Defining the Cost of Risk
April 1, 2001 Vikki SpencerThe cost of risk in Canada rose in 1999, according to a survey from the Risk and Insurance Management Society. At the same time, administration costs for risk management departments fell, giving rise to the observation that risk managers are having to do more with less. And, with the hardening of the insurance market, already evident in the 1999 results, there promises to more pressure than ever on risk mangers to stretch their resources and find creative ways to finance risk.
Asbestos and tobacco liabilities loom
March 1, 2001 by Canadian UnderwriterAsbestosis, tobacco and pollution related liability exposures were identified by panelists at the recently held Casualty Actuarial Society (CAS) annual meeting as being the top three risks facing U.S. insurers in coming years. Although asbestosis claims subsided in the early…
CYBER-EXPOSURE a risky business
March 1, 2001 Vikki SpencerCorporate takeovers. Plummeting stock prices. Falling profits. These used to be the primary fears of the corporate world. Today, enemy number one could be a fourteen-year-old sitting in front of a home computer with the power to bring business to…
Accountability
March 1, 2001 Sean van Zyl, EditorAsk any one of two million grumbling Californians who were recently suject to power blackouts as to why they are not currently overly fond of their local politicians and civil servants, and you will find that the list of complaints…
Queensway takes survival action
March 1, 2001 by Canadian UnderwriterSpecialty risk underwriter Queensway Financial Holdings Ltd. (TSE: QFH) has secured liquidation windup orders for its troubled U.S. subsidiaries Queensway Casualty Insurance Co. (QCIC) and International Indemnity Co. (IIC). Queensway recently disclosed a major financial loss primarily as a result…
UP IN FLAMES: CGL Coverage and The Internet
February 1, 2001 William Blakeney of Blakeney, Henneberry, BakshIn what could be a landmark case, the applicability of CGL policies over Internet activities is at issue in the B.C. courts. At the heart of the claim is the exclusion of publishing activities from policies, and to what degree material posted on the Internet constitutes publication. Attempts to “flame” or personally discredit individuals online promise to bring a growing number of lawsuits. The question remains whether insurers can deny defence coverage in these cases, or if they will be caught up in the flames.
Punitive damage claims: AN ARGUMENT FOR COVERAGE
February 1, 2001 Jim Cameron of Cameron & Associates Insurance Consultants Ltd.Just before Christmas, the Supreme Court of Canada heard argument in the case of Whiten v. Pilot. The original trial jury heard evidence that lead them to conclude that Pilot acted in bad faith against its insured Whiten and awarded…
Coming Events (February 01, 2001)
February 1, 2001 by Canadian UnderwriterAnnouncements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. London Insurance Professionals Monthly…
DELIBERATE ACTS: THE END OF AN ARGUMENT
January 1, 2001 William Blakeney, a senior partner of Blakeney Henneberry BakshInsurance coverage for intentional acts — specifically sexual abuse allegations — has been one of the most contentious areas of insurance law over the past five years. The controversy has pitted some of Canada’s oldest and most respected religious and…
Canadian “cost of risk” rises 65 percent
January 1, 2001 by Canadian UnderwriterThe cost of risk in Canada rose by more than half this year to an average of $2.88 per $1,000 of revenue compared with 1999’s $1.74 per $1,000 revenue, according to the latest Risk & Insurance Management Society (RIMS) and…
Reinsurance Strategies
December 1, 2000 Vikki SpencerInadequate rates, worldwide catastrophic losses and consolidation in the primary market created dismal results for reinsurers in the past few years. But could there be a light on the horizon? CU’s survey of Canadian reinsurance CEOs suggests change is in the wind, with rates set to rise this year and companies charting a course for profitability in the future.
Legal Rates: Judgement Awaits
December 1, 2000 Sean van Zyl, EditorA controversy which has been simmering for several years now could boil over at any moment with the consequence being higher and more frequent court damage awards being made against insurers, predict senior partners of litigation defense firms. The issue…