Fire in the Hole (October 01, 2002)
October 1, 2002 Sean van Zyl, EditorPersonal auto insurance – specifically the losses and subsequent pricing actions taken within the private sector markets has become a political “hot potato” almost countrywide. Brokers and consumer groups from the east coast through to the west are beginning to…
U.S. risk managers report terrorism coverage drought (October 01, 2002)
October 1, 2002 by Canadian UnderwriterA survey carried out by the Risk and Insurance Management Society Inc. (RIMS) of 450 member companies suggests that securing adequate terrorism coverage remains highly difficult. The survey results show that 71% of respondents are finding it “very difficult” or…
U.S. risk managers report terrorism coverage drought (September 11, 2002)
September 11, 2002 by Canadian UnderwriterA survey carried out by the Risk and Insurance Management Society Inc. (RIMS) of 450 member companies suggests that securing adequate terrorism coverage remains highly difficult.The survey results show that 71% of respondents are finding it "very difficult" or "impossible"…
“Tail-End” of the “Other Clause”
September 1, 2002 Bill Blakeney, Blakeney Henneberry Baksh & MurphyThe “Ouroboros” in Greek mythology is a circular snake that gives birth to itself through its mouth, so that it appears to be swallowing its own tail. A common motif around the world, it signifies the eternally self-regenerating and destructive universe. The concept was inspired by the fact that in some species of snake the mother broods the babies in her mouth, so it looks like she is giving birth to them when they eventually wriggle out – an appetizing thought to consider over your morning coffee and muffin.
Brokers Beware: Dealing with unlicensed insurers
September 1, 2002 Brian Reeve, a partner at Cassels Brock & Blackwell LLPOne of the most basic responsibilities of an insurance broker is to place coverage with a reputable insurer. The decision to use an unlicensed insurer can result in significant risks for both the broker and the insured.
Protecting Value: An Enterprise-Wide Approach
August 1, 2002 Perry Brazeau, senior vice president of FM Global's Canadian divIn today’s climate of limited cover availability, increased costs and greater consequences on business returns, financial executives and risk managers must now find new solutions to help minimize their companies’ risk exposure. This is especially true in light of new research, which has found that contingency planning – once the realm of risk managers – has now reached the highest levels of the corporate boardroom.
Treaty Underwriters: Pricing & Volatility
July 1, 2002 Rob Finnie, vice president of CCRReinsurance treaty underwriters are “odd” people. We are not exactly numerous. There are only about 50 treaty underwriters in Canada with the authority to write business. That works out to about one in every 1,300 insurance industry workers, or one in every 600,000 people in the general population.
U.S. terrorism insurance legislation makes progress
July 1, 2002 by Canadian UnderwriterU.S. president George Bush called on Congress to act swiftly in proclaiming a single terrorism insurance bill. This call came on the heels of the Senate’s unanimous approval of the Terrorism Insurance Act (S 2600) this past month. The Republican-led…
Bush urges Congress to formulate single terrorism insurance bill
June 20, 2002 by Canadian UnderwriterU.S. president George Bush called on Congress to act swiftly in packaging legislation that would allow for the passing of a single terrorism insurance bill guaranteeing government and insurance industry coverage for businesses against catastrophic terrorist attacks.This call came on…
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…
Insight: Coverage Crisis: Raining on the Parade?
June 1, 2002 Craig HarrisEvents from air shows to street festivals to sporting venues have suffered the wrath of insurers in the form of sharp premium hikes, inflated liability limits and coverage restrictions. Is this a new insurance crisis or just evidence of the industry’s cycle at work?
U.S. government extends airline cover (May 17, 2002)
May 17, 2002 by Canadian UnderwriterOnce more, the U.S. government has extended the deadline for third-party war risk coverage for airlines, this time by 30 days. The coverage was set to run out on May 19, but will now last at least until June 19.The…