Risk
It is evident that the key to improving profitability for insurance operations is reducing capital costs and creating more efficiency in day-to-day business functions. In the paper and regulatory-intensive world of insurance, efficient document management is critical to the business process.
By Sean Allen, director of financial services at Xebec | July 31, 2002
6 min read
With most insurers and reinsurers having completed their second-quarter financial returns, there is a general air of optimism within industry ranks that the “worst is behind” as price firming action taken over the past 12 months begins to filter through to the income-statement’s bottom-line. However, many companies are still experiencing the “sins of the past”, […]
By Sean van Zyl, Editor | July 31, 2002
4 min read
As risk managers converge in Saskatoon for the 27th Canadian Risk and Insurance Management (CRIMS) Conference in September, it is not difficult to predict what will be on their minds. The current market turmoil, including rising premiums, tightening terms and companies exiting lines of business or the market altogether, is causing major headaches for corporate insurance buyers. Hoping to bring insurers, risk managers and business partners together, conference chair Nowell Seaman says there is no more crucial time for networking and discussing the issues at hand than now.
By Vikki Spencer | July 31, 2002
7 min read
Transport Canada has extended its third-party war risk liability coverage for the nation’s airlines, airports, navigation and security firms. The government stepped in to offer the coverage following the September 11 terrorist attacks when private insurers cancelled coverage.Originally, the coverage was offered on a limited basis on September 22, 2001, but the deadline has been […]
By Canadian Underwriter | July 29, 2002
1 min read
Despite speculation that legislation to create a government backstop for terrorism reinsurance was stalled, progress seems to be in the offing with the formation of a committee to write a consensus bill. Seven Senators have been appointed to find middle ground between a Congressional bill created late last year and the more recent Senate solution, […]
XL Capital Ltd has announced that it is increasing reserves for losses relating to the September 11 attacks by $200 million and expects to report net investment losses of approximately $120 million for the quarter ended June 30, 2002 largely due to investments in certain telecommunications companies. President and Chief Executive Officer, Brian O’Hara commented […]
By Canadian Underwriter | July 18, 2002
The Citadel General Assurance Company of Toronto and its counterpart, L’Unique Compagnie d’Assurances Generales of Quebec have been assigned an initial rating of B++, or “very good”, by rating agency A.M. Best.Although both are subsidiaries of Winterthur Insurance, part of Credit Suisse Group, A.M. Best views them as seperately capitalized entities whose operations are not […]
By Canadian Underwriter | July 17, 2002
2 min read
The European Commission has granted approval to its member countries to extend existing government insurance coverages of terrorism and war risks for airlines to the end of October this year. This follows the expiry of existing government insurance agreements which had been in place until the end of June. The U.S. Federal Aviation Administration (FAA) […]
By Canadian Underwriter | July 3, 2002
Trucking companies, taxi operators and large private fleets are feeling the squeeze of the hard market, with shrinking capacity, increasing rates and restrictive terms and conditions. And, feedback from insurers suggests that there is little relief on the horizon.
By Craig Harris | June 30, 2002
9 min read
The U.S. property and casualty insurance industry displayed signs of a rebound in the first quarter of 2002, producing a 6.9% return on equity (ROE) following its worst ever year in 2001. Coming off a negative 2.7% ROE for last year, insurers began to turn the tide on underwriting, if not on the investment side. […]
June 30, 2002
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