Risk

Market survey shows Canadian/U.S. D&O rates up by 29%

Tillinghast Towers Perrin’s latest annual survey of the directors and officers (D&O) liability market within Canada and the U.S. indicates that insurance rates for this particular class of cover rose year-on-year by an average 29% for 2001. This compares with an 11% increase the year prior.The risk consultants attribute the jump in cost for D&O […]

By Canadian Underwriter | June 25, 2002

1 min read

Risk

Bush urges Congress to formulate single terrorism insurance bill

U.S. president George Bush called on Congress to act swiftly in packaging legislation that would allow for the passing of a single terrorism insurance bill guaranteeing government and insurance industry coverage for businesses against catastrophic terrorist attacks.This call came on the heels of the Senate’s unanimous approval of the Terrorism Insurance Act (S 2600) this […]

By Canadian Underwriter | June 20, 2002

2 min read

Risk

Airlines gain Vermont captive license for terrorism exposures

North American airlines have succeeded in gaining a license to operate a risk retention pool from Vermont’s "onshore" captive domicile. The "Equitime" pool will provide its airline members with cover against terrorism and war related third-party risks. European airlines are currently seeking EU approval to establish a similar "self-insurance" mechanism in the wake of steep […]

By Canadian Underwriter | June 14, 2002

1 min read

Risk

Facility wants consistent rate filing in New Brunswick

In it submission to the New Brunswick select committee on auto insurance, the Facility Association is asking that it be subject to the same “file and use” rate system as the rest of the industry. Although 1997 legislation in New Brunswick allows the voluntary market flexibility to increase rates through the “file and use” system, […]

By Canadian Underwriter | June 13, 2002

2 min read

Democrats put terrorism reinsurance bill on the table

Democrats in the U.S. Senate have pushed a bill to create government-backed terrorism reinsurance onto the agenda. Bypassing the committee phase, Senator Christopher Dodd, co-sponsored by Senators Harry Reid, Paul Sarbanes and Charles Schumer, have moved the bill onto the Senate’s agenda.The contents of the plan differ from a House plan created late last year, […]

2 min read

Airline cover extended to new flyers

Canadian Transport Minister David Collenette says new entrants into the airline industry will enjoy the same war-risk coverage currently being extended by the government to existing companies. The temporary cover is for third-party war-risk liability and was introduced after insurers withdrew the coverage following the September 11 terrorist attacks.The coverage deadline has been extended several […]

1 min read

CEOs say hard market is here to stay

Anyone living under the impression that the current hard market will be short-lived may have pause to reconsider, members of an industry panel tell delegates at the 12th Annual Canadian Insurance Congress this week. Panelists agree it will take prolonged rate increases to bring the industry back up to profitable levels. “I don’t see this […]

3 min read

Insight: Coverage Crisis: Raining on the Parade?

Events from air shows to street festivals to sporting venues have suffered the wrath of insurers in the form of sharp premium hikes, inflated liability limits and coverage restrictions. Is this a new insurance crisis or just evidence of the industry's cycle at work?

May 31, 2002

11 min read

Risk Management Finds Its Voice

The "flash and flare" of New Orleans acted as a vibrant backdrop for the 34th Annual Risk and Insurance Management Society (RIMS) Conference recently. For the society, and for its members, it became evident from the proceedings that this is a "time of action". On the legislative front, RIMS finds itself challenged to represent members with the highest levels of government in the fight for a terrorism reinsurance backstop. And for risk managers, the rapidly hardening market is challenging them to become informed and bring their message to the highest levels of the corporate structure.

May 31, 2002

7 min read