Risk

A Twister, Turner

Almost a year ago I attended the International Insurance Association (IIA) annual conference, which took place in Vienna, Austria. During the course of this business trip, I managed to sneak in a “city tour” of the city, which included a stop at the world-famous Prater amusement park. After having taken in the obvious sights, such […]

May 31, 2002

4 min read

Risk

On The Move (June 01, 2002)

The Risk and Insurance Management Society honored retiring Canadian director of legislative, risk management and public affairs Lloyd Hackett recently at its annual conference in New Orleans. Making the presentation is Mike Phillipus, vice president of communications & external affairs for RIMS. As the company moves it focus to commercial lines, Zurich North America Canada […]

May 31, 2002

1 min read

Risk

News (June 01, 2002)

The Ontario Chapter of the Risk and Insurance Management Society (RIMS) held its annual dinner at the Hudson’s Bay Company in downtown Toronto recently. Past president Ed Martingano passed the gavel to new president Karin McDonald, and also presented a donation for $10,000 to the Women in Insurance Cancer Crusade, represented by chair Jan Tomlinson. […]

May 31, 2002

1 min read

Risk

Facility Association sees marketshare rise

Despite several years of depopulation, the Facility Association (FA) saw a modest increase in marketshare across the board in 2001. According to preliminary data released at its recent AGM, the “insurer of last resort” for high-risk drivers saw written premiums go up last year for the residual market to $178 million, and its risk sharing […]

May 31, 2002

2 min read

EU approves 30 day extension for aviation terrorism cover

On the heels of the decision made by the U.S. government to extend its coverage of airline terrorism exposures by another 30 days, the European Union has granted approval to its members to do the same. As such, the airlines now have until the end of June to implement an alternative insurance mechanism against terrorism […]

1 min read

U.S. government extends airline cover (May 17, 2002)

Once more, the U.S. government has extended the deadline for third-party war risk coverage for airlines, this time by 30 days. The coverage was set to run out on May 19, but will now last at least until June 19.The coverage, which is for third-party war risk and terrorism liability, was instituted following the September […]

1 min read

OECD to examine terrorism reinsurance issue

The Organization for Economic Cooperation and Development (OECD)says it will look into the issue of terrorism reinsurance in light of the potential economic impacts worldwide. At its Ministerial Meeting in Paris this week, the OECD formally stated, “We recognize the adverse effects of the shrinkage of affordable insurance cover for terrorism risks. We would welcome […]

2 min read

NY Senate pushes Congress for action on terrorism cover

The New York State Senate has formally adopted a resolution urging U.S. Congress to set up a temporary backstop for terrorism reinsurance, the Alliance of American Insurers (AAI) is reporting. The resolution calls the p&c market “a fundamental underpinning of our national and state economy”, and notes that future attacks may exceed the industry’s ability […]

1 min read

Swiss Re files motion to break Silverstein “joint interest” with Willis

In the latest stage of the ongoing legal battle between Swiss Re and World Trade Center (WTC) leaseholder Larry Silverstein, the insurer has filed a motion to break the “joint interest” privilege asserted by Silverstein and broker Willis. This privilege relates to meetings arranged by Silverstein lawyers with Willis, WTC owner the New York Port […]

2 min read

Auto insurance among FSCO priorities

With the recent release of a discussion paper on its 2002 priorities, the Financial Services Commission of Ontario (FSCO) has put auto insurance on the agenda. But what exactly that auto reform will look like is still unclear.Although auto insurance is listed among the top five of FSCO’s priorities (along with harmonized national regulations, risk-based […]

2 min read