Risk
When I walked into the golf club’s dining room, the first people I saw were my two broker friends, Bob and Stan. Bob Davies was co-partner in a successful midtown brokerage which placed a lot of business with our insurance company. Stan was a broker in a town of some 30,000 an hour outside the […]
By Axiom | March 31, 2002
9 min read
There is widespread industry agreement that claims costs are spiraling out of control. The industry’s economic woes cannot simply be tied to inadequate rates, or even catastrophic events such as September 11. At the recent Joint Claims Conference in Toronto, a discussion of the merits of outsourcing became a lesson to insurers in what needs […]
By Vikki Spencer | March 31, 2002
5 min read
No one within the North American property and casualty insurance industry donned “rose tinted glasses” in their anticipation of the final financial returns for 2001. Beleaguered by a long-term worsening claims environment, plummeting investment returns, and the final blow of the September 11 terrorist attacks, most insurers were left in a state of “battle shock” […]
By Sean van Zyl, Editor | March 31, 2002
4 min read
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. Institute for Catastrophic Loss Reduction Severe Weather Conference. Ottawa, ON. For information contact Tracy Waddington at 416-362-2031 ext. 352 […]
March 31, 2002
2 min read
The German government announced today that it plans on extending existing guarantees against terrorism and war losses for its airlines by another 60 days. European government guarantees against such losses expire at the end of March this year.Governmental involvement in airline terrorism risk coverages resulted after the September 11 attacks in the U.S., which lead […]
By Canadian Underwriter | March 20, 2002
1 min read
The Canadian government is once more extending the deadline for covering third part war risks for the country’s air services.The coverage, which includes airlines, airports and other services such as NavCanada, was first introduced on September 22, 2001, as a temporary measure. The Transport Ministry was responding to the lack of available war risk liability […]
By Canadian Underwriter | March 18, 2002
As part of its lobby effort to persuade North American governments to back terrorism reinsurance, the Risk and Insurance Management Society (RIMS) recently asked Canadian members to comment on their views. Although confidential, the survey did show that Canadian RIMS members were concerned about the lack of available terrorism insurance since September 11, when reinsurers […]
By Canadian Underwriter | March 14, 2002
In 2001, man-made catastrophes cost insurers more than natural disasters, mainly due to the back of September 11 losses, says the latest sigma study released by Swiss Re. The study pegs losses for the terrorist attacks at US$19 billion for property and business interruption, and US$16.5-39 billion for life and liability. Overall, the study confirms […]
By Canadian Underwriter | March 13, 2002
As the Canadian government waits to take its lead from the U.S. on a terrorism reinsurance solution, lobbying efforts south of the border are intensifying. Risk and Insurance Management Society (RIMS) president David Mair was on Capitol Hill this week, urging Congress, on behalf of commercial insurance buyers, to move forward on a plan.”Businesses have, […]
By Canadian Underwriter | March 1, 2002
"The world was on September 9th a dangerous place, full of operational and financial risks. What changed was the address of terrorism. Terrorism was no longer simply on TV, it was and is now part of our real lives." So said David Mair, outgoing president of the Risk and Insurance Management Society following the September 11 terrorist attacks. Certainly the insurance world has been turned on it axis by those events. What was shaping up to be a hardening market was suddenly a market in chaos, and risk managers were left struggling to catch up with rapidly escalating rates, tightening terms and a severe lack of capacity. Added to this is the disappearance of terrorism coverage and the seeming ambivalence of North American governments to the plight of insurers and their commercial policyholders.
By Vikki Spencer | February 28, 2002
11 min read
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