Risk
The U.S. government backstop for terrorism insurance will soon be a reality following a Senate vote in favor of the legislation late Tuesday night. In an 86-11 vote the Senate endorsed a compromise bill laid out by a joint Congressional committee to create a government reinsurance backstop for commercial lines terrorism coverage.The bill now goes […]
By Canadian Underwriter | November 20, 2002
2 min read
The U.S. House of Representatives last night passed the compromise bill to provide a government backstop for terrorism insurance. In a voice vote, the House agreed to Bill H.R. 3210 the Terrorism Risk Protection Act. The Senate is expected to put its stamp on the bill today.Passage was expected after President George W. Bush’s continued […]
By Canadian Underwriter | November 15, 2002
1 min read
Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) has been on a buying spree as of late, with a half dozen acquisitions since the beginning of September. The latest purchases add brokerages in Los Angeles and Massachusetts to the stable.Last week, Hub purchased the stock of L.A.-based Hooper, Hayes & Associates Inc. This includes the […]
By Canadian Underwriter | November 12, 2002
The industry’s pool for high risk drivers appeared before the Nova Scotia and New Brunswick utilities boards this week to request rate increases in those provinces.The Facility Association (FA) is seeking a 30% increase in Nova Scotia and a whopping 60% in New Brunswick, which would apply to under 2% of drivers in each province.FA […]
By Canadian Underwriter | November 6, 2002
The Co-operators General Insurance says it will not accept new business at “preferred” auto rates in Alberta after November 1, 2002. In essence this means the Co-operators operation will no longer write the business, but will offer those clients rates from its Echelon subsidiary for higher risk drivers. Existing customers will still be offered Co-operators […]
In the business of insurance, the ability to survive comes down to a simple matter of having the capital. But for many these days, it is easier said than done. What can reinsurers do to help?
By Glenn McGillivray, assistant vice president & head of | October 31, 2002
7 min read
At this time last year, we were still stunned by the attack on the World Trade Center. The January 2002 renewals were mostly on hold while reinsurers worked out their response to the new world reality. And, when the treaties were finally negotiated, it was in a dramatically changed atmosphere that no one could recognize from past experience.
By Bob McLean, president of Aon Re Canada | October 31, 2002
6 min read
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
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 […]
October 31, 2002
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.
By Sean van Zyl, Editor | October 31, 2002
17 min read
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