Canadian Underwriter


Feature

Losing by Default

March 1, 2002 Glenn McGillivray, assistant vice president & head of corporate

With a softening economy — which was exacerbated greatly by the 9/11 events — an economic crisis in Argentina, and a record-breaking string of corporate bankruptcies over the last months, many companies quickly learned that natural and man-made catastrophes present just one type of threat to the balance-sheet.

Tom Gallagher
Feature

North American Insurance Conference: The Perfect Storm

January 1, 2002 by Canadian Underwriter

As Hurricane Michelle raged through the Bahamas, members of the insurance industry from both sides of the border congregated in Florida to assess where the market is headed, post-September 11. Overwhelmingly, speakers agree that despite the 9/11 tragedy, the event has shaken the industry out of complacency. With shrinking reinsurance capacity and lingering doubts about the availability of coverage, insurers and reinsurers alike are moving forward with a resolve to bring both rates back into positive territory and focus on responsible underwriting.

Feature

U.S. insurers results: from ground-zero to zero

January 1, 2002 by Canadian Underwriter

U.S. property and casualty insurers incurred their worst financial loss for the first nine months of last year since the devastation caused by Hurricane Andrew in 1992, observes the Insurance Services Office (ISO) and the National Association of Independent Insurers

Feature

40 Most Costly Insurance Losses — Selected, 1970-2000

December 1, 2001 by Canadian Underwriter

Location Year Victims Insured Damage (US$ at 2000 prices) 1. Hurricane Andrew Florida 1992 38 19,649,000 2. Northridge earthquake California 1994 60 16,277,000 3. Typhoon Mireille Japan 1991 51 7,142,000 4. Winter storm Daria Europe 1990 95 6,053,000 5. Winter

News Insurance

Consolidation to follow terrorist attacks, says PWC

November 28, 2001 by Canadian Underwriter

Following the September 11 terrorist attacks, the industry has begun to see worldwide consolidation, and this is expected to continue, says PriceWaterhouse Coopers. In its yearend forecast, PWC’s Transaction Services Group says there will be more merger and acquisition (m&a)

News Insurance

Fairfax’s reinsurance operation Odyssey Re feels Sept. 11 bite

November 7, 2001 by Canadian Underwriter

New York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income

Feature

Reinsurance Strategies 2002: Bargain Days Over

November 1, 2001 Sean van Zyl, Editor

Prior to the terrorist attacks of September 11, reinsurers operating in Canada were adamant that 2002 treaty renewals would have to reflect general rate adjustments in the order of 15% to 25%. Most companies were mindful, however, of the prevailing and excessive competition within the Canadian marketplace, and in this respect seemed more hopeful than resolved that the rate adjustments they hoped to seek for next year would be achieved. The post-September 11 reinsurance landscape has changed dramatically. Covers available at “less-than-cost” pricing have vanished to be replaced by a steely attitude to both the terms and pricing of coverage. Reinsurers partaking in CU’s annual “Reinsurance Strategy Outlook” offer little hope for cheap pricing as the global cost impact of the terrorist attacks begins to bite. The message is clear: “The bargain days are over”.

Feature

The Risk of Terror: Cost on Life

October 1, 2001 by Canadian Underwriter

The images of death and destruction that burned into our consciousness on September 11, 2001, will forever haunt us. Over time, the buildings, airplanes, and property damage can be replaced or repaired, however the horrific and sudden loss of life will always remain with us. The human suffering from this disaster is incalculable. Although life can never be replaced, life insurance can help prevent further financial trauma. Life insurers and life reinsurers are now called upon to make good on promises made to policyholders.

Feature

The Risk Of Terror

October 1, 2001 Sean van Zyl, Editor

Terrorism, 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

Feature

When is business, “Business”?

October 1, 2001 Sean van Zyl, Editor

The 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

Feature

Terrorist attacks declared largest insured single loss

October 1, 2001 by Canadian Underwriter

In 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

Feature

Canadian reinsurers: AT PURGATORY’S GATE

July 1, 2001 Sean van Zyl, Editor

Last year may have been a period in “hell” for global reinsurers. after seven consecutive years of declining rate adjustments spurred by weak market conditions, reinsurers were struck a double whammy of soaring catastrophic losses and a sudden reduction in retrocession capacity. action had to be taken, and was taken with treaty renewal rates rising around the globe. However, if last year was “hell”, then this year the industry must face “purgatory”, where the sins of the past will be tested against the resolve of reinsurers to implement the necessary premium rate adjustments desperately needed to regain profitability.