Counting the costs of risks associated with the rapid rise of computer technology is no simple task, say risk managers. But, recent surveys say "cyber risks" will be the next big challenge. Are today's risk managers prepared to stay afloat in these dangerous waters, or will they be sitting ducks?
August 31, 2000
9 min read
One of the biggest causes of property loss is fire. However, this is a threat which appears to garner less than serious attention in terms of mitigation efforts by both risk managers and insurers. Building fire system inspections carried out by the Ottawa Fire Department last year revealed an exceptionally high level of deficiencies to early warning responses, largely as a result of complacency.
August 31, 2000
6 min read
If experience is required, then Rich Whitehouse is the right choice to host the silver anniversary of the Canadian Risk and Insurance Management Society’s conference. As a delegate at the first conference 25 years ago, he is in a unique position to help risk managers look back on past achievements at this year’s event, “Reflections […]
August 31, 2000
5 min read
Growth in the formation of captives for self-insurance and the facilitation of alternative risk transfer (ART) transactions is expected to rise by 5% per annum through to the end of 2005, according to rating agency A.M. Best Company. Specifically, the rating agency expects the current hardening of commercial insurance rates across North America to add […]
August 31, 2000
9 min read
Globalisation has created an expanded market in Canada for specialty niche lines of business. Products such as alternative risk financing or equipment maintenance management which have historically been unavailable in Canada either because the market was too small to support such activity, or large insurers were reluctant to break new ground, are now washing up on Canadian shores.
August 31, 2000
4 min read
U.K. insurer The British Aviation Insurance Group Ltd. (BAIG) has acquired U.S. specialty underwriter Associated Underwriters Inc. (AAU) for an undisclosed amount. BAIG focuses on global aviation risks while AAU acts as a syndicate manager in the aviation and satellite markets. Subject to regulatory approval, the deal became effective from the beginning of September this […]
August 31, 2000
2 min read
Estimates suggest that roughly 65% of Canadian small to medium size enterprises (SMEs) engaged in manufacturing currently do not have equipment breakdown coverage, according to research by the Boiler Insurance and Inspection Company of Canada (BI&I). Clearly the owners of small and medium size businesses are reluctant to pay additional premium for extended coverage over […]
August 31, 2000
3 min read
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. National Association of Surplus Lines Offices Convention. Chicago, ILL. For more information call 816-741-3910. September 13 to 17. Insurance […]
August 31, 2000
2 min read
Scor Canada welcomes Henry Klecan Jr. to succeed Dominique Lavallee as president and CEO. Klecan was previously senior vice president of The Citadel Insurance Company. After 12 years in Scor’s North American offices, Lavallee heads to Paris, to lead the company’s Risk Management and Control Department. Gary Gardner is returning to Crawford Adjusters Canada, to […]
August 31, 2000
1 min read
The old adage 'you have to spend money to make money' should be taken to heart by today's insurance companies, say the industry's claims managers. Canada's top insurers agree that customer service is the name of the game, and claims handling the key to keeping customers on board. Companies that sacrifice customer service in the name of cost saving are in danger of paying the price in the long run.
July 31, 2000
4 min read