More than a week after the terrorist attacks on the World Trade Center and Pentagon, insurers and reinsurers are still trying to tally exposures. Munich Re, amongst the hardest hit, estimates losses could reach US$1.95 billion pretax, the largest single…
A 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…
The 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…
With the sharp rise in property related insurance losses, particularly on personal auto which by far accounts for the lion’s share of premiums in Canada, many insurers have shown renewed interest in commercial liability lines. Recent acquisitions have resulted in specialty operators with dominating interests in specific liability classes, while some of the major general underwriters have created dedicated liability risk departments with the intent of pursuing new business. But, while the commercial liability landscape may appear at this point to be more inviting than the “dog eat dog” competitive environment on the property side, some within the industry believe that the “tail” of liability coverages will eventually sweep back in the faces of Canadian insurers similar to the adverse developments underway in the U.S. market.
In 1928, while working on the influenza virus, Alexander Fleming observed that mold had developed accidentally on a staphylococcus culture plate and that it had created a bacteria-free circle around itself. He was inspired to further experiment and later found that a mold culture prevented growth of staphylococci, even when diluted 800 times. He named the active substance penicillin. And the rest, as they say, is history.
Your company’s “employee of the month” could quickly become the defaulter of the year. What strategic measures have you taken to protect your firm against fraud?
In this era of rapid growth and development, technology is the key that unlocks opportunity. Unfortunately, the insurance industry has been slow to adopt technology as a primary tool, preferring instead to simply replace manual tasks with automation, and upgrade…
Following last fall’s announcement that Quebec brokerage DiPerno and Associates would be among the first to launch an online sales vehicle, AssureMoi.com president Mark DiPerno says the site will be up and running at the beginning of October. The first…
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.
In a press release issued in early May, the American Council of Insurance Agents and Brokers announced the results of their first quarter survey. It showed rates rising significantly, with close to 90% of responding brokers suggesting that rates for…
The outcome of a class action lawsuit filed in Ontario against the Co-operators General Insurance Co. in an attempt to reclaim amounts the insurer allegedly gained from salvage following a total loss write-off of a vehicle and deductible charged to the insured, could herald a new attack of “strike suits” against auto insurers
In the wake of Canada Day riots that rocked the city of Edmonton, insurers are stepping up to deal with claims from local businesses, says the Insurance Bureau of Canada (IBC). Estimates of damage are in the hundreds of thousands…