Keeping the World’s Runways Open
November 1, 2001 David CarrIn the aftermath of the terrorist attacks on September 11 of this year, the Canadian federal government has offered the country’s struggling airlines a wing and a prayer – at least a temporary one…
Coverage availability crises looms
November 1, 2001 by Canadian UnderwriterWith several major global reinsurers having signaled that they will not be providing cover for terrorism-related losses as from the beginning of 2002 when most North American treaty renewals take place, the U.S. government has stepped forward with a temporary…
Industry can meet Sept. 11 commitments, says A.M. Best
November 1, 2001 by Canadian UnderwriterAlthough the September 11 terrorist attacks are “unprecedented in scope and complexity,” the industry will be able to meet its commitments, says Larry Mayewski, executive vice president and chief rating officer for A.M. Best. “The direct and indirect impact of…
AXA cancels world cup soccer coverage
November 1, 2001 by Canadian UnderwriterThe world soccer governing body FIFA says its largest insurer for the upcoming 2002 World Cup has cancelled its portion of the insurance program covering the football events to take place in Korea and Japan. A FIFA statement says AXA…
S&P joins call for government-backed terrorism pool
October 24, 2001 by Canadian UnderwriterRating agency Standard & Poor’s has joined the voices of insurance industry bodies calling for the creation of a federal government-backed reinsurance pool for terrorism covers.In the aftermath of the September 11 terrorist attacks, several insurer associations and regulation bodies…
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…
AXA cancels world cup soccer coverage allegedly due to terrorism risk
October 15, 2001 by Canadian UnderwriterThe world soccer governing body FIFA announced today that its largest insurer for the upcoming 2002 World Cup has provided a cancellation notice for its portion of the insurance program covering the football events to take place in Korea and…
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…
RSA ups WTC loss estimate by one-third
October 11, 2001 by Canadian UnderwriterU.K.-based Royal & SunAlliance has increased its estimate of losses from the terrorist attacks on America to 200 million pounds (US$290 million) pretax, up from an earlier estimate of 150 million pounds.The company reports that while aviation and property losses…
U.S. insurance groups look for temporary reinsurance solution for terrorism
October 10, 2001 by Canadian UnderwriterChicago-based The National Association of Independent Insurers (NAII) has released a proposal which it believes offers the best short-term solution to insurers in the wake of the reduction in reinsurance cover for terrorism exposures. NAII says it will continue to…
Zurich doubles WTC loss estimate
October 9, 2001 by Canadian UnderwriterAlmost a month after the terrorist attacks on the World Trade Center (WTC) and Pentagon, Zurich Financial Services Group is doubling its loss estimate. The company now says pretax losses could reach between US$700 million and $900 million, although on…
Auto insurance up for reform in Newfoundland
October 5, 2001 by Canadian UnderwriterThe Newfoundland government is putting auto insurance reform on the table, releasing a discussion paper that proposes restrictions on the ability to make claims for pain and suffering as a result of minor accidents. Medical and financial claims would remain…