Risk
A press conference recently held by the Insurance Bureau of Canada (IBC) to disclose preliminary earnings figures for the Canadian property and casualty insurance industry, and presumably to achieve maximum “damage control” in anticipation of a negative media response to the above-average results, produced a mixed outcome. While the bureau’s approach to proactively handling an […]
February 28, 2005
5 min read
Risk managers await clear skies
11 min read
There is little smooth sailing for risk managers today. The rough tides brought on by the Spitzer investigations, coupled with a commercial insurance market in transition, are forcing risk professionals to navigate treacherous waters indeed. Into this fray, incoming Risk & Insurance Management Society (RIMS) president Ellen Vinck treads, ready to take the helm, charting strong fundamentals and a united industry voice as the true course to guide the professional safely to port.
6 min read
Canada's non-profit sector has taken its insurance hits over the past three years from higher rates and reduced coverage. Its vulnerable position in the insurance cycle has caught the attention of regulators and politicians across the country. Insurers are now responding with a flurry of activity to solve the problem and control the damage.
9 min read
One of the first pieces of advice I give to insurance buyers is "sell your risk to insurers... don't let them sell you insurance!" Risk managers have realized for a long time who is the seller and who is the buyer in the insured/insurer relationship, and now, more insureds are "getting it".
A look ahead at global political risk in 2005, and how businesses can manage it.
4 min read
Recent scientific and legal developments have started to push mold damage in buildings up on the agendas of many insurance companies.
Legal reform topped the agenda at this year's CIAA/CICMA Joint Conference in Toronto recently, as a panel of legal professionals detailed the government efforts and court decisions shaping the future of insurance litigation across Canada.
While many insurance companies talk of risk assessment and underwriting, few have taken advantage of technology solutions to integrate loss inspection reports into their workflow.
It is rare to have members of the Ontario Court of Appeal attend insurance industry conventions to talk about proper procedures to follow when dealing with claims. In fact, it may never happen. But the next best thing to a personal attendance by a judge is a decision aimed at members of the industry, as well as insurance counsel and opposing counsel. Such a decision lies in the findings of Halifax Insurance Co. of Canada vs. Innopex, which takes aim at the duty to defend and the procedure for determining when the duty to defend arises.
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