min read
Insurance contracts are sold by insurers to provide peace of mind to the buying public, the summary decision court papers applying to the Whiten v. Pilot final appeal case indicate. Specifically, the Supreme Court of Canada, which recently upheld $1 million in punitive damages that had previously been made against Pilot Insurance Co. in a […]
The Supreme Court of Canada has restored a jury award of $1 million in punitive damages which had been made against Pilot Insurance Co. The cross-appealed Whiten v. Pilot case has been closely watched by insurers due to the magnitude of the punitive award contested, as well as the apparent “shift” by the courts toward […]
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