Risk

A Total Loss

When it comes to total loss auto claims, many insurers pay the actual purchase price for replacement which could result in some serious money being “left on the table”. What do insurers do when they have a total loss claim? Most claims managers or adjusters contact a car dealership and find the actual replacement price […]

July 31, 2002

3 min read

Risk

The Rigors of Reporting

Regulators are putting more pressure on insurers for reporting and filing requirements. Companies can complain - or they can respond.

July 31, 2002

4 min read

Risk

Driving Out Costs

It is evident that the key to improving profitability for insurance operations is reducing capital costs and creating more efficiency in day-to-day business functions. In the paper and regulatory-intensive world of insurance, efficient document management is critical to the business process.

July 31, 2002

6 min read

Risk

Just the Surface…?

With most insurers and reinsurers having completed their second-quarter financial returns, there is a general air of optimism within industry ranks that the “worst is behind” as price firming action taken over the past 12 months begins to filter through to the income-statement’s bottom-line. However, many companies are still experiencing the “sins of the past”, […]

July 31, 2002

4 min read

Bridging Troubled Waters

As risk managers converge in Saskatoon for the 27th Canadian Risk and Insurance Management (CRIMS) Conference in September, it is not difficult to predict what will be on their minds. The current market turmoil, including rising premiums, tightening terms and companies exiting lines of business or the market altogether, is causing major headaches for corporate insurance buyers. Hoping to bring insurers, risk managers and business partners together, conference chair Nowell Seaman says there is no more crucial time for networking and discussing the issues at hand than now.

July 31, 2002

7 min read

Canadian airline insurance program extended

Transport Canada has extended its third-party war risk liability coverage for the nation’s airlines, airports, navigation and security firms. The government stepped in to offer the coverage following the September 11 terrorist attacks when private insurers cancelled coverage.Originally, the coverage was offered on a limited basis on September 22, 2001, but the deadline has been […]

1 min read

Appointments signal progress for U.S. terrorism insurance bill

Despite speculation that legislation to create a government backstop for terrorism reinsurance was stalled, progress seems to be in the offing with the formation of a committee to write a consensus bill. Seven Senators have been appointed to find middle ground between a Congressional bill created late last year and the more recent Senate solution, […]

1 min read

XL increase reserves by $200 million for Sept. 11 claims

XL Capital Ltd has announced that it is increasing reserves for losses relating to the September 11 attacks by $200 million and expects to report net investment losses of approximately $120 million for the quarter ended June 30, 2002 largely due to investments in certain telecommunications companies. President and Chief Executive Officer, Brian O’Hara commented […]

1 min read

Citadel assigned “very good” initial rating, CCR and Alea ratings affirmed

The Citadel General Assurance Company of Toronto and its counterpart, L’Unique Compagnie d’Assurances Generales of Quebec have been assigned an initial rating of B++, or “very good”, by rating agency A.M. Best.Although both are subsidiaries of Winterthur Insurance, part of Credit Suisse Group, A.M. Best views them as seperately capitalized entities whose operations are not […]

2 min read

EC extends government-backed terrorism cover for airlines

The European Commission has granted approval to its member countries to extend existing government insurance coverages of terrorism and war risks for airlines to the end of October this year. This follows the expiry of existing government insurance agreements which had been in place until the end of June. The U.S. Federal Aviation Administration (FAA) […]

1 min read