Risk
Well-publicized investigations of "finite risk reinsurance" in the U.S. have cast a pall over many of these "non-traditional" products. Specifically, the Securities Exchange Commission (SEC) and New York's attorney general Eliot Spitzer have put a 2000/2001 arrangement between General Re and American International Group squarely in the spotlight of regulatory scrutiny. As regulators continue to closely monitor the nature of more complex financial reinsurance transactions, the twin themes of legitimate risk transfer and transparency emerge as paramount.
April 30, 2005
9 min read
In CU’s article “The Politics of Leasing” from the March 2005 issue, Glenn McGillivray dealt with the challenges faced by automobile leasing companies and their insurers in light of recent precedent setting settlements. While the CFLA and others step up lobbying efforts in the hopes of obtaining an amendment to the Highway Traffic Act, car […]
8 min read
As Canada's mutual insurers met in Toronto recently, expansion was very much on the minds of everyone. Mutuals are looking to expand their own membership to include other insurers closely aligned with their concerns. At the same time, the end of the hard market means a time when marketshare growth tempts. In both instances, a cautious, measured approach to expansion was urged.
5 min read
The intensity and frequency of severe weather events is increasing globally. Concentrated population growth is also rising - particularly in areas which are more weather disaster prone. Can the insurance industry positively influence social developments to promote safer living? I believe it can and should play a crucial role in this regard.
6 min read
A recent gathering of industry leaders, organized by the CIP Society, featured animated discussions about future directions in the Canadian property and casualty insurance industry. Two broad themes of keeping rates (and risk assessment) realistic in a softening market and salvaging the industry's reputation emerged as key messages.
“One of the great, as-yet-unsolved problems today is executive compensation and how it is determined” – SEC Chairman William Donaldson, 2004. How do insurers measure up? Independent advisory firm Executive Risk Consulting, which specializes in executive compensation and board effectiveness issues, has gathered the views of Canada’s foremost thought leaders in executive compensation, and specifically […]
The 2004 financial returns of both the Canadian and U.S. property and casualty insurance industries tell a story of “record profitability”. Notably, the earnings gain made by insurers on both sides of the border were primarily driven by robust underwriting profits that resulted not just from higher pricing but almost static growth of claims costs. […]
4 min read
For 60 years, Saskatchewan Government Insurance (SGI) has remained a force in that province, withstanding changing governments and auto insurance reform measures to post its strongest results ever last year. New president Jon Schubert, who took over the reigns in 2004, says the first 60 years are a prelude to continued growth - including further expansion beyond the province's borders - albeit cautiously and with an eye to maintaining the stability that is at the core of SGI's mandate.
The Property and Casualty Insurance Compensation Corp. (PACICC) says member insurers have agreed to increase their maximum permissible assessment to the guaranty fund in order to better prepare for future insolvencies. At the recently held annual general meeting (AGM), PACICC deputy chairman Kevin McNeil, CEO of Gore Mutual Insurance Co., told members that a survey […]
2 min read
The Risk and Insurance Management Society (RIMS) has added two new tools to its Quality Improvement Process (QIP). These include the “claims service provider and risk manager partnership tool” and the “safety and loss control service provider and risk manager partnership tool”. The QIP includes guidelines for performance expectations and learning resources, including a practical […]
By Canadian Underwriter | April 27, 2005
1 min read
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