B.C. Forest Fires Could Be Second-Worst Catastrophe
September 1, 2003 by Canadian UnderwriterEarly estimates of insured damage from forest fires still raging through B.C. suggest that this disaster could shape up to be Canada’s second-worst catastrophe loss, with the 1998 ice storm remaining well ahead in loss numbers. Media reports have put…
Perils and Fire, Exclusion Door Opens for Insurers
September 1, 2003 Craig HarrisCanada’s highest court recently made it a lot easier for insurers to put fire-following exclusions for severe catastrophic incidents into multi-peril policies. The question now is whether provincial legislators will respond with what many in the insurance industry – particularly the Insurance Bureau of Canada (IBC) – say are much-needed changes to legislation across the country.
Aligning Sources & Exposures
September 1, 2003 Perry Brazeau Canada division manager at FM GlobalFrom newspaper headlines to the corporate boardroom, risk management is becoming a high profile proposition. As companies react to stories of corporate scandals and multi-million-dollar lawsuits, how does this align with the long-term risks facing corporations daily. A recent study compared the views of risk managers and financial executives on the greatest threats to their corporations, as well as the best means of addressing these threats.
Slow Burn
September 1, 2003 Glenn McGillivrayAs this is being read, hundreds of wildfires are burning in the interior of British Columbia, and they could very well make Canadian insurance history.
Severe Thunderstorms – Canada’s Billion Dollar Risk
September 1, 2003 David Lalonde & Dr. Tim DoggettAccording to the Insurance Bureau of Canada’s (IBC) “Facts 2002”, the individual perils that comprise severe thunderstorms – tornado, hail and straight-line winds – have been responsible for more than half of the natural catastrophe losses incurred by Canadian insurers over the past 20 years. While the earthquake threat in Canada is very real and must be managed, insurers should not ignore the risk of significant losses from severe thunderstorms.
Black Summer…
September 1, 2003 Sean van Zyl, EditorThose in the industry who had been looking forward to an easy-going summer would have been jolted by the series of adverse events that seemed to cascade one after the other in the final stages of the season. Basically, short…
Storm Costs Hit Canadian and U.S. Insurers
August 1, 2003 by Canadian UnderwriterDamage to vehicles as a result of hailstorms that struck Manitoba in mid-July has reached $2.5 million, the province’s public insurer reports. Manitoba Public Insurance (MPI) has received about 1,400 claims to date. Generally vehicle damage claims from the hail…
IIS 2003 Seminar: Political, Social, and Economic Upheaval
August 1, 2003 Sean van Zyl, EditorIn the words of the International Insurance Society’s (IIS) president Patrick Kenny, “there’s a new chapter being written in the history of the insurance industry”. The post-9/11 era has created a volatile risk environment on several levels, from the political, social to economical – all of which have bearing on how insurers perceive and deal with the risks of today and tomorrow. Not surprisingly, the 600 attendees and speakers from around the world that partook in this year’s IIS seminar, which was recently held in New York City, identified “recovery from adverse market conditions” as being the top priority facing the insurance industry in the year ahead.
P&C Super Summit 2003: Sins of the Past
August 1, 2003 Vikki SpencerOn the eve of Ontario’s launch of new regulations to reform the auto insurance system, leaders of the property and casualty insurance industry met to discuss the challenges and possible solutions to the dilemmas facing them. While auto dominated much of the debate, there was a clear understanding that the industry’s woes are manifold. Across all lines of business, from the reinsurance sector to the primary market, companies and indeed their clients are paying the price for too many years of soft pricing and poor industry performance.
Reinsurance Outlook: 2003 CAT Rates
August 1, 2003 Catherine Fagan, assistant vice president atSwiss Reinsurance Co. CanadaAlthough pricing of catastrophe covers began rising in the wake of the 9/11 terrorist attack, it is important to note that these rate increases only brought premium levels to a point last seen almost a decade ago. Should the Canadian insurance industry see a normal “cat burden” for 2003, then the combination of primary and reinsurance rate increases should be enough to allow reinsurers to see improved combined ratios at yearend. But, whether the market’s result will be good enough remains to be seen. Swiss Re’s annual cat study highlights the major factors likely to come into play in evaluating and pricing exposures.
U.S. 2-Q cat loss nears US$5 billion
July 29, 2003 by Canadian UnderwriterU.S. property and casualty insurers will likely incur about US$4.9 billion in catastrophe-related claims for the second quarter of this year, according to the Insurance Services Office (ISO). Insured losses for the first six months of this year – which…
Claudette insured losses rise to cat level
July 21, 2003 by Canadian UnderwriterEarly damage estimates from Hurricane Claudette which made landfall in Texas last week and resulted in at least two deaths and property losses across 15 counties has thus far produced insured losses of around US$17 million, according to Texas-based Southwestern…