Risk
Ford, DaimlerChrysler and General Motors are fighting to get thousands of personal injury asbestos lawsuits out of numerous state courts and consolidated in one federal court. So far they have not succeeded. The latest setback came early this month when the Supreme Court declined to review a 3rd U.S. Circuit Court of Appeals decision. The […]
By Canadian Underwriter | August 22, 2002
2 min read
The U.S. government has yet again extended its offering of third party war-risk liability insurance to the country’s aviation industry. The program, put in place following the withdrawal of private insurers from the market after the September 11, 2001 terrorist attacks, will now last until October 16, another 60 days beyond the last deadline of […]
By Canadian Underwriter | August 19, 2002
1 min read
Rates are up, capacity is down and alternative risk management mechanisms are increasingly being used, says the Council of Insurance Agents and Brokers (CIAB). In releasing its Commercial Market Index for the second quarter of 2002, which includes July 1 renewals, the CIAB notes that the market is increasingly distressed for commercial insurance buyers.”Our members […]
By Canadian Underwriter | August 1, 2002
For risk managers facing January renewals on their insurance portfolios, 2002 was the year of sticker shock and worse. Along with dramatic price increases came new exclusions for mold, cyber risks and terrorism, reduced limits and a struggle to find capacity in the marketplace. But is the headache over? Risk managers expect that it is not, bracing themselves for an uncertain future and wondering when will the hard market end. And many are also looking seriously at options beyond insurance that may have held little appeal in the buyer's market, but are becoming increasingly attractive in the current seller's market. At the same time, there is recognition that captives, reciprocals, capital markets and more represent uncharted territory which many within the risk management profession find daunting.
July 31, 2002
12 min read
When it was introduced two decades ago, environmental insurance was used primarily as a risk management tool for businesses whose operations made them particularly vulnerable to environmental exposures, such as companies in the chemical and petroleum industries. More recently, environmental insurance is purchased by both current and former property owners to address transactional as well as operational needs, playing an integral role in mergers and acquisitions, property transfers, and settlement of historic liabilities. Now, a third trend is expanding the scope of environmental protection even further to protect another party wrestling with potential environmental liabilities - financial institutions.
4 min read
In today's climate of limited cover availability, increased costs and greater consequences on business returns, financial executives and risk managers must now find new solutions to help minimize their companies' risk exposure. This is especially true in light of new research, which has found that contingency planning - once the realm of risk managers - has now reached the highest levels of the corporate boardroom.
5 min read
With turmoil driving the insurance industry following the September 11 terrorist attacks, coupled with crippling financial results across both the Canadian and U.S. markets, the industry's marketing and communication professionals recently gathered in Toronto for a conference jointly sponsored by the Insurance Marketing Communications Association (IMCA) and Life Communicators Association (LCA). The conference honed in on the changing marketplace and how insurers are adapting to "talk the talk".
3 min read
After a year and a half since the Insurance Bureau of Canada (IBC) began a nationwide political lobby campaign for auto insurance product reform, there appears to be a few cracks developing in the resistive walls of provincial government bureaucracy. Specifically, two private-member bills have been presented in Ontario which could see dramatic change within […]
11 min read
Despite speculation that legislation to create a U.S. government backstop for terrorism reinsurance was recently stalled, progress seems to be in the offing with the formation of a Congressional committee to write a consensus bill. Seven Senators have been appointed to find middle ground between a House of Repre- sentatives bill created late last year […]
As I walked towards my desk in the marketing department, the manager of our company’s downtown branch, Fred Wilson, emerged from his office with a huge bundle of files under his arm and a deep frown on his face. Seeing me, he stopped in mid-stride and beckoned me into one of the small meeting rooms […]
10 min read
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