Risk
Corporate takeovers. Plummeting stock prices. Falling profits. These used to be the primary fears of the corporate world. Today, enemy number one could be a fourteen-year-old sitting in front of a home computer with the power to bring business to a halt with the click of a button. Technology is dominating the way the world […]
February 28, 2001
11 min read
One look at his rapidly reddening face and I could tell that our vice president was not enjoying himself. Worse than that, he seemed ready to explode. As the senior broker representative in the center of the conference room continued with his tirade, our vice president was angrily shaking his head and showing clear signs […]
9 min read
Industry
Rising expense ratios, soft market conditions, consolidation. Just when the insurance industry thinks it has weathered the stormy climate of the last decade, a new millennium brings the uncertainty of technological advancement. Companies eager to reduce costs may be prepared to make the mammoth investments required to take advantage of the latest high-tech offerings. But […]
6 min read
Ask any one of two million grumbling Californians who were recently suject to power blackouts as to why they are not currently overly fond of their local politicians and civil servants, and you will find that the list of complaints of ineptitude and negligence are long. The short of the story is that the state […]
3 min read
With the recent approval of federal and provincial laws paving the way for the development of e-commerce, property and casualty insurance regulators in Canada face the tough decision of whether or not online buyers need the extent of “hand holding” that has traditionally been applied to consumer insurance purchases. Despite the new legislative offerings which […]
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. Women in Insurance Cancer Crusade Dinner. Toronto, ON. Contact Paula Driver-Chiccanti at 416-756-8464 for details. March 28. Insurance Bureau […]
2 min read
Bermuda-based XL Capital Ltd. has acquired global corporate risk specialist underwriter Winterthur International from the Credit Suisse Group for an undisclosed amount. Credit Suisse retains its holding in commercial insurer Winterthur Insurance which operates through The Citadel Assurance in Canada. A statement released by Credit Suisse and XL states that no jobs will be lost […]
1 min read
The federal government has taken an important step forward toward natural disaster mitigation with the creation of a new disaster handling agency, the Office of Critical Infrastructure Protection and Emergency Preparedness (OCIPEP), says the Insurance Bureau’s president George Anderson. “This is a positive step by the federal government to build safer and more resilient communities.” […]
Companies who fail to put proper financial controls in place could be paying the price, says John Doran, assistant superintendent, supervision sector, of the Office of the Superintendent of Financial Institutions (OSFI). In a speech to the Canadian Insurance Accountants Association recently, Doran said that the government regulator needs to look at ways to control […]
Following an announcement of a major market “modernization restructuring” toward the end of last year, Lloyd’s of London has adopted two tough stands to ensure a more speedy flow of premiums collected as well as tighten up on shoddy regulatory management of syndicates. David Gittings, who heads up Lloyd’s regulation department, says that, in line […]
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