Industry
The insurance industry got off lightly from the July 16 fire at a downtown Toronto Bell Canada switching station in which phone service was cut off for 113,000 downtown homes and offices for nearly five hours. Initial estimates had the disruption caused at being over $1 billion in economic losses. This, however, was mainly attributed […]
July 31, 1999
1 min read
The Co-operators group has expanded into the Quebec market by acquiring a broker-based underwriter, L’Union Canadienne compagnie d’ assurances from Unindal Inc. The deal, which is subject to regulatory approval, will boost the group’s premium income by about $100 million (equal to 7% of The Co-operators group’s 1998 consolidated premium income). L’Union Canadienne ranks ninth […]
Risk
Webster’s New Collegiate dictionary defines the word “risk” as being “the chance of loss or the perils to the subject matter of an insurance contract”. It also defines “management” as “the act or art of managing: control or direction.” Dictionaries, like many communication tools, are in practice subject to local interpretation. It was therefore highly […]
6 min read
With e-commerce widely predicted to explode into the mainstream world of business in coming years, the lure of “getting into the ‘net game” before it becomes too late is almost irresistible for most companies. In particular, the Internet is expected to play a critical future role in the selling and shaping of financial service products, […]
5 min read
Over recent years the largest catastrophic loss payments of most insurers have resulted from prairie hailstorms. During the 1990s, there have been six major storms, each causing catastrophic losses in excess of $50 million. The National Hail Conference, recently held by the Institute for Catastrophic Loss Reduction in Red Deer, Alberta, focused on prevention actions. […]
4 min read
It is becoming increasingly clear the importance of the financial services sector on the global stage. The recent drive toward globalization of business — coupled with new information technology and the formation of geo-economic and political alliances — have allowed financial institutions to follow their clients around the globe. However, the growing importance of financial […]
9 min read
The early 20th century was a revolutionary time for the fine art community, with “modern artists” such as Henri Matisse carrying forward the early exploration attempts of the impressionist painters in testing conventional “realist” theory. In many respects, the modern art movement lead by Matisse — dubbed “the fauvists” (the primitives) by shocked French critics […]
10 min read
There is a patriotic undertone to this year's Canadian Risk & Insurance Management Society (CRIMS) national conference -- "Risk on the Rock" -- which will be held in St. John's Newfoundland this coming September. In addition to hosting one of Canada's premier national conferences, the province is also celebrating its fiftieth year of Canadian confederacy.
The difference between an Internet presence and soliciting business through the Internet can be significant in terms of legal exposure. With the serious growth seen in commercial entities on the web over recent years, the regulators are now beginning to address some of the legal accountability issues of jurisdiction and local laws. However, for the time being, selling insurance over the Internet holds many legal pitfalls.
Claims
The angular figure of our senior underwriting manager emerged from the elevator facing me, and, as usual, Judy’s face was a mirror of her inner feelings. It was also quite clear that these feelings were not too positive. She grunted a perfunctory greeting to me. We walked out of our company’s front doors and stood […]
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