Risk
As the Canadian government waits to take its lead from the U.S. on a terrorism reinsurance solution, lobbying efforts south of the border are intensifying. Risk and Insurance Management Society (RIMS) president David Mair was on Capitol Hill this week, urging Congress, on behalf of commercial insurance buyers, to move forward on a plan.”Businesses have, […]
By Canadian Underwriter | March 1, 2002
2 min read
"The world was on September 9th a dangerous place, full of operational and financial risks. What changed was the address of terrorism. Terrorism was no longer simply on TV, it was and is now part of our real lives." So said David Mair, outgoing president of the Risk and Insurance Management Society following the September 11 terrorist attacks. Certainly the insurance world has been turned on it axis by those events. What was shaping up to be a hardening market was suddenly a market in chaos, and risk managers were left struggling to catch up with rapidly escalating rates, tightening terms and a severe lack of capacity. Added to this is the disappearance of terrorism coverage and the seeming ambivalence of North American governments to the plight of insurers and their commercial policyholders.
February 28, 2002
11 min read
Speakers at this year’s Joint Industry Forum — which recently took place in New York City — were bullish of the financial prospects of the North American property and casualty insurance industry in the post September 11 era. However, they, as well as the senior management audience in attendance, remained concerned with growing regulatory/political intervention […]
7 min read
There should be fear coursing through the veins of chief information officers everywhere! A recent study released by the University of Houston showed that a mere 6% of businesses could survive following a catastrophic loss of data. "Sure", some business owners say, "we're okay because we have a plan". Chances are, their faith may be misguided.
4 min read
The first wave of outsourced claims technology has passed and risk managers, while seeing some cost reductions, are still looking for greater efficiency and savings. With the prevalence of the Internet, new information technology tools are on the horizon to help those risk managers address their claims administration needs in a real-time, cost-efficient format.
Not long ago, environmental insurance met with a lot of skepticism from businesses. Coverage was too expensive. The policies were too limiting. However, the perception and uses of environmental insurance have changed substantially
6 min read
As the Ontario Insurance Adjusters Association (OIAA) met for its annual claims conference in Toronto recently, the implications of September 11 were still reverberating. With the introduction of new policy wordings and exclusions, adjusters are facing a far different task in understanding coverage than they were prior to the terrorist attacks in the U.S. The […]
Dear Editor, I have just completed reading the December issue of Canadian Underwriter and enjoyed reading your coverage on the hard market and the issue of terrorism exclusions. The Insurance Bureau of Canada, the press and the regulator continue to position this issue as a problem for insurers. Indeed, Brian Reeve, in his article states: […]
1 min read
Despite the trials and tribulations of the current market, or perhaps because of them, risk managers have a chance to excel within the corporate structure. Incoming Risk and Insurance Management Society (RIMS) president Chris Mandel, a devotee of the enterprise risk management (ERM) approach says now is the time for risk managers to step up the plate and show their value within their organizations. While the challenges are many, risk managers also have a golden opportunity to shine.
With a softening economy -- which was exacerbated greatly by the 9/11 events -- an economic crisis in Argentina, and a record-breaking string of corporate bankruptcies over the last months, many companies quickly learned that natural and man-made catastrophes present just one type of threat to the balance-sheet.
9 min read
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