Risk

Lloyd’s reforms passed despite “names” opposition

A package to reform the 300-year-old Lloyd’s of London insurance market was passed by members, despite opposition by individual names. At a seminar sponsored by Lloyd’s in Toronto just prior to the vote, deputy chair John Coldman called for unity to back the reforms. “We have never regarded standing still as an option. This is […]

September 30, 2002

3 min read

Decorative pattern

Coming Events (October 01, 2002)

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”. WICC Night to Shine Halloween Bash. Toronto, […]

September 30, 2002

2 min read

Decorative pattern

U.S. insurers urge Congressional action on terror insurance legislation

Nearing adjournment of the U.S. Congress session has sparked concerns among property and casualty insurers that legislation will not be passed this year allowing for the creation of a federal government-backed terrorism insurance mechanism. The National Association of Independent Insurers (NAII), which represents 715 member companies, is the latest organization to issue a call to […]

By Canadian Underwriter | September 24, 2002

1 min read

Decorative pattern

Canadian reinsurance rates up sharply, says report

Last year’s dismal financial returns for reinsurers have led to a sharp 44.1% increase in reinsurance premiums in 2002, says a report from global reinsurance broker Guy Carpenter.In its study “The World Catastrophe Reinsurance Market 2002″, the brokerage notes that according to Swiss Re figures, rates rose this year for the third year in a […]

By Canadian Underwriter | September 17, 2002

2 min read

Decorative pattern

U.S. risk managers report terrorism coverage drought (September 11, 2002)

A survey carried out by the Risk and Insurance Management Society Inc. (RIMS) of 450 member companies suggests that securing adequate terrorism coverage remains highly difficult.The survey results show that 71% of respondents are finding it "very difficult" or "impossible" to obtain adequate terrorism insurance. About 84% of the respondents indicated that they did not […]

By Canadian Underwriter | September 11, 2002

1 min read

Decorative pattern

Kingsway proposes Canadian public debt offering

Specialty-risk insurer Kingsway Financial Services (TSE: KFS) has filed for approval from security regulators to make a public offering of senior unsecured debentures. The value of the offering has not been disclosed. Kingsway says proceeds from the offering will be used to support growth within the company’s operating subsidiaries, as well as reduce its revolving […]

By Canadian Underwriter | September 10, 2002

1 min read

Decorative pattern

Co-operators and Newfoundland government at odds over selling practices

Co-operators General Insurance Co. and Newfoundland’s Minister of Government Services and Lands Walter Noel are locked in a verbal battle over the company’s selling practices in that province. Recently Co-operators decided not to renew about 1,300 auto policies for customers who do not have multiple policies with the company.Noel admits that this practice does not […]

By Canadian Underwriter | September 3, 2002

2 min read

Decorative pattern

Taking Insurance Training Online

Insurance companies spend considerable time, effort and money keeping brokers and clients abreast of new developments. Unfortunately, much of their educational investments are met with disappointing results. Whether it is the time-delay and obsolescence of print, the information overload of e-mail, the disappointing responses from direct mail or the time requirement of classroom learning, traditional […]

August 31, 2002

4 min read

Cover Story: Danger: Asbestos Exposures

Recent multi-million dollar reserving adjustments disclosed by prominent insurers in the U.S. with regard to asbestos-related exposures have occupied financial headlines. As well, the storm clouds surrounding asbestos liability appear to be building up on several frontiers: a new wave of "non-product" liability litigation is feeding into the U.S. courts while a recent U.K. court decision applying to multiple-employer responsibility to worker exposure to asbestos has opened up what many in the insurance industry believe is a "Pandora's Box" with global ramifications. In response, several industry financial rating agencies have issued bearish reports on the potential exposure property and casualty insurers face under a new wave of asbestos litigation, suggesting that the U.S. industry alone could be under-reserved by billions of dollars. Is the Canadian market immune?

August 31, 2002

19 min read

News (September 01, 2002)

Allison Stade (pictured at center) is the winner of the 2001 Sovereign Award, presented to the top student from the University of Calgary’s Insurance and Risk degree program. Presenting the award on behalf of The Sovereign General Insurance Company is Ken Galka, Southern Alberta business development manager (at left), and Murray Goertzen, Alberta branch manager.

August 31, 2002

1 min read

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