Risk
Rates are up, capacity is down and alternative risk management mechanisms are increasingly being used, says the Council of Insurance Agents and Brokers (CIAB). In releasing its Commercial Market Index for the second quarter of 2002, which includes July 1 renewals, the CIAB notes that the market is increasingly distressed for commercial insurance buyers.”Our members […]
By Canadian Underwriter | August 1, 2002
2 min read
For risk managers facing January renewals on their insurance portfolios, 2002 was the year of sticker shock and worse. Along with dramatic price increases came new exclusions for mold, cyber risks and terrorism, reduced limits and a struggle to find capacity in the marketplace. But is the headache over? Risk managers expect that it is not, bracing themselves for an uncertain future and wondering when will the hard market end. And many are also looking seriously at options beyond insurance that may have held little appeal in the buyer's market, but are becoming increasingly attractive in the current seller's market. At the same time, there is recognition that captives, reciprocals, capital markets and more represent uncharted territory which many within the risk management profession find daunting.
By Vikki Spencer | July 31, 2002
12 min read
When it was introduced two decades ago, environmental insurance was used primarily as a risk management tool for businesses whose operations made them particularly vulnerable to environmental exposures, such as companies in the chemical and petroleum industries. More recently, environmental insurance is purchased by both current and former property owners to address transactional as well as operational needs, playing an integral role in mergers and acquisitions, property transfers, and settlement of historic liabilities. Now, a third trend is expanding the scope of environmental protection even further to protect another party wrestling with potential environmental liabilities - financial institutions.
By Helen Eichmann, product line manager for Chubb Environmental Sol | July 31, 2002
4 min read
In today's climate of limited cover availability, increased costs and greater consequences on business returns, financial executives and risk managers must now find new solutions to help minimize their companies' risk exposure. This is especially true in light of new research, which has found that contingency planning - once the realm of risk managers - has now reached the highest levels of the corporate boardroom.
By Perry Brazeau, senior vice president of FM Global's Canadian div | July 31, 2002
5 min read
With turmoil driving the insurance industry following the September 11 terrorist attacks, coupled with crippling financial results across both the Canadian and U.S. markets, the industry's marketing and communication professionals recently gathered in Toronto for a conference jointly sponsored by the Insurance Marketing Communications Association (IMCA) and Life Communicators Association (LCA). The conference honed in on the changing marketplace and how insurers are adapting to "talk the talk".
July 31, 2002
3 min read
After a year and a half since the Insurance Bureau of Canada (IBC) began a nationwide political lobby campaign for auto insurance product reform, there appears to be a few cracks developing in the resistive walls of provincial government bureaucracy. Specifically, two private-member bills have been presented in Ontario which could see dramatic change within […]
By Sean van Zyl | July 31, 2002
11 min read
Despite speculation that legislation to create a U.S. government backstop for terrorism reinsurance was recently stalled, progress seems to be in the offing with the formation of a Congressional committee to write a consensus bill. Seven Senators have been appointed to find middle ground between a House of Repre- sentatives bill created late last year […]
1 min read
As I walked towards my desk in the marketing department, the manager of our company’s downtown branch, Fred Wilson, emerged from his office with a huge bundle of files under his arm and a deep frown on his face. Seeing me, he stopped in mid-stride and beckoned me into one of the small meeting rooms […]
By Axiom | July 31, 2002
10 min read
When it comes to total loss auto claims, many insurers pay the actual purchase price for replacement which could result in some serious money being “left on the table”. What do insurers do when they have a total loss claim? Most claims managers or adjusters contact a car dealership and find the actual replacement price […]
By Paul Timoteo, president of 43r.ca | July 31, 2002
Regulators are putting more pressure on insurers for reporting and filing requirements. Companies can complain - or they can respond.
By Glen Piller, president of Iter8 Inc. | July 31, 2002
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