Risk
Since automobiles became the predominant means of transportation in North America, disputes have arisen between automobile and general liability insurers from time to time over losses related to the use or operation of a motor vehicle. A recent court decision, which will require specific exclusions to be made to future CGL policies, goes back full circle to a case decision made more than 40 years ago.
By William Blakeney, of Blakeney Henneberry Baksh & Murphy | January 31, 2002
9 min read
Just days after the September 11 terrorist attacks the U.S. Federal Bureau of Investigation began warning the public that the potential for future attacks exist, and among the threats was that of cyber terrorism. The concept is not a new one, such attacks have been taking place between Palestinian and Israeli groups, and between U.S. and Chinese sources, in response to political conflicts. And now, in light of new terrorism and cyber exclusions in insurance policies, commercial insurance buyers are wondering how to protect themselves from the potential threat of today's "hacktivists" becoming tomorrow's cyber terrorists, and weapons of mass disruption turning into weapons of mass destruction.
By Vikki Spencer | January 31, 2002
10 min read
More than 40 U.S. state insurance regulators have now a approved the terrorism risk exclusions wordings that had been drafted by the Insurance Services Office (ISO) and released just prior to the yearend deadline when most reinsurance covers for this particular peril expired, says Robert Hartwig, chief economist at the Insurance Information Institute (III). There […]
January 31, 2002
2 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. Insurance Institute of Ontario Awards Dinner. Toronto, ON. For more information contact Jeannie Harrison at 416-362-8586 ext. 235 or […]
Two global giants have seen their ratings downgraded as a result of poor financial results in the fourth quarter of 2001. A.M. Best has downgraded Scor Re from A+ (Superior) to A (Excellent), a grading that also applies to Scor Canada Reinsurance Co and reflecting the company’s financial strength, existing debt and commercial paper ratings. […]
By Canadian Underwriter | January 16, 2002
As 2002 gets underway, insurers will be faced with increasingly tougher decisions on risk, says consulting firm Deloitte & Touche. In its “Top Ten Global Insurance Trends”, the firm predicts insurers facing increasingly unpredictable and global catastrophes, will have to look carefully at policy exclusions, sector coverage, pricing risk and the adoption of new underwriting […]
By Canadian Underwriter | January 9, 2002
1 min read
North American insurers have not yet realized the promise of technology investments, but appear hopeful those benefits will be seen in the future, suggests a study by Tillinghast-Towers Perrin (TTP). The survey, which tracks 248 financial services providers, largely insurers, also shows that despite the events of September 11, insurers do not plan to back […]
By Canadian Underwriter | January 7, 2002
Welcome to your first edition of Canadian Underwriter magazine and canadianunderwriter.ca’s new Email News Alert Service for the Insurance Industry, called “At Your Personal Request”. This FREE Breaking News Alert Service will keep the market informed of the latest Insurance Industry news – delivered directly to insurance professionals by email! All key industry-related headlines will […]
By Canadian Underwriter | January 1, 2002
With the U.S. Congress adjourning for the year, there will be no terrorism risk pool in place as insurers head into the new year, when most commercial policies come up for renewal. Congress gave up the ghost when the U.S. Senate failed to bring a measure to the floor before the end of the year […]
December 31, 2001
As Hurricane Michelle raged through the Bahamas, members of the insurance industry from both sides of the border congregated in Florida to assess where the market is headed, post-September 11. Overwhelmingly, speakers agree that despite the 9/11 tragedy, the event has shaken the industry out of complacency. With shrinking reinsurance capacity and lingering doubts about the availability of coverage, insurers and reinsurers alike are moving forward with a resolve to bring both rates back into positive territory and focus on responsible underwriting.
7 min read
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