OECD to examine terrorism reinsurance issue
May 17, 2002 by Canadian UnderwriterThe Organization for Economic Cooperation and Development (OECD)says it will look into the issue of terrorism reinsurance in light of the potential economic impacts worldwide. At its Ministerial Meeting in Paris this week, the OECD formally stated, “We recognize the…
U.S. congressional report backs government terror cover
May 3, 2002 by Canadian UnderwriterA government role, albeit a limited one, is needed to ensure the availability of terrorism coverage, says a new report “The Economic Costs of Terrorism”, released by the U.S. Congress’ Joint Economic Committee (JEC).“The short- and long-run costs of terrorism…
Silverstein advances WTC case for “two occurrence” settlement
April 29, 2002 by Canadian UnderwriterA document just released by parties involved in the dispute over coverage for the World Trade Center (WTC) explains the position of representatives for the Silverstein interests, who are calling the September 11 attacks two separate events and seeking double…
Uninsured Vehicles Project faces delays
April 19, 2002 by Canadian UnderwriterAn initiative by the Ontario government and the Insurance Bureau of Canada (IBC) to get uninsured vehicles off the road has been delayed by a few roadblocks, the IBC says. Most notably, the change in leadership of the Conservative government,…
Bush urges Senate action on terrorism insurance
April 9, 2002 by Canadian UnderwriterAs expected, U.S. President George Bush used a Monday press conference to tout the importance of a federal backstop for terrorism insurance. In a speech to labor leaders, Bush urged the Senate to pass a bill creating a federal program…
Mold Litigation – the Monster in the Closet
April 1, 2002 Vikki SpencerThe boogey man hidden inside the closet, under the bed or trying to crawl through the window, was once the stuff of childhood nightmares. But now that improbable monster may have taken shape in the form of so-called “toxic” mold. The prevalence of this damaging organism, which attacks buildings and is reported to cause a variety of health-related problems is becoming a very real nightmare for insurers. And, insurers learned at a recent Canadian Litigation Counsel seminar, recent U.S. court judgements show this is a “financial monster” insurers ignore at their own peril.
Environmental Insurance Insuring the Deal
March 1, 2002 Mary Ann Susavidge, managing underwriter, and Susan Barry, an unNot long ago, environmental insurance met with a lot of skepticism from businesses. Coverage was too expensive. The policies were too limiting. However, the perception and uses of environmental insurance have changed substantially
Commercial insurance buyers urge terrorism pool
February 14, 2002 by Canadian UnderwriterU.S. trade associations representing the real estate, tourism and retail industries, among others, are joining forces to push the federal government to devise a solution to terrorism reinsurance. Groups including the U.S. Chamber of Commerce, the Bond Market Association, and…
Canadian government extends airline cover
February 4, 2002 by Canadian UnderwriterThe Canadian government has followed its U.K. counterparts and extended the deadline for federally-backed insurance coverage for the airline industry. The coverage, for war risk liability, was to have ended February 4, but will now go until March 21.However, there…
U.S. trade groups react to NAIC ruling on personal lines terrorism exclusions
February 1, 2002 by Canadian UnderwriterFollowing a decision by the U.S. National Association of Insurance Commissioners (NAIC) not to allow terrorism exclusions on personal lines policies, insurers are reacting with dismay. Through their trade associations, including the National Association of Independent Insurers (NAII) and the…
Winning in An Online World
February 1, 2002 Glen Piller, president of iter8 Inc.All to often insurers are presented e-business strategies that appear to be conceived, developed and implemented in a straightforward manner. This view makes getting online look easy, but let us face it: things have not quite worked out that way.
U.K. extends airline insurance while Canadian deadline looms
January 22, 2002 by Canadian UnderwriterAs the U.K. government decides to extend “war and terrorism” insurance coverage for its airlines until the end of March, the future of Canada’s airlines remains unknown. The U.K.’s former deadline of January 22 has been moved to March 20,…