Risk
Where once catastrophes such as hurricanes, earthquakes and floods were the dread of property and casualty insurers worldwide, the post-9/11 risk environment has introduced a new threat, one which strikes to the heart of the insurance industry: corporate catastrophes. While the corporate disasters of Enron and Worldcom, and for that matter the ripple effect that […]
By Sean van Zyl, Editor | January 31, 2003
4 min read
Today insurers spend an average 4% to 8% of their annual budgets on technology - a relatively small investment compared to that of other industries. In the past year, with insurance companies being hard hit by unexpected terrorist-related claims, increasing reinsurance costs, and decreasing income from investments, beleaguered carriers are demanding more returns from their precious IT dollars. Many insurers are opting for the flexibility and agility offered by hosted ASPs (application service providers), a form of IT and application outsourcing.
By Chris Shannahan, vice president, Fair, Isaac and Co. | January 31, 2003
5 min read
Rating agency A.M. Best has affirmed its “A- (excellent)” financial rating of Gerling-Konzern Allgemeine Versicherungs AG (GKA) and its primary insurance subsidiaries of Gerling Canada Insurance Co. and Gerling America Insurance Co. A.M. Best cites Gerling’s leading position in industrial insurance coverage coupled with the groups recently announced restructuring plans as the prime strengths of […]
January 31, 2003
2 min read
International broker Assurex Global has expanded in Canada with the addition of a Vancouver-based brokerage. Shaw Sabey & Associates Ltd. is one of the largest privately-held brokerages in B.C. and deals in a range of insurance and risk management products for businesses including associations, retail, marine, industrial and construction.Assurex Global Partners are self-managed independent brokerages, […]
By Canadian Underwriter | January 30, 2003
1 min read
The 2002 yearend earnings prediction from broker consolidator Hub International (TSX, NYSE: HBG) has been raised slightly to US$1.04-$1.06 per share from the US$1.03-$1.05 per share estimated in December. The 2003 earnings estimate of US$1.08-$1.17 remains the same.The announcement was made as part of a presentation by Hub chairman and CEO Martin P. Hughes to […]
By Canadian Underwriter | January 29, 2003
A drought in capital foreshadows a tough year ahead for reinsures, says reinsurance broker Benfield Grieg. In its report, “The Big Squeeze”, the global broker says that the flood of new capital into the market amounts to “too little, too late”.”The key issues for the reinsurance industry can be summarized by three Cs: capital, capital […]
By Canadian Underwriter | January 28, 2003
GE Commercial Insurance, part of GE Employers Reinsurance Corp., says it will combine its Industrial Risk Insurers (IRI) and Global Asset Protection (GAP) Services companies under the IRI banner.IRI will now provide both insurance capacity and loss prevention services. GAP Services will continue to provide independent property management services.”We are very excited about the extended […]
By Canadian Underwriter | January 15, 2003
Rating agency A.M. Best has affirmed the A- (excellent) rating of Paris-based SCOR and its subsidiaries, including SCOR Canada Reinsurance Co. However, the rating comes with a negative outlook.The affirmation follows a move by most rating agencies to place SCOR on watch, and a downgrade of the company by Moody’s which saw SCOR lose its […]
By Canadian Underwriter | January 9, 2003
Windstorm Calvann, which swept across France and Germany late last week, has produced Eur900 million in insured damages (Cdn$1.47 billion), according to preliminary estimates from Risk Management Solutions Inc.The California-based catastrophe risk management solutions provider says the January 2 storm affected almost the same territory as that devastated by 1999’s Windstorm Lothar, for which RMS […]
By Canadian Underwriter | January 8, 2003
Rating agency A.M. Best has affirmed its “A- (excellent)” financial rating of Gerling-Konzern Allgemeine Versicherungs AG (GKA) and its primary insurance subsidiaries of Gerling Canada Insurance Co. and Gerling America Insurance Co.A.M. Best cites Gerling’s leading position in industrial insurance coverage coupled with the groups recently announced restructuring plans as the prime strengths of the […]
By Canadian Underwriter | January 6, 2003
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