Risk

Terrorism laws include insurers

Through amendments to Bill C-36, the federal government is proposing to extend the laws around terrorism financing to property and casualty insurers, reports Michael Hafeman, assistant superintendent in the Office of the Superintendent of Financial Institution’s (OSFI) specialist support sector. In an address to the Canadian Insurance Accountants Association, Hafeman notes that, although p&c insurers […]

December 31, 2001

1 min read

Risk

On The Move (January 01, 2002)

With the retirement of CEO Terry Squire, The Co-operators has named Katherine Bardswick its new CEO effective March 1. She has been with the company since 1978 and is currently COO of its Sovereign General and L’Union Canadienne subsidiaries. Technology vendor DWL announces the appointment of John Baumstark as CEO and Jim Modak as CFO […]

December 31, 2001

1 min read

Risk

Coming Events (January 01, 2002)

Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. IIO Speakers Club Meeting. Toronto, ON. Contact Bonita Kearns at 416-976-5111 ext. 211 for more information. January 21. Strategy […]

December 31, 2001

2 min read

Risk

No US terror pool in place before yearend

With the U.S. Congress adjourning for the year, there will be no terrorism risk pool in place as insurers head into the new year, when most commercial policies come up for renewal. Congress gave up the ghost when the U.S. Senate failed to bring a measure to the floor before the holiday break yesterday.The effects […]

By Canadian Underwriter | December 21, 2001

2 min read

Global catastrophes top US$115 billion, study reveals

On a worldwide scale, catastrophes both man-made and natural resulted in losses of more than US$115 billion, costing insurers more than US$32 billion, in 2001, says a study from Swiss Re. The US$115 billion figure is three times that of the average yearly losses experienced in the 1990s. The largest of these events was, of […]

2 min read

Government airline cover could be permanent

Coverage for airlines introduced by the government following the September 11 terrorist attacks could become a permanent measure, the National Post is reporting. This comes after an announcement by federal Transport Minister David Collenette that the temporary coverage, which involves third-party aviation war risk, would be extended into next year.Originally the coverage was introduce following […]

1 min read

Cost of risk declines in 2000, but signs point to hardening

The cost of risk declined in 2000, according to a survey released by the Risk and Insurance Management Society (RIMS). The annual Benchmark Survey, conducted with Ernst & Young, asks more than 830 risk managers in the U.S. and Canada to tally costs associated with risk management functions, including insurance premiums, retained losses, internal administration […]

2 min read

IAO to work with U.S.-based ISO on products

Markham-based Insurers’ Advisory Organization (IAO) is teaming up with the U.S. Insurance Services Office to create and sell products in both countries. IAO, which is part of the UAB Group, will market ISO forms, rules and loss costs to Canadian companies doing business south of the border, the company says.Part of the deal involves IAO’s […]

1 min read

Swiss Re speakers predict recession to last through mid-2002

At Swiss Re’s annual yearend insurance industry review, speakers noted that while the global recession was likely to last well into next year, the insurance industry is on the road to recovery since September 11. “The U.S. and global economies are in a recession and it is likely to last at least through mid-2002,” says […]

2 min read

Facility voices opposition to Newfoundland auto plans

In a response to the Newfoundland government’s consultation paper on auto insurance reform, the Facility Association (FA) has come out strongly against several proposed changes to its operation in that province.The plan calls for the government to control the membership and composition of the board of directors of FA, a move the insurance pool, which […]

2 min read