Several insurers/reinsurers reveal WTC loss estimates
September 13, 2001 by Canadian UnderwriterA number of global insurers and reinsurers have released early loss estimates totaling more than US$4 billion relating to the tragic devastation of New York City’s World Trade Center (WTC) as a result of terrorist attacks carried out this past…
WTC terror attack could produce insured loss of US$20 billion
September 12, 2001 by Canadian UnderwriterThe tragic events which unfolded early Tuesday this week when two of four hijacked commercial jetliner planes were deliberately crashed into the twin towers of the World Trade Center (WTC) in Manhattan, New York City could produce an insured loss…
Appeals court finds Ontario Names liable
September 5, 2001 by Canadian UnderwriterThe Ontario Court of Appeals has turned down the appeals of Lloyd’s investors, or Names, in that province who were seeking to avoid paying monies sought by the U.K. insurance market. Justices Laskin, Goudge and Feldman unanimously agreed to uphold…
Commercial Liability Lines: Bright Sunshiny Days?
September 1, 2001 Sean van Zyl, EditorWith the sharp rise in property related insurance losses, particularly on personal auto which by far accounts for the lion’s share of premiums in Canada, many insurers have shown renewed interest in commercial liability lines. Recent acquisitions have resulted in specialty operators with dominating interests in specific liability classes, while some of the major general underwriters have created dedicated liability risk departments with the intent of pursuing new business. But, while the commercial liability landscape may appear at this point to be more inviting than the “dog eat dog” competitive environment on the property side, some within the industry believe that the “tail” of liability coverages will eventually sweep back in the faces of Canadian insurers similar to the adverse developments underway in the U.S. market.
Attak of th Black Mold
September 1, 2001 Glenn McGillivray, assistant vice president and head of corporatIn 1928, while working on the influenza virus, Alexander Fleming observed that mold had developed accidentally on a staphylococcus culture plate and that it had created a bacteria-free circle around itself. He was inspired to further experiment and later found that a mold culture prevented growth of staphylococci, even when diluted 800 times. He named the active substance penicillin. And the rest, as they say, is history.
Rate Outlook: Back to the Future
September 1, 2001 Igal Mayer, president of CGU Group Canada Ltd.Rates are a hot topic in the industry these days. We have all seen the flurry of rate activity and tougher underwriting being put in place over the past several months. Yet, despite all of this action, the industry is not in a sustainable position going into 2002 and looking ahead to the years beyond.
Fraud: Taking Strategic Risk Measures
September 1, 2001 Judith Mitchell, national fidelity manager of The Guarantee Co.Your company’s “employee of the month” could quickly become the defaulter of the year. What strategic measures have you taken to protect your firm against fraud?
Insurers: Playing the Loss Game
September 1, 2001 Andrew RickardThere has been a great deal of noise in the media about the necessary price hardening of the markets brought about by insurers’ poor financial results, but it remains to be seen whether these increasing rates will translate into improved earnings anytime soon. “Given the significant underpricing over the past several years”, says one study conducted by A.M. Best, “it is unlikely”
Lloyd’s forecasts losses for past two years
August 31, 2001 by Canadian UnderwriterInsurance market Lloyd’s of London is predicting that loss for the last two years will exceed 2 billion pounds (US$3 billion). Because Lloyd’s reports its results three years in arrears, it must estimate losses in the interim. For 1999, the…
Liberty International files suit against animator
August 28, 2001 by Canadian UnderwriterInsurer Liberty International Canada is filing suit against beleaguered Canadian animation company Cinar. The suit, to the tune of $900,000, was filed in Quebec Superior Court.Cinar has come under fire recently, facing allegations of tax fraud and heavy financial losses.…
S&P maintains negative position on European reinsurers
August 20, 2001 by Canadian UnderwriterRating agency Standard & Poor’s has maintained its negative outlook position of the European reinsurance market based on the industry’s 2000 financial returns. If anything, the rating agency notes, the financial strength ratings of companies may be downgraded. Although the…
Rough start to 2001 for Optimum General
August 10, 2001 by Canadian UnderwriterQuebec-based Optimum General (TSE: OGI.A) reports weak second-quarter results, despite the company’s moves to respond to poor returns in the past. Gross written premiums and net earned premiums fell, while the company’s combined ratio continues to rise. At the beginning…