US airlines consider insuring themselves
February 12, 2002 by Canadian UnderwriterIn response to the lack of available war risk coverage following the September 11 terrorist attacks, airlines south of the border are considering their own insurance scheme. This comes as government-backed coverage is set to run out on March 20.The…
Large brokers produce mixed results
February 12, 2002 by Canadian UnderwriterThe world’s largest insurance brokers have each produced very different yearend results in the wake of September 11 and a hardening insurance market.Giant Marsh & McLennan held the line, with revenues of US$2.5 billion in the fourth quarter, equal to…
Lost Enron investment costs insurers US$3 billion, says A.M. Best
February 7, 2002 by Canadian UnderwriterRating agency A.M. Best says the collapse of U.S. energy giant Enron has cost insurers US$3 billion in investment exposures, at least in the early stages. The figure assesses losses as of September 30, 2001.However, the majority of these losses…
Lloyd’s makes cash call to cover claims
February 6, 2002 by Canadian UnderwriterLloyd’s of London is set to make a second cash call on its members in order to deal with claims from 1998 to 2001, including its US$2.8 billion exposure to the September 11 terrorist attacks.The calls will bring in about…
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…
Championing Brokers
February 1, 2002 Vikki SpencerOn the cusp of the launch of a broker-insurer Internet portal, the eyes of the industry are on Klaas Westera, president of the Centre for the Study of Insurance Operations (CSIO). Brought on board to rejuvenate the forum between insurers and brokers, Westera has put in motion the development of the portal, a long sought after but never yet achieved innovation. Blending technology with a passion for the broker distribution channel, Westera’s plans are putting the Canadian property and casualty insurance industry on the map.
ONLINE TECHNOLOGY: “Doing the Evolution”
February 1, 2002 Sean van Zyl, EditorAfter years of disappointing and frustrating efforts to achieve a workable online, real-time technology platform between Canadian insurers and independent brokers, the property and casualty insurance industry’s joint company/broker technology development body — the Centre for Study of Insurance Operations (CSIO) — has set an imminent launch date for its Internet-based “intranet” portal service that is expected to form the foundation for the next generation of online company-to-service-provider communications where past efforts such as Synchron have failed. But, while considerable effort has been made to muster insurer and broker support for this latest stab at grasping the “holy grail” of real-time online communications, the enthusiastic attitude of companies is belayed by their seemingly unprepared position for integrating their legacy-based systems with the CSIO portal as the launch date draws dangerously close. Just as importantly, most insurers admit to being unclear on the costs or potential savings expected from their participation through the portal. Are insurers and brokers really ready for the next evolutionary step into online technology?
Working to Be Smart
February 1, 2002 John Kelly, a law professor at Seneca College & consultant to AlInsurance professionals tend to be well versed with the mechanics of information technology (IT), but lacking on strategic, legal, e-business applications. Much of their exposure to computer hardware and software comes from vendor and technology consultants who are long on technical expertise but short on how to add value in providing insurance services to clients. Consequently, insurance professionals who buy IT may become victims of “bells-and-whistles” sales pitches.
Online Innovation Playing Catchup
February 1, 2002 Andree Ryckman, certified management consultant, Call Centre ConThe story of online insurance has been one of caution and, ultimately, missed opportunities in the past. But are things really changing? Are insurers starting to catch up to banks and other providers of financial services in the online realm? The answer, for the most part, is still “no”. So where does the industry go from here?
Lloyd’s “franchise” proposal could signal end of “Names”
February 1, 2002 by Canadian UnderwriterIn response to criticisms for years of poor financial performance, the world’s oldest insurance market Lloyd’s of London has released a series of proposed structural changes to “modernize” the system. Among the changes put forward to the Council of Lloyd’s…
U.S. insurers remain steadfast on terrorism exclusions
February 1, 2002 by Canadian UnderwriterMore than 40 U.S. state insurance regulators have now a approved the terrorism risk exclusions wordings that had been drafted by the Insurance Services Office (ISO) and released just prior to the yearend deadline when most reinsurance covers for this…