Future of airline insurance up for discussion
October 5, 2001 by Canadian UnderwriterThe future of aviation insurance, as well as airport and air navigation facility coverage, are the subject of debate and speculation since the September 11 terrorist attacks. The National Post reports Canadian Transport Minister David Collonette says the government could…
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.
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.
Technology Strategies: CRM & Claims Management
October 1, 2001 Gordon Dunn, vice president of business development at The InnovRecently published results would tend to suggest that the Canadian property and casualty insurance industry is continuing a long run of poor underwriting results. Indeed, it has been many years since the industry as a whole could boast about an underwriting profit. Most carriers continue to run combines loss ratios well in excess of 100%. With one or two exceptions, even best of breed carriers are running at just under 100%. It is therefore no wonder that the industry has struggled to attract new capital over the last few years.
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.
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: The Shadows of Disaster
October 1, 2001 Linden Rees, president of Insurers Security Services Inc.The events of September 11th, 2001 not only stunned the majority of mankind through the sheer evil of the acts committed, but served as a clarion call to the U.S. business community of its exposure to the threat of economic terror.
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…
Insurers ask U.S. Congress to support insurance pool
September 27, 2001 by Canadian UnderwriterChubb CEO Dean O’Hare was among insurance representatives speaking to Congress this week on the need for an insurance pool to cover terrorism risks moving into the future. In light of the recent terrorist attacks on the World Trade Center…
Government covers airline terrorism exposures
September 25, 2001 by Canadian UnderwriterThe federal government has stepped in to offer temporary insurance cover to airlines and airports for acts of war and terrorism. The 90-day coverage is a stop gap measure to allow the industry to work out new coverage agreements with…
Newfoundland shores hit by remnants of Gabrielle
September 20, 2001 by Canadian UnderwriterAlthough the damage has yet to be tallied, the Insurance Bureau of Canada (IBC) is advising Newfoundland residents affected by Tropical Storm Gabrielle to find out just what their homeowners’ policies will cover. The storm struck the Avalon Peninsula of…