Into the Fire
September 1, 2002 Brian Jones, president of Jones Brown Inc.Devastating condominium fires, such as the most recent blaze at Calgary’s Waterford complex, have created challenges for the construction industry and builders risk insurance market. Are the actions of insurers justified relative to loss experience, and how are insureds reacting to the tighter terms and pricing of cover?
Fires/floods cause more than US$2 billion in 2-Q cat losses
August 1, 2002 by Canadian UnderwriterA wildfire that ravaged a large area of parkland at the Rodeo-Chediski Complex in Arizona over late June/early July this year is expected to cost insurers about US$120 million, according to loss estimates compiled by the Insurance Services Office (ISO).…
Bridging Troubled Waters
August 1, 2002 Vikki SpencerAs risk managers converge in Saskatoon for the 27th Canadian Risk and Insurance Management (CRIMS) Conference in September, it is not difficult to predict what will be on their minds. The current market turmoil, including rising premiums, tightening terms and companies exiting lines of business or the market altogether, is causing major headaches for corporate insurance buyers. Hoping to bring insurers, risk managers and business partners together, conference chair Nowell Seaman says there is no more crucial time for networking and discussing the issues at hand than now.
Texas flood damage estimated at US$1 billion
July 11, 2002 by Canadian UnderwriterDamage from flooding across Texas is being pegged at US$1 billion, with a death toll of at least 8. Over 30 inches of rainfall has caused flooding over a wide strip of the state starting in the San Antonio area,…
BI claims and the “legal factor”: Looking Eastward
May 1, 2002 Philip Chapman, a partner at Huestis RitchSome alarming statistics are coming out of Atlantic Canada on bodily injury claims. The costs of these claims are out of control and have resulted in a call by industry for an overhaul of the system.
Business Recovery Will Your Plan Work?
March 1, 2002 Karen Rutherford, partner at The Crisis Tool GroupThere should be fear coursing through the veins of chief information officers everywhere! A recent study released by the University of Houston showed that a mere 6% of businesses could survive following a catastrophic loss of data. “Sure”, some business owners say, “we’re okay because we have a plan”. Chances are, their faith may be misguided.
Cyber Terrorism: Mass Destruction or Mass Disruption?
February 1, 2002 Vikki SpencerJust days after the September 11 terrorist attacks the U.S. Federal Bureau of Investigation began warning the public that the potential for future attacks exist, and among the threats was that of cyber terrorism. The concept is not a new one, such attacks have been taking place between Palestinian and Israeli groups, and between U.S. and Chinese sources, in response to political conflicts. And now, in light of new terrorism and cyber exclusions in insurance policies, commercial insurance buyers are wondering how to protect themselves from the potential threat of today’s “hacktivists” becoming tomorrow’s cyber terrorists, and weapons of mass disruption turning into weapons of mass destruction.
MPI income drops as claims escalate
February 1, 2002 by Canadian UnderwriterManitoba’s public insurer is feeling the financial crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001. For the nine months ending November 30,…
MPI income drops due to claims cost and investment slump
January 15, 2002 by Canadian UnderwriterManitoba’s public insurer is feeling the crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001.For the nine months ending November 30, 2001, Manitoba…
Adjusters at Ground Zero
January 1, 2002 Andy WalkerInsurance adjusters are witnesses to carnage. They see tumult in places where days, and in some cases hours before, people were going about their daily business in an orderly world. It is part of the job. But how do you react when you are assigned to adjust claims stemming from the collapse of the World Trade Center on September 11? Three seasoned adjusters from Cunningham Lindsey say the assignment was not like any other they had experienced.
“You Can’t Sue Me, I’m Canadian!”
January 1, 2002 Mark Scheer, managing partner of Seattle-based Scheer & SotirhosImportant U.S. Strategies for Canadians
Sleeping Giant: Canada’s Wildfire Risk
December 1, 2001 Vikki SpencerIn 1991, fires raged through the hills of eastern San Francisco, killing 25 and leaving thousands homeless. This travesty cost insurers more than US$1.5 billion. Not since the 1906 San Francisco earthquake set that city ablaze, had the world seen…