October 3, 2004 by Canadian Underwriter
Increasing variety in reinsurance tools and increasing exposure of reinsurers to catastrophic risks are among the topics discussed in a new report by LOMA. The report, which covers jumbo tort liability claims, cyber risks, and expanding ocean marine risks, amongst others, finds reinsurers responding to this heightened risk profile with new tools. The report also notes the increasing array of financial risks, such as financial guarantees for municipal bond insurers and currency convertibility guarantees that are being dealt with by reinsurers.
Insurance rates appear to still be a serious problem for small business in Canada, but rising fuel prices are also vying for the title of top small business headache, according to a new poll by CIBC. In both cases, 50% of small business owners say they are being negatively affected by rising costs. The biggest complaints of insurance pricing issues come from Altantic Canada (61% say insurance will have a negative impact) and Ontario (57%). The problem was less apparent in Quebec, where it was cited by just 32%.
The Honorable Order of the Blue Goose (Ontario Pond) is having its first meeting of the new season on Wednesday, October 20, 2004 at Toronto’s Old Mill. Guest speaker for the event is forensic accountant and ROBTV contributor, Dr. Lawrence S. Rosen. Guests are welcome and for more information, visit www.bluegoose ontario.org.