People misinformed about travel insurance: RBC study
January 29, 2004 by Canadian UnderwriterA new study is showing that many people think they do not need travel insurance. Almost one-quarter (23%) of those surveyed said that they believed they would be covered if they required emergency medical treatment in another country even without…
Fire – Raising the Alarm!
January 1, 2004 Cyril HareAlthough statistics show that deaths as a result of fires are on the decline, insurers are still vexed by costly property losses. Can these losses be avoided or minimized?
BC Forest Fires: A Time of Need
January 1, 2004 Wendy HillierThe storm of wild fires that ripped through British Columbia was a watershed for the Canadian insurance industry – not only did it represent one of the most significant losses in history, but it was also a test of the industry’s ability to rise to the claims challenge.
ICLR tells B.C. inquiry forest fire risk can be mitigated
December 10, 2003 by Canadian UnderwriterSpeaking at the provincial review into B.C.’s “firestorm 2003”, the forest fires that caused extensive damage to several areas of the province this summer, the Institute for Catastrophic Loss Reduction (ICLR) highlighted why forest fire risk is growing and how…
Fitch predicts California blazes could be worst ever
October 31, 2003 by Canadian UnderwriterRating agency Fitch says the wildfires that continue to rage in areas of California could amount to the worst insured loss ever from wildfires. This means the damage would have to top US$1.7 billion (US$2.2 billion in 2003 dollars), the…
Travel insurance seen as necessary, survey shows
October 16, 2003 by Canadian UnderwriterA new survey by RBC Insurance/Ipsos-Reid shows that while an overwhelming majority of people think travel insurance is important, not all are purchasing it.While 84% of Canadians surveyed said travel insurance was worth the cost to ensure peace of mind,…
Without power, telephones, damage from Hurricane Juan hard to assess
October 1, 2003 by Canadian UnderwriterAs most of Halifax continued on Tuesday to be without power and telephones, it is difficult to assess just how much insurers may be paying out in the aftermath of Hurricane Juan.Juan hit the Halifax-Dartmouth area late Sunday, killing at…
Curtain Call? On The Hard Market
September 1, 2003 Vikki SpencerWaiting in the wings like nervous actors on opening night, risk managers are preparing for the upcoming insurance renewal season, unsure of the reception before them. Over recent years they have received a less than warm greeting from underwriters. But, recent surveys of the commercial insurance marketplace suggest that there may well be a “turning point” near – or at the least a “moderation” of the hard market which has dictated pricing for the last two years. However, CU’s annual roundup of Canadian risk management views indicates that the hard market is far from over, although its intensity has shifted from property to casualty/liability lines. And, in light of recent catastrophes from SARS to the “blackout of 2003”, the pressure from corporate boardrooms has increased on risk managers.
Black Summer…
September 1, 2003 Sean van Zyl, EditorThose in the industry who had been looking forward to an easy-going summer would have been jolted by the series of adverse events that seemed to cascade one after the other in the final stages of the season. Basically, short…
B.C. Forest Fires Could Be Second-Worst Catastrophe
September 1, 2003 by Canadian UnderwriterEarly estimates of insured damage from forest fires still raging through B.C. suggest that this disaster could shape up to be Canada’s second-worst catastrophe loss, with the 1998 ice storm remaining well ahead in loss numbers. Media reports have put…
Risk Management: Changing Times
September 1, 2003 by Canadian UnderwriterNo one would disagree that the world of risk management has changed completely over recent years. Risk managers of today have to contend with corporate scandals and property risk exposures that before the 9/11 terrorist attacks were inconceivable. For many risk managers this is also the first real hard insurance market they have encountered during their careers. It is in such times that the role of professional bodies become invaluable to their members. And, as veteran risk managers Glen Frederick and Anne Chalmers prepare for this year’s RIMS Canada conference to be held in Victoria, B.C., they promise that the event will be very much focused on the tools and solutions available to risk managers during such volatile times.
Slow Burn
September 1, 2003 Glenn McGillivrayAs this is being read, hundreds of wildfires are burning in the interior of British Columbia, and they could very well make Canadian insurance history.