2001 CIAA Conference: Perilous Times
November 1, 2001 Vikki SpencerAs the Canadian Insurance Accountants Association (CIAA) held its annual convention in Montreal in late September, the terrorist attacks just days prior that shook the U.S. and the insurance industry worldwide were heavy on the minds of many. The attacks cast a pall over an already troubled industry, everyone agrees, and put the industry’s financial woes front and center.
Industry poised for success in 2002, says S&P
October 30, 2001 by Canadian UnderwriterA new report from rating agency Standard & Poor’s (S&P) says the industry is headed for a comeback in 2002, with 2003 set to be a highly profitable year for insurers.Despite heavy losses following the September 11 terrorist attacks, the…
Conning report suggests terrorism exclusions on the way
October 18, 2001 by Canadian UnderwriterA new report from analysts Conning and Company says U.S. property and casualty insurers will begin pricing “terrorist attack risk” separate from other coverage in light of the September 11 terrorist attacks. The report also suggests that maximum probable loss…
Lloyd’s losses scrutinized by U.S. regulator
October 15, 2001 by Canadian UnderwriterU.S. regulators will be looking at the finances of insurance market Lloyd’s of London in the wake of the terrorist attacks on the World Trade Center and Pentagon on September 11. Following the incidents, Lloyd’s announced that its exposures would…
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: Lessons From the Disaster
October 1, 2001 Vikki SpencerAs delegates at the 2001 Canadian Risk and Insurance Management Society (CRIMS) Conference learned of the tragic terrorist attacks carried out in the U.S. mid-way through the gathering, normal sessions were put aside and attention turned to the implications, both personal and professional, of these historic events. Amidst fears for co-workers possibly involved in the World Trade Center (WTC) crisis and a general outpouring of sympathy, risk managers tried to understand the disaster, and perhaps even take some lessons.
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…
The Risk of Terror: Attack on America: Impact on Aviation Covers
October 1, 2001 by Canadian UnderwriterWhile the impact that the terrorist attacks will have on the international insurance and reinsurance industry will not be fully known for many years, the effect on aviation covers was almost instantaneous.
AXA ups terrorist attack loss estimate to $550 million
September 24, 2001 by Canadian UnderwriterAs insurance companies continue to increase their estimates of loss as a result of the terrorist attacks on U.S. targets on September 11, AXA is among the companies reassesing its exposure. The insurer has upped its estimate to US$550 million…
Additional insurers/reinsurers present WTC loss estimates
September 14, 2001 by Canadian UnderwriterFurther insurance loss estimates arising from the September 11 terrorist attacks against the World Trade Center (WTC) and the Pentagon have been released by a number of leading insurers.PartnerRe Ltd. believes that the combined property, casualty and aviation exposure to…
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…
WTC terror attack could produce insured loss of US$20 billion
September 12, 2001 by Canadian UnderwriterThe tragic events which unfolded early Tuesday this week when two of four hijacked commercial jetliner planes were deliberately crashed into the twin towers of the World Trade Center (WTC) in Manhattan, New York City could produce an insured loss…