Risk
The 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 the same period in 2000. For the year, revenues were down 2% from 2000, to […]
By Canadian Underwriter | February 12, 2002
1 min read
Industry
On the tail of a slew of terrible fourth quarter 2001 reportings from insurers, Canadian-based Fairfax is the latest to tell its tale of financial woe in the wake of September 11. The World Trade Center (WTC) attacks, combined with the failure of U.S. energy giant Enron, led the company to a $346 million loss […]
By Canadian Underwriter | February 11, 2002
2 min read
Home
Larry Silverstein, leaseholder for the World Trade Center is reportedly close to reaching a settlement with two of the complex’s 22 insurers. XL Capital and Ace are the only insurers not named in Silverstein’s lawsuit in which he seeks to collect twice the amount of his insurance policy, claiming the September 11 terrorist attacks that […]
By Canadian Underwriter | February 8, 2002
Rating 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 were from the life and health industry, which had an investment of US$2.8 billion at […]
By Canadian Underwriter | February 7, 2002
Lloyd’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 US$800 million ($564 million pounds sterling). Individual investors (Names) will each be asked to pay […]
By Canadian Underwriter | February 6, 2002
Claims
The Insurance Bureau of Canada (IBC) has released an auto claims cost study conducted in Nova Scotia which shows that the vast majority of claims relate to "soft tissue" injuries, namely sprains and strains. The study was undertaken in response to public concern over the rising cost of insurance within the province, while insurers acting […]
By Canadian Underwriter | February 5, 2002
The 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 is still no solution to the airline industry’s insurance dilemma. Following the September 11 terrorist […]
By Canadian Underwriter | February 4, 2002
Following 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 National Association of Mutual Insurance Companies (NAMIC), insurers are expressing concerns over a vote of […]
By Canadian Underwriter | February 1, 2002
3 min read
After 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?
January 31, 2002
9 min read
XML has become the buzz- word of the insurance industry. But insurers are still coming to grips with what this new technology will mean for their business. For an industry deluged in information, XML is a means of making that information accessible and usable in modern, online systems. Rather than scrapping legacy systems, which cost dearly in both time and money to develop, XML offers the chance to mine these legacy systems for the precious information they hold.
5 min read
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