Risk
I stood at the entrance to our company’s boardroom, shaking hands and exchanging goodbye greetings with our select group of brokers as they filed out. Beside me, my boss Fred Wilson was doing the same. Today had been one of the regular meetings of our Broker Liaison Group, and it had not gone particularly smoothly. […]
September 30, 2005
10 min read
As the old saying goes, those who ignore history are doomed to repeat it. That’s why some form of publicly funded program should be created for Canadian cities that wish to heed more than a decade of advanced research and warnings by the Canadian insurance industry and take preventative action before Canada meets up with […]
4 min read
Canadian brokers hope to extinguish the current conflagration around contingent profits. The question is, will Canada's insurance regulators agree to cool down their recent interest in disclosure and transparency issues?
Ironically, the same brokers educating consumers about dramatic price increases in the most recent hard market were hit with their own rate hikes on professional liability insurance. While premiums are beginning to stabilize for broker errors and omission (E&O) coverage, there are still some troubling signs in claims severity for this class of business.
8 min read
Commercial management systems (CMS) have evolved from their early days as document-generation tools to help brokers standardize processes, increase productivity and protect against professional liability claims. Can they go the next step and bridge the gap between broker workflow and insurer policy processing requirements in small- to mid-market business accounts?
5 min read
The Insurance Institute joined the Institutes of Nova Scotia and New Brunswick in Halifax for a tree-planting ceremony that aimed to help rebuild Point Pleasant Park after being devastated two years ago by Hurricane Juan. The Institutes sponsored the ceremony, which closed the September brokers’ conference, presented by the Insurance Brokers Associations of Nova Scotia […]
Financial executives at the world’s top companies believe supply chain risks pose the top threat to companies’ revenue, according to a FM Global study. At the same time, close to half of all respondents in the study said risks associated with globalization and outsourcing are only a low priority or concern for their organizations, potentially […]
2 min read
Catastrophic risk modeling company’s Risk Management Solutions (RMS) and AIR Worldwide Corporation estimate that insured losses resulting from Hurricane Rita range from $2.5 billion to $7 billion. Based on current information on Rita’s landfall location and wind speeds, RMS estimates losses will range between $4 billion and $7 billion while AIR predicts a total loss […]
The Insurance Bureau of Canada (IBC) is hailing Canadian Attorney General Irwin Cotler for introducing new legislation to help curb organized auto theft, while at the same time calling on Canada’s department of justice to impose tougher penalties.”We are encouraged that the Justice Minister is moving ahead on this file,” IBC’s vice president of investigations […]
By Canadian Underwriter | September 30, 2005
The current political climate is not right time to issue new guidelines on large bank/insurer mergers, the Canadian government has announced.The Department of Finance Canada had been reviewing its policy on several issues relating to bank merger applications, including whether to remove the restriction on mergers between different types of financial institutions. The decision not […]
By Canadian Underwriter | September 27, 2005
1 min read
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