Risk
The Ontario Chapter of the Risk and Insurance Management Society (RIMS) held its annual dinner at the Hudson’s Bay Company in downtown Toronto recently. Past president Ed Martingano passed the gavel to new president Karin McDonald, and also presented a donation for $10,000 to the Women in Insurance Cancer Crusade, represented by chair Jan Tomlinson. […]
May 31, 2002
1 min read
Despite several years of depopulation, the Facility Association (FA) saw a modest increase in marketshare across the board in 2001. According to preliminary data released at its recent AGM, the “insurer of last resort” for high-risk drivers saw written premiums go up last year for the residual market to $178 million, and its risk sharing […]
2 min read
On the heels of the decision made by the U.S. government to extend its coverage of airline terrorism exposures by another 30 days, the European Union has granted approval to its members to do the same. As such, the airlines now have until the end of June to implement an alternative insurance mechanism against terrorism […]
By Canadian Underwriter | May 29, 2002
Once more, the U.S. government has extended the deadline for third-party war risk coverage for airlines, this time by 30 days. The coverage was set to run out on May 19, but will now last at least until June 19.The coverage, which is for third-party war risk and terrorism liability, was instituted following the September […]
By Canadian Underwriter | May 17, 2002
The Organization for Economic Cooperation and Development (OECD)says it will look into the issue of terrorism reinsurance in light of the potential economic impacts worldwide. At its Ministerial Meeting in Paris this week, the OECD formally stated, “We recognize the adverse effects of the shrinkage of affordable insurance cover for terrorism risks. We would welcome […]
The New York State Senate has formally adopted a resolution urging U.S. Congress to set up a temporary backstop for terrorism reinsurance, the Alliance of American Insurers (AAI) is reporting. The resolution calls the p&c market “a fundamental underpinning of our national and state economy”, and notes that future attacks may exceed the industry’s ability […]
By Canadian Underwriter | May 10, 2002
In the latest stage of the ongoing legal battle between Swiss Re and World Trade Center (WTC) leaseholder Larry Silverstein, the insurer has filed a motion to break the “joint interest” privilege asserted by Silverstein and broker Willis. This privilege relates to meetings arranged by Silverstein lawyers with Willis, WTC owner the New York Port […]
By Canadian Underwriter | May 9, 2002
With the recent release of a discussion paper on its 2002 priorities, the Financial Services Commission of Ontario (FSCO) has put auto insurance on the agenda. But what exactly that auto reform will look like is still unclear.Although auto insurance is listed among the top five of FSCO’s priorities (along with harmonized national regulations, risk-based […]
By Canadian Underwriter | May 7, 2002
International energy companies have joined together to form an excess mutual insurer offering property and catastrophe business interruption coverage. Twelve Members of Oil Insurance Ltd. and Oil Casualty Insurance Ltd. have established sEnergy Insurance Ltd., and completed initial capitalization of the Bermuda-based insurer. Policies have already been issued as of May 1.Among the members involved […]
By Canadian Underwriter | May 3, 2002
A government role, albeit a limited one, is needed to ensure the availability of terrorism coverage, says a new report “The Economic Costs of Terrorism”, released by the U.S. Congress’ Joint Economic Committee (JEC).”The short- and long-run costs of terrorism following the events of September 11 have yet to be comprehensively measured, but the long-term […]
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