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Total insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of business interruption claims, it does not take into account aviation-related losses, liability, life or workers’ […]
By Canadian Underwriter | November 6, 2001
1 min read
Industry
Switzerland-based reinsurer Alea Group Holdings will receive a cash injection of US$100 million by the end of the year from its majority investor Kohlberg, Kravis, Roberts & Co. (KKR). A statement released by Alea says the amount received from KKR, a private equity management firm, is just the first part of a capital enhancement program […]
By Canadian Underwriter | November 5, 2001
New Hampshire-based White Mountains is the latest insurer to announce that it will capitalize on the hardening market by setting up a reinsurance operation. The company plans to establish a Bermuda-based reinsurance arm to target the property and casualty market, and to “respond to the current favorable underwriting and pricing environment”. This comes on the […]
By Canadian Underwriter | November 2, 2001
A deal to assist America’s insurers with temporary reinsurance coverage for terrorism has put the country’s Senate and House at odds. Both bodies released proposals for a new package, but the differences could lead to a stalemate, which would put insurers in a bind as they attempt to negotiate treaties for January 2002.The Senate plan, […]
With insurers coming to grips with their losses from the September 11 terrorist attacks, many are seeing a strong impact on their third quarter results.Bermuda-based ACE Ltd. was among those reporting a net loss for the quarter as a result of September 11 claims. The company says its net operating loss is US$390.1 million for […]
By Canadian Underwriter | November 1, 2001
2 min read
Insurance Corporation of British Columbia president and CEO Thom Thompson is retiring after more than five years. Prior to joining ICBC, he worked for BC Hydro. No successor has been named yet. ING Canada is changing its organization, including the promotion of Yves Brouilette (pictured) to general manager, ING Americas, responsible for Canada and Mexico. […]
October 31, 2001
Risk
Prior to the terrorist attacks of September 11, reinsurers operating in Canada were adamant that 2002 treaty renewals would have to reflect general rate adjustments in the order of 15% to 25%. Most companies were mindful, however, of the prevailing and excessive competition within the Canadian marketplace, and in this respect seemed more hopeful than resolved that the rate adjustments they hoped to seek for next year would be achieved. The post-September 11 reinsurance landscape has changed dramatically. Covers available at "less-than-cost" pricing have vanished to be replaced by a steely attitude to both the terms and pricing of coverage. Reinsurers partaking in CU's annual "Reinsurance Strategy Outlook" offer little hope for cheap pricing as the global cost impact of the terrorist attacks begins to bite. The message is clear: "The bargain days are over".
By Sean van Zyl, Editor | October 31, 2001
20 min read
From a risk management perspective, Chlordane is possibly the most pervasive environmental problem ever heard of. Yet, it is one that, like termite infestation which the chemical was created to combat, may well prove to be a festering "legal plague" for Canadian insurers.
By William Blakeney of Blakeney Henneberry Baksh & Murphy | October 31, 2001
8 min read
Last year the insurance industry in Canada paid $500 million for personal injury claims that contained some form of fraud. At least, this is the claim made in a new study released by the Canadian Coalition Against Insurance Fraud (CCAIF) and conducted by St. Francis Xavier University. It is the first study to quantify the […]
By Vikki Spencer | October 31, 2001
6 min read
As the Canadian Insurance Accountants Association (CIAA) held its annual convention in Montreal in late September, the terrorist attacks just days prior that shook the U.S. and the insurance industry worldwide were heavy on the minds of many. The attacks cast a pall over an already troubled industry, everyone agrees, and put the industry's financial woes front and center.
7 min read
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