Industry
In the wake of the terrorist attacks of September 11, 2001, Canada, like many other nations sought to develop programs to cover losses that result from terrorist acts. The process has been a tedious one, which has been exasperated by a global reinsurance market position that terrorism is an uninsurable exposure that cannot be quantified. Most reinsurance companies around the world, in the period following the attacks moved to exclude terrorism risk from their contracts.
By Donald Callahan, president of Guy Carpenter & Co., Ltd. | October 31, 2002
5 min read
Risk
When risk managers gathered in Saskatoon recently for the 2002 RIMS Canada Conference, an air of tension could be felt. Rising pricing, shrinking capacity and new exclusions have caused a rift in insurer relations with their commercial buyers. It was during last year’s RIMS Canada Conference (formerly CRIMS), that the tragic events of September 11 […]
By Vikki Spencer | October 31, 2002
7 min read
The year past was marked by the cost pressures of rising claims costs, plummeting investment returns and a steely attitude of global insurance head-offices to the writing of new business. The impact has been profound, from consumers, brokers through to the management of insurance companies. The effect thus far has been lost markets, vanished capacity, […]
By Sean van Zyl, Editor | October 31, 2002
3 min read
Claims
The U.S. Insurance Services Office (ISO) is estimating insured damage from Hurricane Lili at US$335 million. The hurricane hit Louisiana and parts of Mississippi in early October. Lili had swept the coast of Mexico as a category 4 hurricane, but was downgraded to category 2 when it lost power over the Gulf of Mexico. When […]
October 31, 2002
1 min read
E-L Financial Corp. Ltd. (TSX: ELF), parent company of the Dominion of Canada General and Chieftain, is reporting a slight drop in income for the third quarter of this year as compared to the same period last year. Net operating income for this year’s third quarter amounted to $23.5 million, equivalent to 659 a share, […]
The RIMS Canada Conference recently brought together risk managers and their insurance partners in Saskatoon. Along with educational sessions and exhibits, there were also many opportunities for networking. From Saturday night parties hosted by Cunningham Lindsey and Crawford Adjusters to Tuesday’s reception hosted by UAB Group, with photo-taking courtesy Shumka Craig & Moore, events led […]
As the Insurance Institute of Canada (IIC) celebrates its 50th anniversary as a national source of insurance education, its path can be viewed as a work in progress. Many of the mandates that marked the institute's early years continue to guide its development: accessibility, professionalism and high educational standards respected worldwide. Now, institute president Peter Hohman says the IIC is also focused on raising the profile of its graduates with the public.
6 min read
Home
Despite notice in late October by Gerling Konzern that its global property and casualty reinsurance interests under Gerling Globale Ruck (GGR) will cease to write new business with the intent of winding up operations, hopes remain high that a buyer will be found to acquire the Canadian unit of Gerling Global Reinsurance Co. The Cologne-based […]
2 min read
While the underlying tone of last year's reinsurance treaty negotiations in the aftermath of 9/11 was "price! price! price!" - with an average upward rate adjustment of about 40% having been implemented across the Canadian marketplace - the 2003 renewals are likely to be driven by a tightening of coverage terms and increased use of exclusions, say CEOs partaking in CU's annual "Reinsurance Strategy Outlook". That said, pricing will most definitely be a factor in the upcoming treaty renewal round, with certain classes of business such as liability - which has incurred significant losses primarily as a result of the hemorrhaging auto markets - likely to face rate adjustments of between 40% to 80%. Exclusions on emerging perils such as asbestos, mold and nuclear will also feature dominantly in the renewals. Overall, the CEOs say, expect reinsurers to apply detailed underwriting as international pressure continues to restrain capacity until the tumultuous waters of the marketplace return to a profitable calm.
17 min read
Events in the Texas homeowners' insurance market have sent a chill through the North American insurance industry - multi-million dollar court awards, big company withdrawals, exclusion debates. In Canada, insurers have seen the mold threat coming as they watch their U.S. counterparts struggle to keep pace with this emerging peril. And, while there is agreement that mold has the potential to hit the Canadian market just as hard, insurers are looking south to learn from the U.S. example before it becomes too late.
By Vikki Spence | October 31, 2002
9 min read
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