One of the biggest challenges insurers face is dealing with the non-tangible and borderless world of e-commerce. Reinsurers have already imposed strict cover limitations, and insurers are finding it extremely difficult to offer their customers effective risk solutions. However, if the industry plans on retaining its customer base and growing it as the business environment increasingly moves toward e-commerce, then cyber risk solutions will have to be found.
Property and casualty insurers incurred US$4.4 billion in catastrophe-related property losses for the second quarter to end June this year, according to the Insurance Service’s Office (ISO). The nine catastrophic events, of which two storms generated more than US$1 billion…
An earthquake in Peru. The fall of the argentinean economy. tropical storm allison strikes several american states. Political tensions flare in the middle east. for the average canadian, these events seem a world away, having little impact on day-to-day life. But, for the average canadian company, these events can have a profound effect on the bottom-line. With the growth of canadian exports and domestic companies stretching their wings to establish operations beyond the border, managing these new international risks is a minefield of potential losses. and, with insurance rates hardening on a global scale and few companies willing to offer bundled international coverage, today’s corporate risk managers could find themselves scrambling for cover.
Property and casualty insurers incurred US$4.4 billion in catastrophe-related property losses for the second quarter to end June this year, according to the Insurance Service’s Office (ISO).The nine catastrophic events, of which two storms generated more than US$1 billion in…
Swiss Re, the parent company of Swiss Re Canada, has entered into a unique "risk swapping" agreement with Japanese insurer Tokio Marine and Fire, through Tokio Millennium Re of Bermuda. The catastrophe risk swapping deal, worth US$450 million covers losses…
Both Chubb and Allstate recently announced estimated catastrophe losses for the second quarter of 2001, predicting a heavy hit from Tropical Storm Allison. The Chubb Corporation (NYSE: CB) reports an estimated US$80 million in pre-tax cat losses, equaling US$0.29 per…
Canadian Underwriter Magazine recently asked Tom Hopkinson, the CEO of Guy Carpenter’s Canadian operations, to share his observations on the trends that affected treaty reinsurance year-end renewals, and his expectations for the upcoming season’s negotiations. According to Hopkinson, while reinsurance…
Last year may have been a period in “hell” for global reinsurers. after seven consecutive years of declining rate adjustments spurred by weak market conditions, reinsurers were struck a double whammy of soaring catastrophic losses and a sudden reduction in retrocession capacity. action had to be taken, and was taken with treaty renewal rates rising around the globe. However, if last year was “hell”, then this year the industry must face “purgatory”, where the sins of the past will be tested against the resolve of reinsurers to implement the necessary premium rate adjustments desperately needed to regain profitability.
The reason for cyclical rate peaks and valleys in the international insurance and reinsurance market always comes down to the issue of supply.; By Glenn McGillivray, assistant vice president & head of corporate communication at Swiss Reinsurance Co. Canada
The area of subrogation is a necessary part of the claims process, one which is often overlooked or under-utilized by the primary insurer. A poor or effective claims management approach to subrogation can mean the difference of millions of dollars to the bottom-line. Faced with the current business climate, can insurers afford financial spillage?
A recently released Swiss Re Sigma report titled “Capital Market Innovation in the Insurance Industry” suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into…
In a time when insurers are cutting costs, including those associated with claims handling, it is difficult to say any adjuster is “flying high”. But Keith Edwards is one exception. Not only will he take over as president of the Canadian Independent Adjusters Association (CIAA) this year, but the licensed pilot also has high hopes for his profession. Edwards says this time of “belt tightening” is an opportunity for independents to prove their efficiency and expertise.