Risk
A recent decision by the Newfoundland Public Utilities Board has created the platform for a “sure victory” for the property and casualty insurance industry’s Facility Association (FA). This development has also produced a heady start for Stan Griffin, the current president of the FA. After a long career with the Insurance Bureau of Canada, Griffin […]
April 30, 2001
6 min read
Auto
Within a period of two years the Centre for Study of Insurance Operations (CSIO) has moved from two standards of personal lines EDI and paper forms to a current total of five standards, including Internet screen guidelines, says president Klaas Westera at the organization’s recently held AGM. Over the past year the CSIO updated 10 […]
2 min read
At the recent Ontario Risk Management and Insurance Society (ORIMS) professional development day, a host of speakers expressed the need for expanding the knowledge and influence of risk managers in the corporate structure. With new approaches to risk financing and control at their disposal, today’s risk managers have a key role to play in both […]
March 31, 2001
5 min read
The prospect of a growing tornado loss potential due to underlying increases in exposed insurable equity coupled with the historical frequency associated with tornadoes do not bode well for the insurance industry's future.
Do you need to show your employer that as a risk manager you are bringing value-added services to your organization? Do you need to create a sense that you are virtually indispensable? Would you like to know one process that will allow you to know more about your company than the CFO, CEO or anyone else? Ask any continuity planner and they will quickly tell you the answer - build your company's recovery plan.
Is big really better? Can companies operating in the new global order that would seem to be defining the rules of business governing the property and casualty insurance industry afford not to buy up or get out? These were pivotal issues debated by senior leaders of North American insurance companies at a "national leadership symposium" held in San Francisco and jointly sponsored by The Council of Insurance Agents and Brokers and investment banker Russell Miller Inc.
9 min read
Insurers today do not retain trial counsel. They retain counsel to prepare a case for settlement with the view that the appropriate legal resources will be available if ever needed. Unfortunately, the current working relationship of hourly billing that exists between insurers and their outside legal counselors has created an ineffective and costly process which cannot go unresolved. However, there are alternative fee solutions which can work for all parties.
Industry
The business environment facing Canada’s property and casualty insurers over the year ahead is going to be tough, with the industry having closed the 2000 financial year with its first quarterly net loss since the 1970s and a dismal 6.2% return on equity (ROE), says Paul Kovacs, chief economist of the Insurance Bureau of Canada […]
3 min read
The recent earthquake which shook residents of Seattle and Olympia in north Washington state has given risk managers with exposures in southwestern British Columbia more than a mild shudder. It has long been known that the highly urbanized cities of Victoria and Vancouver, plus the industrialized lowlands of southwestern B.C., face a high and unavoidable […]
11 min read
Non-standard auto insurer Kingsway Financial Services Inc. (TSE: KFS) more than doubled net income for the 2000 financial year to $27.5 million (1999: $13.6 million). This translated to earnings of 81 a share (1999: 38), with the company posting a 10.7% return on equity for year. Strong business growth was mostly responsible for the earnings […]
1 min read
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