Risk

One for All…Or the “Deepest Pocket”?

Despite talk about reforming joint and several liability, the legal principle that some refer to as the "1 percent rule" still plagues deep pockets like governments - and their insurers.

August 31, 2002

7 min read

Risk

Into the Fire

Devastating condominium fires, such as the most recent blaze at Calgary's Waterford complex, have created challenges for the construction industry and builders risk insurance market. Are the actions of insurers justified relative to loss experience, and how are insureds reacting to the tighter terms and pricing of cover?

August 31, 2002

5 min read

Risk

Mold & Water Damage Claims: Avoiding the Headache

The industry's newest catalyst is a four-letter word: MOLD. Should we be alarmed about this sleeping monster? How is it affecting people's health and that of their children? How did it get here, and why is it growing? Insurers are trying to come to grips with this new threat, at the same time facing claims for incidents that happened perhaps years earlier.

August 31, 2002

6 min read

Risk

9/11 One Year Later: Lingering Issues

As the grim anniversary of the September 11 terrorist attacks in New York City and the Pentagon approached, its reverberations were still being felt. Battles in the Middle East rage on, the world's economies continue to struggle and, in the realm of insurance, uncertainties linger. Chief among these is the lack of available terrorism coverage, specifically affecting aviation and commercial property lines. Despite hopes of a solution, a year after the tragedy that represents the largest loss in insurance history, the terrorism insurance market remains in disarray.

August 31, 2002

9 min read

American Re consolidates Canadian operation

The Canadian operation of American Re has been rationalized with the underwriting and client service functions shifted to the group’s Princeton, New Jersey-based headquarters. The operational change, which will see the company close its Montreal office with Toronto remaining to handle claims settlement and other administrative duties, will take effect this September, confirms John Gallagher, […]

August 31, 2002

1 min read

“Tail-End” of the “Other Clause”

The "Ouroboros" in Greek mythology is a circular snake that gives birth to itself through its mouth, so that it appears to be swallowing its own tail. A common motif around the world, it signifies the eternally self-regenerating and destructive universe. The concept was inspired by the fact that in some species of snake the mother broods the babies in her mouth, so it looks like she is giving birth to them when they eventually wriggle out - an appetizing thought to consider over your morning coffee and muffin.

August 31, 2002

7 min read

Elusive Gains…

Although insurers’ return on equity for the second quarter of this year shows marked improvement at 4% compared with the 2.3% return shown for the first three month period, the industry continues to be plagued by runaway claims costs. Further earnings pressure is now coming to bear through falling stock market values that were largely […]

August 31, 2002

4 min read

American Re reshuffles Canadian operation

The Canadian operation of American Re has been rationalized with the underwriting and marketing functions shifted to the group’s Princeton, New Jersey-based headquarters. The operational change will take effect as from September this year, says Anthony Kuczinski, president of Munich-American RiskPartners.Munich-American Risk Partners operates as a division of American Re, which in turn is a […]

1 min read

Nova Scotia actuarial review cites inadequate rates

The Insurance Bureau of Canada (IBC) is pleased with the results of a new independent report commissioned by Nova Scotia’s Utilities and Review Board (UARB) that suggests auto insurance rates have been inadequate for at least the past five years.The report also notes that rates are on the rise, but that current premiums levels are […]

2 min read