9/11 One Year Later: Lingering Issues
September 1, 2002 Vikki SpencerAs the grim anniversary of the September 11 terrorist attacks in New York City and the Pentagon approached, its reverberations were still being felt. Battles in the Middle East rage on, the world’s economies continue to struggle and, in the realm of insurance, uncertainties linger. Chief among these is the lack of available terrorism coverage, specifically affecting aviation and commercial property lines. Despite hopes of a solution, a year after the tragedy that represents the largest loss in insurance history, the terrorism insurance market remains in disarray.
Auto Product Reform: Plugging Bi Losses
August 1, 2002 Sean van ZylAfter a year and a half since the Insurance Bureau of Canada (IBC) began a nationwide political lobby campaign for auto insurance product reform, there appears to be a few cracks developing in the resistive walls of provincial government bureaucracy.…
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).…
Appointments signal progress for U.S. terrorism insurance bill
July 29, 2002 by Canadian UnderwriterDespite speculation that legislation to create a government backstop for terrorism reinsurance was stalled, progress seems to be in the offing with the formation of a committee to write a consensus bill. Seven Senators have been appointed to find middle…
U.K.’s Pool Re goes "all risks" on terrorism coverage
July 25, 2002 by Canadian UnderwriterPool Reinsurance Co. Ltd., the United Kingdom’s government-backed insurance facility for terrorism-related risks, will in future offer a much broader range of cover on an "all risks" basis, reports the Association of British Insurers (ABI). The change in scope of…
Arizona wildfire produces US$120 million insured loss
July 18, 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).…
Sept. 11 losses not solely to blame for U.S. insurer woes, study shows
July 10, 2002 by Canadian UnderwriterLosses stemming from the September 11 terrorist are not the only thing to blame for the terrible performance by U.S. insurers last years, says a report from Florida-based Weiss Ratings Inc. But an overall leap in claims costs is certainly…
Colorado fire damage estimated at US$75 million
June 14, 2002 by Canadian UnderwriterWildfires running through Colorado’s Iron Mountain, near Canon City, recently are estimated to have caused US$75 million in insured damages, says the Rocky Mountain Insurance Information Association.In a press release, the association notes that the number is based on a…
B.C. marine insurance requirements concern tourism industry
June 10, 2002 by Canadian UnderwriterNew requirements for marine insurance proposed by the B.C. government are coming under fire from the province’s tourism operators. The Council of Tourism Associations is concerned that the new requirements may not respect “the unique nature” or individual marine-based adventure…
Auto insurance among FSCO priorities
May 7, 2002 by Canadian UnderwriterWith the recent release of a discussion paper on its 2002 priorities, the Financial Services Commission of Ontario (FSCO) has put auto insurance on the agenda. But what exactly that auto reform will look like is still unclear.Although auto insurance…
WTC Cleanup
May 1, 2002 Sean van Zyl, EditorTelevised media coverage of the September 11 terrorist attacks that took place in downtown Manhattan, New York City, left little doubt in the minds of those that watched this tragic event that the cost of recovery — although never replaceable in lost lives — would be great in terms of both direct expenditure as well as economic loss. However, a new cost evaluation report suggests that the rebuilding and cleanup cost associated with the World Trade Center (WTC) attacks may prove to be billions of dollars less than originally anticipated.
On The Move (April 01, 2002)
April 1, 2002 by Canadian UnderwriterVendor Applied Systems has appointed four new product managers. Dave DeGroot, Shannon Martin, Kathy Polizzi and Tony Villa bring almost 40 years of combined experience to their new roles. Kingsway Financial Services has named James Corcoran and J. Brian Reeve…