Risk
The association representing risk managers headed to Capital Hill this week to discuss the need for tort reform in the U.S.In the fifth annual “RIMS on the Hill”, Risk and Insurance Management Society leaders are meeting with legislators on a variety of issues. But topping the list are asbestos litigation, class action reform and medical […]
By Canadian Underwriter | June 11, 2003
1 min read
A negative outlook persists for the global reinsurance industry, says rating agency Standard & Poor’s. In it’s “Global Reinsurance Outlook”, S&P notes that despite rising premiums, long-tail losses, investment declines and the decision by some companies to exit reinsurance continue to cast a pall on the industry.S&P has 12 of the top 25 reinsurers on […]
By Canadian Underwriter | June 2, 2003
2 min read
The industry’s pool for high-risk drivers is expecting to post significant losses this fiscal year, particularly in Ontario. The Facility Association (FA) residual market stands to lose $313.9 million for the fiscal year, which runs from November 1, 2002 to October 31, 2003, according to “Outlook 2003” prepared by actuaries Eckler Partners.About $275.8 million of […]
This year's annual general meeting and conference of the Insurance Brokers Association of British Columbia (IBABC), which was recently held in Victoria, focused on implementation of increased competition in the province's optional auto insurance marketplace. Also included in the association's top priorities in the year ahead is facilitating increased underwriting capacity in commercial lines, where the province's brokers have most experienced the effect of the "hard market" cycle.
May 31, 2003
5 min read
There are a lot of things wrong with insurer income statements and balance-sheets these days - lackluster investment returns, rising claims costs, persistently bad underwriting results - all of which have put tremendous pressure on company "cost centers" to prove their worth. Information technology (IT) departments are no exception, with increased expectations for a return on investment. In an environment where vendors have come and gone, and many solutions have not lived up to the hype, insurers might be tempted to scale back IT investments. But, with a turn in insurer fortunes expected to come in the next year to 18 months, insurance companies can ill afford to be caught lagging, say experts. IT, they say, could well be a pivotal part of that return to profitability.
10 min read
While not many insurers writing auto in Ontario would agree that Bill-59 - the Automobile Insurance Rate Stability Act - was the answer to their prayers in bringing about effective reform to a longstanding problematic product, not all would share their perspective. Rob Sampson, a member of provincial parliament (MPP) and the driving force behind the latest auto insurance product reform initiatives packaged under Bill-198, believes that legislative measures introduced in 1996 under Bill-59 achieved its purpose in stabilizing pricing and enticing insurers back into the marketplace. The current legislation, which will soon be publicized as regulations, is an extension of what Bill-59 set out to do, Sampson says. In this respect, the current market environment is not unlike that of 1996 when insurers' appetite for taking on business had waned, he observes, which the latest reforms are aimed at bringing insurance companies back to the table.
6 min read
The spread of highly contagious atypical pneumonia to Canada, particularly Toronto, caused huge economic repercussions in the travel, tourism and hospitality industries. What is the impact on the insurance sector?
9 min read
General insurance underwriters analyze a variety of important factors in determining the risk of an applicant. Determining underwriting risk is a tricky science that involves a number of factors before the appropriate coverages are allowed and rates defined. Apart from determining the level of insurance permitted and priced, underwriters must also decide if the risk should be taken at all. Electronic data transmission and storage has cultivated new databases that should be used as criteria in assessing underwriting risks.
7 min read
As Canada's insurers seek to quantify their catastrophe exposure, earthquake models offer an insight into how technology can further underwriting. Even events south of the border illustrate the wealth of new information at insurers' fingertips to better comprehend large losses that can have a significant impact on reinsurance and reserves.
4 min read
The insurance and risk management communities lost a friend with the passage of Barry Shakespeare. Most recently with Duke Energy (formerly Westcoast Energy), he is a past Canadian Risk Manager of the Year and past president of the Ontario and B.C. chapters of the Risk & Insurance Management Society. He is remembered by his wife […]
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