Risk
Counting the costs of risks associated with the rapid rise of computer technology is no simple task, say risk managers. But, recent surveys say "cyber risks" will be the next big challenge. Are today's risk managers prepared to stay afloat in these dangerous waters, or will they be sitting ducks?
August 31, 2000
9 min read
One of the biggest causes of property loss is fire. However, this is a threat which appears to garner less than serious attention in terms of mitigation efforts by both risk managers and insurers. Building fire system inspections carried out by the Ottawa Fire Department last year revealed an exceptionally high level of deficiencies to early warning responses, largely as a result of complacency.
6 min read
Industry
1996 (59,812) 367,061 (41,717) 152,501 -27.4% 1995 (18,095) 214,560 1996 (59,812) 367,061 (41,717) 152,501 -27.4% 1997 (21,685) 399,078 38,127 32,017 1191% 1998 22,042 609,891 43,727 210,813 20.7% 1999 (59,220) 438,813 (81,262) (171,078) 47.5% Margins represent the favourable run-off of prior year claims estimates. Deficiencies represent the unfavourable develoment on the run-off of prior year claims […]
4 min read
Another reinsurer has withdrawn capacity from the Canadian market with Rhine Reinsurance’s recent decision to discontinue its facultative business. The reinsurer experienced “marginal losses” in this area since it entered this particular line three years ago, says Patrick King, chief agent of the company’s Canadian operations. “Inadequate rates” were largely to blame, he comments. “Rates […]
2 min read
Although listed broker network consolidator Equisure Financial Network (TSE:EFN) produced a significant rise in revenue for the first six months of the current financial year compared with the same period the year prior, the network’s net earnings for the period fell as a result of acquisitional costs incurred toward the end of 1999. Revenue for […]
If experience is required, then Rich Whitehouse is the right choice to host the silver anniversary of the Canadian Risk and Insurance Management Society’s conference. As a delegate at the first conference 25 years ago, he is in a unique position to help risk managers look back on past achievements at this year’s event, “Reflections […]
5 min read
At the recent 2000 Canadian Insurance Congress held in Whistler, a panel of information technology executives drew focus to “commercialization of information technology”. Among the speakers was British Columbia’s industry luminary, Lawry Shand, who provided an insurance perspective on the much maligned and misunderstood world of information technology. Why maligned? Why misunderstood? There remains a […]
3 min read
I expect there was an audible and collective sigh of relief from the management of tobacco manufacturer RJR-MacDonald Co. and their insurers when a New York district court recently dismissed the Canadian federal government’s US$1 billion lawsuit. The lawsuit was filed on grounds of cross-border cigarette smuggling and lost tax revenue. Justice Minister Anne McLellan […]
Growth in the formation of captives for self-insurance and the facilitation of alternative risk transfer (ART) transactions is expected to rise by 5% per annum through to the end of 2005, according to rating agency A.M. Best Company. Specifically, the rating agency expects the current hardening of commercial insurance rates across North America to add […]
Globalisation has created an expanded market in Canada for specialty niche lines of business. Products such as alternative risk financing or equipment maintenance management which have historically been unavailable in Canada either because the market was too small to support such activity, or large insurers were reluctant to break new ground, are now washing up on Canadian shores.
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