Risk
Private-sector insured losses resulting from Hurricane Katrina are now expected to reach US$40-$60 billion with total economic losses exceeding US$125 billion, while losses to the offshore oil and gas industry, private automobiles and marine insurance, as well as commercially insured flood damages are expected to range from US$11and $19 billion, according to risk modeling companies […]
September 30, 2005
2 min read
Home
AIR Worldwide estimates insured losses from Hurricane Ophelia, the main brunt hitting North Carolina, arising mainly from the U.S. eastern seaboard will not exceed $800 million. “Though its strongest winds remained over the Atlantic, Ophelia will still impact the insurance industry,” Dr. Jayanta Guin, vice president for research and modeling at AIR Worldwide Corporation, says. […]
1 min read
Industry
Reinsurance outlook divided
In Swagger Construction Ltd. v. ING Insurance Co. of Canada, the B.C. Supreme Court effectively crafted a new interpretation of the province's construction insurance policies. A boon to insurers, Swagger reverses a trend in the B.C. courts to rule that when considering an insurer's duty to defend a building contractor, policy wordings must be read liberally and exclusion clauses narrowly. The decision, likely destined for appeal, aligned B.C. caselaw with Privest-style insurance policy interpretations in other Canadian jurisdictions.
By William Blakeney, Blakeney Henneberry Murphy | September 30, 2005
7 min read
No, we're not talking about your golf game, but rather an innovative, proven strategy for property and casualty insurance brokers - a strategy that challenges traditional sales methods. This novel approach can spell the difference between wasted time in go-nowhere proposals and successful growth in new sales.
By Randy Schwantz, President, The Wedge Group | September 30, 2005
6 min read
There's an old saying about a statistician who drowned in a river that is an average of six feet deep. Analytics is a method that gives insurers are more accurate depiction of statistical nooks and crannies that fade away in the calculation of averages. The method can point out those areas of the lake where an insurer's boat will float - and also where an insurer may run aground.
By Klaas Westera, business manager Canadian operations, Marshall & Swift/Boeckh | September 30, 2005
Insurance underwriters must be able to distinguish the risks involved when they are asked to provide third party liability coverage. Currently, the Canadian market for third party liability coverage is limited and premiums are relatively high. But third party coverage requests are expected to increase, as pressure mounts on companies to minimize their costs of business by requesting that insurance costs be borne by other parties to the company's business contracts. One useful example of third party coverage includes the ERISA bond available in the United States.
By Rob Bickerton, underwiter, corporate risk, the Guarantee Company of North America | September 30, 2005
5 min read
It has been five years since the successful implementation of a performance management process at the Rollercoaster Indemnity Co (RIC). The company, with Stanley Uris as regional director of operations, is now leading the way in claims handling. Other insurance and risk management companies, having seen the power of the process, are struggling to play catch-up. The once thriving, proof-of-quality market has begun to crumble; more and more, companies are taking responsibility for quality assurance and stakeholder confidence is beginning to grow. Stanley and RIC are moving into a new, self-sufficient and self-sustaining future, built on a performance culture populated with knowledge workers....
By Mike Laberge, president, Performance Imperative Inc. | September 30, 2005
4 min read
I stood at the entrance to our company’s boardroom, shaking hands and exchanging goodbye greetings with our select group of brokers as they filed out. Beside me, my boss Fred Wilson was doing the same. Today had been one of the regular meetings of our Broker Liaison Group, and it had not gone particularly smoothly. […]
By Axiom | September 30, 2005
10 min read
As the old saying goes, those who ignore history are doomed to repeat it. That’s why some form of publicly funded program should be created for Canadian cities that wish to heed more than a decade of advanced research and warnings by the Canadian insurance industry and take preventative action before Canada meets up with […]
By David Gambrill, Editor | September 30, 2005
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
