The gap between the world’s strongest reinsurers and the weakest is likely to widen in the current market, suggests a report from rating agency A.M. Best.The annual review of the reinsurance market notes that it was lack of attention to…
Trucking companies, taxi operators and large private fleets are feeling the squeeze of the hard market, with shrinking capacity, increasing rates and restrictive terms and conditions. And, feedback from insurers suggests that there is little relief on the horizon.
The “flash and flare” of New Orleans acted as a vibrant backdrop for the 34th Annual Risk and Insurance Management Society (RIMS) Conference recently. For the society, and for its members, it became evident from the proceedings that this is a “time of action”. On the legislative front, RIMS finds itself challenged to represent members with the highest levels of government in the fight for a terrorism reinsurance backstop. And for risk managers, the rapidly hardening market is challenging them to become informed and bring their message to the highest levels of the corporate structure.
Fen-Phen. Baycol. Ponderal. Prepulsid. No, they’re not new video game characters or rock groups. Rather, they are among a growing list of medical drugs involved in class action lawsuits across North America.
With the rise of high-profile court cases, particularly in the U.S., employment practices liability (EPL) has become a focus for the industry. The severity of EPL claims is growing, with many wondering when, or if, the trend will reach its peak.
Adjuster Crawford’s Canadian operations are being called a “primary driver” in the growth of the company’s international operations. Overall, Crawford reports fourth quarter 2001 revenues increased 5%, to US$178.1 million, over the same period in 2000, and operating earnings up…
As delegates at the 2001 Canadian Risk and Insurance Management Society (CRIMS) Conference learned of the tragic terrorist attacks carried out in the U.S. mid-way through the gathering, normal sessions were put aside and attention turned to the implications, both personal and professional, of these historic events. Amidst fears for co-workers possibly involved in the World Trade Center (WTC) crisis and a general outpouring of sympathy, risk managers tried to understand the disaster, and perhaps even take some lessons.
An earthquake in Peru. The fall of the argentinean economy. tropical storm allison strikes several american states. Political tensions flare in the middle east. for the average canadian, these events seem a world away, having little impact on day-to-day life. But, for the average canadian company, these events can have a profound effect on the bottom-line. With the growth of canadian exports and domestic companies stretching their wings to establish operations beyond the border, managing these new international risks is a minefield of potential losses. and, with insurance rates hardening on a global scale and few companies willing to offer bundled international coverage, today’s corporate risk managers could find themselves scrambling for cover.
With my boss, Fred Wilson, at the wheel, we maneuvered the comfy van on to the highway and headed for the golf course. As manager of the company’s downtown branch, Fred was in close daily contact with many of our…
Queensway Financial Holdings Ltd. (TSE: QFH) has entered into an agreement to sell its U.S. subsidiaries North Pointe Financial Services Inc. and Hermitage Insurance Co. to the Argonaut Group Inc. for US$36.5 million. The troubled specialty insurer, which operates in…
Once again, CU’s annual focus on technological developments within the Canadian property and casualty insurance industry has come about…and guess what, after trying to figure out the various “half steps forward”, “six steps to the side”, minus a “quarter degree…
The global reinsurance market suffered its worst underwriting year in 1999, largely as a result of natural disaster catastrophe losses estimated to having cost the industry about US$24 billion. European reinsurers finished 1999 with an alarming 131% combined ratio, the…