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.
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…
New WTC loss estimates filter through, claims being processed
September 19, 2001 by Canadian UnderwriterCitigroup has reported a loss estimate relating to the September 11 terrorist attacks of up to US$500 million after tax, equivalent to approximately 10c a share. Claims are expected from property, business interruption, workers’ compensation and life insurance. The company…
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…
IBC wants oil tank regulations in place
September 5, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.“We agree the recommendations will guard…
Attak of th Black Mold
September 1, 2001 Glenn McGillivray, assistant vice president and head of corporatIn 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.
U.S. insurers suffer heavy cat toll
August 1, 2001 by Canadian UnderwriterProperty 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…
RISK MANAGEMENT: Maximizing Risk Evaluation Process
August 1, 2001 Perry Brazeau, Senior Vice President of Fm Global, Canadian DiviRising insurance prices, increased global risk exposure, and emerging non-property risks. Today’s risk management profession is facing a new corporate landscape where greater emphasis is being placed on a holistic approach to risk evaluation and cost. Can risk managers benefit from the expertise and risk tools developed by insurers?
System Breakdown: shortage of “e-covers”
August 1, 2001 George Cooke and Anne MacKenzie of Dominion of Canada General InOne 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.
Auto Insurers, Watch Out for That “Strike Suit”
August 1, 2001 William Blakeney, of Blakeney Henneberry BakshThe 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
Insurers respond to riots (August 01, 2001)
August 1, 2001 by Canadian UnderwriterIn 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…