U.S. government at odds on insurance package
November 2, 2001 by Canadian UnderwriterA deal to assist America’s insurers with temporary reinsurance coverage for terrorism has put the country’s Senate and House at odds. Both bodies released proposals for a new package, but the differences could lead to a stalemate, which would put…
Newfoundland auto reform looms
November 1, 2001 by Canadian UnderwriterThe Newfoundland government is putting auto insurance reform on the table, releasing a discussion paper that proposes restrictions on the ability to make claims for pain and suffering as a result of minor accidents. It is expected that medical and…
Reinsurance Strategies 2002: Bargain Days Over
November 1, 2001 Sean van Zyl, EditorPrior 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”.
Personal Injury Fraud: Time for Healing
November 1, 2001 Vikki SpencerLast year the insurance industry in Canada paid $500 million for personal injury claims that contained some form of fraud. At least, this is the claim made in a new study released by the Canadian Coalition Against Insurance Fraud (CCAIF)…
Keeping the World’s Runways Open
November 1, 2001 David CarrIn the aftermath of the terrorist attacks on September 11 of this year, the Canadian federal government has offered the country’s struggling airlines a wing and a prayer – at least a temporary one…
An About-Face
November 1, 2001 Vikki SpencerIn distancing itself from the controversies of the past, Lloyd’s of London is setting a new track for profitability. In Canada, the charge is being led by attorney in fact Nicholas Smith. But his task will not be an easy…
Mexico, Untapped Opportunities for Brokers
November 1, 2001 Peter Bassel, Toronto branch manager of Loyalist Insurance BrokeFor Canadian brokers, the prospects of developing their existing client relationships by maximizing on the dramatic growth in Canadian business and tourism to and within Mexico is immense. The trick lies in not being overwhelmed by the prospect of dealing with foreign business practices.
Coverage availability crises looms
November 1, 2001 by Canadian UnderwriterWith several major global reinsurers having signaled that they will not be providing cover for terrorism-related losses as from the beginning of 2002 when most North American treaty renewals take place, the U.S. government has stepped forward with a temporary…
Personal injury fraud a $500 million problem, says study
October 17, 2001 by Canadian UnderwriterA newly-released study suggests personal injury fraud could be costing Canadian insurers more than $500 million each year. The study, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), estimates that last year insurers paid over $500 million for personal…
Bush proposes to protect insurers from future terror attack losses
October 16, 2001 by Canadian UnderwriterTo aid the insurance industry to withstand future terrorism losses, the Bush administration has proposed that the insurance industry and the government would split the costs of property claims from future terror attacks. Taxpayers would pick up 80 per cent…
RSA ups WTC loss estimate by one-third
October 11, 2001 by Canadian UnderwriterU.K.-based Royal & SunAlliance has increased its estimate of losses from the terrorist attacks on America to 200 million pounds (US$290 million) pretax, up from an earlier estimate of 150 million pounds.The company reports that while aviation and property losses…
Zurich doubles WTC loss estimate
October 9, 2001 by Canadian UnderwriterAlmost a month after the terrorist attacks on the World Trade Center (WTC) and Pentagon, Zurich Financial Services Group is doubling its loss estimate. The company now says pretax losses could reach between US$700 million and $900 million, although on…