A&E reserve shortfall at US$38 billion in U.S.: A.M. Best
December 6, 2004 by Canadian UnderwriterU.S. insurers currently have a US$38 billion shortfall in funding for asbestos & environmental (A&E) liabilities, according to a new report by A.M. Best.A surprising amount of this, US$24 billion, relates to environmental liabilities, with US$14 billion related to asbestos.…
New MGA Built on Need for Better Corporate Governance
December 1, 2004 by Canadian UnderwriterAlthough the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management. Executive Risk has been…
New MGA built on need for better corporate governance
November 22, 2004 by Canadian UnderwriterAlthough the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management.Executive Risk has been up…
Fiduciary Coverage: Weighting the Differences
October 1, 2004 Rob BickertonWhat can brokers and underwriters do to reduce pension plan fiduciary liability risk? Policy wordings and applications play a significant role in this regard, but unfortunately, most company wordings differ widely. It is important to be aware of these differences.
U.S. insurers winning battles, if not war, on litigation
August 12, 2004 by Canadian UnderwriterTwo recent U.S. decisions have provided small victories to insurers in the litigation war.The California Supreme Court last week tossed out a lower court ruling that had resulted in a multi-million dollar bad faith damage award against an insurer. In…
The “Exclusion Monster”
July 1, 2004 Rob FinnieMost people who work in insurance are also purchasers of insurance. We see insurance as something that has a value to us, providing protection for ourselves and our families. But, I would like to speak as a consumer about coverages and exclusions, and offer a few thoughts about how we can improve this industry’s image by giving consumers what they want.
The Next Big “Tail” Liability?
March 1, 2004 Allison MurrayWhile many insurers have written food-processing risks with a lenient attitude – with an eye cast at the food processing industry’s historically attractive underwriting result – warning lights are now beginning to blink, suggesting that litigation involving the entire food processing enterprise, both animal and human, may be the next big thing in long-tail product liability.
Drilling Down for New Solutions
December 1, 2003 Craig HarrisThe oil and gas industry was already facing steep insurance rate hikes and capacity concerns before the terrorist attacks of 9/11. More than two years after that event, it is still reeling from coverage restrictions, record-level deductibles and a massive spike in prices. However, the bigger players appear to have learnt their lesson of the insurance market’s pricing vagaries, and they have identified and created alternative risk transfer mechanisms.
Aon Re Chief Cautious of Market’s Strength
December 1, 2003 by Canadian UnderwriterThe global property and casualty insurance industry at both the primary and reinsurance levels faces significant challenges in the year ahead despite the overall increase in profitability brought on by the hard market, comments Dennis Mahoney, chairman of Aon Re…
Insight: The Cost of SARS
June 1, 2003 Craig HarrisThe spread of highly contagious atypical pneumonia to Canada, particularly Toronto, caused huge economic repercussions in the travel, tourism and hospitality industries. What is the impact on the insurance sector?
Unearthing Historical Environmental Liability Policies
January 1, 2003 Jim Hamilton, director of marketing, and William Russell, CEO atFor decades it has been routine business practice in Canada to purchase occurrence-based general liability insurance policies. In recent years governmental authorities have begun to require the clean up of environmental pollution resulting from corporate activities that occurred long ago.…
Toxic Mold Claims: Covering the Bases
November 1, 2002 Vikki SpenceEvents in the Texas homeowners’ insurance market have sent a chill through the North American insurance industry – multi-million dollar court awards, big company withdrawals, exclusion debates. In Canada, insurers have seen the mold threat coming as they watch their U.S. counterparts struggle to keep pace with this emerging peril. And, while there is agreement that mold has the potential to hit the Canadian market just as hard, insurers are looking south to learn from the U.S. example before it becomes too late.