Risk
The RIMS Canada Conference recently brought together risk managers and their insurance partners in Saskatoon. Along with educational sessions and exhibits, there were also many opportunities for networking. From Saturday night parties hosted by Cunningham Lindsey and Crawford Adjusters to Tuesday’s reception hosted by UAB Group, with photo-taking courtesy Shumka Craig & Moore, events led […]
October 31, 2002
1 min read
While the underlying tone of last year's reinsurance treaty negotiations in the aftermath of 9/11 was "price! price! price!" - with an average upward rate adjustment of about 40% having been implemented across the Canadian marketplace - the 2003 renewals are likely to be driven by a tightening of coverage terms and increased use of exclusions, say CEOs partaking in CU's annual "Reinsurance Strategy Outlook". That said, pricing will most definitely be a factor in the upcoming treaty renewal round, with certain classes of business such as liability - which has incurred significant losses primarily as a result of the hemorrhaging auto markets - likely to face rate adjustments of between 40% to 80%. Exclusions on emerging perils such as asbestos, mold and nuclear will also feature dominantly in the renewals. Overall, the CEOs say, expect reinsurers to apply detailed underwriting as international pressure continues to restrain capacity until the tumultuous waters of the marketplace return to a profitable calm.
17 min read
Events 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.
9 min read
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. To post events online, visit www.canadianunderwriter.ca and click on “Submit Your Event”. CIAA (Accountants) Seminar & Luncheon: Regulatory Issues. […]
2 min read
With the rise in claims costs having exceeded the growth of premiums for the last five years, it should come as no surprise that last year saw the Canadian property and casualty insurance industry incur a negative development on prior year claims, says Susan Vella, senior vice president of personal insurance at Chubb Insurance Co. […]
3 min read
Several ratings agencies have downgraded or placed Paris-based SCOR and its subsidiaries on watch following news the reinsurance giant would suffer big losses this year.SCOR announced it expects to lose EUR 250 million (Cdn$386 million) this year due to investment woes, reserve deterioration, European flood losses this summer and credit underwriting losses. This comes despite […]
By Canadian Underwriter | October 31, 2002
New Bermuda venture Olympus Reinsurance Co. Ltd. has been assigned an initial rating of A- (excellent) by rating agency A.M. Best. The company was amongst those formed in the wake of September 11, starting business in December 2001, with $500 capitalization from a private equity fund.Olympus operates in Canada through a quota share agreement with […]
By Canadian Underwriter | October 24, 2002
Two more reinsurers saw their ratings lowered recently, although under very different circumstances.Gerling-Konzern Globale Ruckversicherung (GKG), which operates in Canada as Gerling Global Reinsurance Company, was downgraded by A.M. Best to B++ (very good) from A- (excellent) in terms of financial strength. The company’s debt rating was also downgraded to bb+ from bbb. A.M. Best […]
By Canadian Underwriter | October 22, 2002
The terrorism insurance bill reportedly close to being put forward in the U.S. could have a negative impact on company ratings, suggests a new report from Standard & Poor’s.The report says that if the federal government indeed steps in to offer terrorism reinsurance, this might “tempt” insurers into accepting inadvisable exposure and cast doubt on […]
The European Commission has decided to withdraw support for government-backed airline coverage at the end of this month. At a meeting of the EC’s Transport Council this week it was announced the European Union would no longer offer blanket approval for state’s to backstop third-party war risk liability coverage for commercial airlines as of October […]
By Canadian Underwriter | October 10, 2002
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