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.
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…
When is business, “Business”?
October 1, 2001 Sean van Zyl, EditorThe tragic and unexpected events which unfolded on September 11 of this year when terrorists attacked the World Trade Center, New York City, and the Pentagon in Washington D.C. by using four hijacked jetliners as “flying bombs” has left the…
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…
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…
WTC terror attack could produce insured loss of US$20 billion
September 12, 2001 by Canadian UnderwriterThe 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…
Appeals court finds Ontario Names liable
September 5, 2001 by Canadian UnderwriterThe Ontario Court of Appeals has turned down the appeals of Lloyd’s investors, or Names, in that province who were seeking to avoid paying monies sought by the U.K. insurance market. Justices Laskin, Goudge and Feldman unanimously agreed to uphold…
New federal body to lead disaster strategy talks
June 26, 2001 by Canadian UnderwriterThe newly-created Office of Critical Infrastructure Protection and Emergency Preparedness (OCIPEP) will lead consultations about to begin on developing a national disaster mitigation strategy. National Defence Minister Art Eggleton says the talks will center around reducing the risk and impact…
DANGEROUS WATERS: A GUIDE TO INSURING GENERAL LIABILITY MUNICIPAL PROGRAMS
June 1, 2001 David Wade, an independent risk management consultantMention Walkerton, and the immediate thought that jumps to mind is “water contamination”. The tragic deaths that occurred in Walkerton, Ontario last year as a result of contaminated water supply are a stark reminder of the importance of risk management. A proper risk management program applied by the Walkerton authorities could have averted the tragedy that took place. As such, insurers looking to underwrite general liability insurance products for municipalities need to focus on the appropriate risk containment programs applied by these insureds.
Partnerships core to disaster mitigation
June 1, 2001 by Canadian UnderwriterThe insurance industry’s natural disaster mitigation body, the institute for Catastrophic Loss Reduction (ICLR), highlighted the value of research and information sharing between the private, public and scientific sectors at its recent annual general meeting. During 2000, the ICLR formalized…
MAKING THE CALL ON OUTSOURCING
June 1, 2001 Paul Kowal, president of Kowal AssociatesWith the rise of the insurance call center environment, companies are seeking a direct, and cost efficient line to customers. But whether or not this core function should be outsourced is a subject of hot debate. Concerns about outsourcing are not without merit, but with proper planning including specification goals and a willingness to delegate responsibility, this can be an efficient and effective vehicle for insurers.