Risk
The indirect consequences of the September 11 terrorist attacks on the U.S. will have a far greater impact on the insurance industry in Canada than the direct costs resulting from the tragedy. Few Canadian companies will be directly affected.
By Joel Baker, GM, A.M. Best Canada Ltd. and Robert Adams, asst. VP, A.M. Best Co. | November 30, 2001
5 min read
With the deadline for yearend reinsurance renewals rapidly drawing near, a political game of “chicken” appears to be in play between insurers, reinsurers and the federal government. The Insurance Bureau of Canada (IBC) established a special task group following the September 11 terrorism attacks in the U.S. to establish what future risks and consequences could […]
By Sean van Zyl, Editor | November 30, 2001
4 min read
In the wake of the September 11 terrorist attacks in the U.S., which sparked concerns globally of a reinsurance withdrawal from covering such risks, the Insurance Bureau of Canada has presented a proposal to the federal government that would see the creation of a temporary reinsurance mechanism available to insurers.
By Stan Griffin, executive vice president of regional operations at the IBC | November 30, 2001
Terrorism exclusions in Canadian property policies, are they necessary? As the deadline for reinsurance renewals nears, many insurers are looking for alternative solutions to the vexing problem of providing - or not providing - coverage for terrorism related risks.
By Brian Reeve, partner at Cassels Brock & Blackwell LLP | November 30, 2001
7 min read
In 1991, fires raged through the hills of eastern San Francisco, killing 25 and leaving thousands homeless. This travesty cost insurers more than US$1.5 billion. Not since the 1906 San Francisco earthquake set that city ablaze, had the world seen fire losses on such a scale. Just two years later, the Los Angeles area was […]
By Vikki Spencer | November 30, 2001
10 min read
With the economic recession beginning to eat away at the operating margins of Canadian commerce across all sectors, coupled with the anticipated hike in insurance prices that businesses face for 2002, one of the biggest and immediate challenges facing commercial brokers in Canada is whether or not their clients will survive these building cost pressures, […]
The ability displayed by the property and casualty insurance industry and other financial institutions in effectively dealing with the events of September 11 testifies to the value of effective risk management and planning, observes Nick Le Pan, head of the Office of the Superintendent of Financial Institutions (OSFI). Speaking at the Insurance Bureau of Canada’s […]
November 30, 2001
2 min read
Following the September 11 terrorist attacks, the industry has begun to see worldwide consolidation, and this is expected to continue, says PriceWaterhouse Coopers. In its yearend forecast, PWC’s Transaction Services Group says there will be more merger and acquisition (m&a) activity, resulting in fewer companies in the future, but a stronger industry overall.”What happens in […]
By Canadian Underwriter | November 28, 2001
ING Canada and Zurich North America Canada have concluded a deal through which the Dutch financial services company will acquire the latter’s property and casualty personal lines insurance book. In turn, Zurich will renew the large commercial and corporate risks previously underwritten by ING. No value has been attached to the deal, and it appears […]
By Canadian Underwriter | November 22, 2001
In a speech to Australian risk managers, Lloyd’s of London chair Sax Riley says businesses will have to change their approach to insurance in the post-September 11 market. Specifically, corporate clients will need to reassess their insurance buying in light of hardening prices and the potential for coverage to be less available.”Businesses need to conduct […]
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