Risk
Through amendments to Bill C-36, the federal government is proposing to extend the laws around terrorism financing to property and casualty insurers, reports Michael Hafeman, assistant superintendent in the Office of the Superintendent of Financial Institution’s (OSFI) specialist support sector. In an address to the Canadian Insurance Accountants Association, Hafeman notes that, although p&c insurers […]
December 31, 2001
1 min read
Industry
Creating value for customers and shareholders is something all insurance companies strive to achieve. But how does a company continuously deliver value amid global and knowledge-based competition? To deliver that value, good business strategies are required to become very good business operations. Management needs to execute these strategies not only within a company, but also […]
4 min read
In response to the high number of late filings from federally-regulated financial services companies, including insurers, the Office of the Superintendent of Financial Services (OSFI) has proposed regulations for “late and erroneous filings” penalties. The proposed regulation, which at the time of going to press was still open to “comment”, is needed OSFI says because […]
Results for broker network consolidators to the end of September 2001 show increased revenues and signs that the hardening market will have positive impact on bottom-lines. Calgary-based Anthony Clark International Insurance Brokers (TSE: ACL) posted a 14% increase in revenue to $2.2 million for the six months to end September of this year compared with […]
2 min read
With the retirement of CEO Terry Squire, The Co-operators has named Katherine Bardswick its new CEO effective March 1. She has been with the company since 1978 and is currently COO of its Sovereign General and L’Union Canadienne subsidiaries. Technology vendor DWL announces the appointment of John Baumstark as CEO and Jim Modak as CFO […]
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. IIO Speakers Club Meeting. Toronto, ON. Contact Bonita Kearns at 416-976-5111 ext. 211 for more information. January 21. Strategy […]
The Registered Insurance Brokers of Ontario (RIBO) annual general meeting, held recently in Toronto, marked the 20th anniversary of the province’s self-regulatory body for property and casualty insurance brokers. Over the past year, RIBO faced new challenges through changes in Ontario’s financial services regulation structure, specifically the merger of the Financial Services Commission of Ontario […]
With the U.S. Congress adjourning for the year, there will be no terrorism risk pool in place as insurers head into the new year, when most commercial policies come up for renewal. Congress gave up the ghost when the U.S. Senate failed to bring a measure to the floor before the holiday break yesterday.The effects […]
By Canadian Underwriter | December 21, 2001
On a worldwide scale, catastrophes both man-made and natural resulted in losses of more than US$115 billion, costing insurers more than US$32 billion, in 2001, says a study from Swiss Re. The US$115 billion figure is three times that of the average yearly losses experienced in the 1990s. The largest of these events was, of […]
All of the major sector players operating in the Canadian financial services environment from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds have co-founded a new national consumer ombudsman office. The National Financial Services OmbudService (NFSO), slated to be officially opened by the beginning of July next year, will […]
By Canadian Underwriter | December 20, 2001
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