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December 2011, Volume 22 Number 4 |
In this Issue
OSBIE is fortunate to continue enjoying strong financial
results into the third quarter of 2011.
Based on the strong financial results to date in 2011 and after careful consideration
by the Board, we are pleased to report that, following management’s
recommendation, the OSBIE Board approved a refund of $5 million to be paid to
Subscribers by year end.
OSBIE officially turns 25 on January 1, 2012 but we celebrated the
impending milestone with a reception on November 2, 2011, the
evening before our annual Risk Management Seminar.
OSBIE’s 25th Annual Risk Management Seminar took place on Thursday, November 3, 2011 at the Sheraton Toronto Airport
Hotel & Conference Centre, with over 200 registrants.
Over 80% of the incident reports are now submitted electronically,
streamlining the process for OSBIE members,
increasing the accuracy of the data and, with more frequent
updates, makes the OSBIE data base more current.
OSBIE’s top property loss frequency
categories for the period
of 2005-2010 are as follows: Arson
at 17%, Rupture at 14%, Water and
Weather both at 12%.
The beginning of our next 5 year subscription renewal period also marks our 25th Anniversary.
Through our annual nomination
and election process, OSBIE will
see some changes to our 2012 Board
of Directors.
At the September 2011 meeting of the Society of Public
Insurance Administrators (SPIAO), a workshop was
held discussing emerging liability issues for school boards and
municipalities.
OSBIE has spent the past couple of years working on the development of
our operational Business Continuity Plan (BCP). Initially we conducted
several table top exercises, but on August 31st and September 1st, after a simulated
tornado touched down at 91 Westmount Road, we conducted the first
off-site test of our BCP.
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