The Risk of Terror: Cost on Life
October 1, 2001 by Canadian UnderwriterThe images of death and destruction that burned into our consciousness on September 11, 2001, will forever haunt us. Over time, the buildings, airplanes, and property damage can be replaced or repaired, however the horrific and sudden loss of life will always remain with us. The human suffering from this disaster is incalculable. Although life can never be replaced, life insurance can help prevent further financial trauma. Life insurers and life reinsurers are now called upon to make good on promises made to policyholders.
The Risk Of Terror
October 1, 2001 Sean van Zyl, EditorTerrorism, and the cost of terror, has taken the forefront of catastrophic loss concerns of the global insurance industry. Until September 11 of this year, when acts of terrorism perpetuated in New York City and Washington D.C. brought about destruction…
When is business, “Business”?
October 1, 2001 Sean van Zyl, EditorThe tragic and unexpected events which unfolded on September 11 of this year when terrorists attacked the World Trade Center, New York City, and the Pentagon in Washington D.C. by using four hijacked jetliners as “flying bombs” has left the…
Terrorist attacks declared largest insured single loss
October 1, 2001 by Canadian UnderwriterIn the face of rising loss estimates, insurers worldwide are beginning to process claims from the September 11 terrorist attacks that took place in the U.S. Early estimates of the total insured loss vary from US$25 billion to almost $60…
Quebec Brokers: Back to School
October 1, 2001 John Morin, president of Morin, Elliott Associates LteeFirst enacted in June 1998, Quebec’s financial services intermediary legislation, Bill-188, has reached a critical stage in its implementation. Starting from September this year, financial intermediaries including property and casualty insurance brokers will be subject for the first time to earning compulsorily continuing education credits, while other contentious sections of the law still have to be put into effect.
Lloyd’s can absorb $1.9 billion loss, says chairman
September 26, 2001 by Canadian UnderwriterLloyd’s of London, which has been accused of dragging its heels in posting an estimate of losses from the U.S. terrorist attacks of September 11, has come in with a US$1.9 billion figure. The loss reflects information from more than…
Several insurers/reinsurers reveal WTC loss estimates
September 13, 2001 by Canadian UnderwriterA number of global insurers and reinsurers have released early loss estimates totaling more than US$4 billion relating to the tragic devastation of New York City’s World Trade Center (WTC) as a result of terrorist attacks carried out this past…
Insurers: Playing the Loss Game
September 1, 2001 Andrew RickardThere has been a great deal of noise in the media about the necessary price hardening of the markets brought about by insurers’ poor financial results, but it remains to be seen whether these increasing rates will translate into improved earnings anytime soon. “Given the significant underpricing over the past several years”, says one study conducted by A.M. Best, “it is unlikely”
Rehab Costs Insurers Look for New Treatments
September 1, 2001 Ian Campbell and Barbara Sulzenko-Laurie of the IBCRehabilitation healthcare costs associated with auto injuries have almost overnight become one of the biggest cost concerns for Canadian insurers. While the dramatic rise in treatment costs has much to do with attempts by the provincial governments over recent years to shift the spiraling healthcare cost burden onto the private sector, the greater injury to insurers lies in the myriad of unregulated service providers operating in the rehab sector and the ineffectiveness of the current “fee-for-service” payment system.
Commercial Liability Lines: Bright Sunshiny Days?
September 1, 2001 Sean van Zyl, EditorWith the sharp rise in property related insurance losses, particularly on personal auto which by far accounts for the lion’s share of premiums in Canada, many insurers have shown renewed interest in commercial liability lines. Recent acquisitions have resulted in specialty operators with dominating interests in specific liability classes, while some of the major general underwriters have created dedicated liability risk departments with the intent of pursuing new business. But, while the commercial liability landscape may appear at this point to be more inviting than the “dog eat dog” competitive environment on the property side, some within the industry believe that the “tail” of liability coverages will eventually sweep back in the faces of Canadian insurers similar to the adverse developments underway in the U.S. market.
Belton plays down “surplus myth”
September 1, 2001 by Canadian UnderwriterTed Belton, author of “The Belton Report”, says in the latest quarterly issue that pricing cycles cannot be blamed on surplus financial capacity. Although the industry has been consistently overcapitalized for two decades, pricing has continued to fluctuate. “The driving…
Lloyd’s members predict profit by 2002
August 22, 2001 by Canadian UnderwriterThe body representing Lloyd’s Names says the market should see a return to profitability as soon as next year, despite several years of dismal performance. In a recently released report, the Association of Lloyd’s Members, which represents most of the…