Risk
International energy companies have joined together to form an excess mutual insurer offering property and catastrophe business interruption coverage. Twelve Members of Oil Insurance Ltd. and Oil Casualty Insurance Ltd. have established sEnergy Insurance Ltd., and completed initial capitalization of the Bermuda-based insurer. Policies have already been issued as of May 1.Among the members involved […]
By Canadian Underwriter | May 3, 2002
1 min read
A government role, albeit a limited one, is needed to ensure the availability of terrorism coverage, says a new report “The Economic Costs of Terrorism”, released by the U.S. Congress’ Joint Economic Committee (JEC).”The short- and long-run costs of terrorism following the events of September 11 have yet to be comprehensively measured, but the long-term […]
2 min read
The need for government-backed terrorism reinsurance took center stage at the recent Alliance of American Insurers conference in Hamilton, Bermuda. A panel of industry experts spoke on the need for coverage in light of the withdrawal of reinsurers from the market following the September 11 terrorist attacks.Terrorism may be an uninsurable risk, says Alice Schroeder, […]
By Canadian Underwriter | May 2, 2002
As insurers and reinsurers gathered for the Insurance Bureau of Canada's (IBC) annual Financial Affairs Symposium held recently in Toronto, the state of the market was front and center. With recent company financials showing the impact not only of the September 11 events, but the build up of years of inadequate pricing and heavy losses in many lines, reinsurers say the time has come for change. But, the remedial actions needed may be a bitter pill for the industry to swallow.
April 30, 2002
5 min read
Fen-Phen. Baycol. Ponderal. Prepulsid. No, they're not new video game characters or rock groups. Rather, they are among a growing list of medical drugs involved in class action lawsuits across North America.
9 min read
Relations between insurers and the financial services regulators at both the federal and provincial levels have not always been "easy going". Which is understandable considering that the basic driving forces of free enterprise and that of government regulation appear to stand at odds. As such, when the federal government appointed a new head to its financial services watchdog body, the Office of the Superintendent of Financial Institutions (OSFI), many insurer CEOs took a deep breath in anticipation of the good or bad that could result from a new regulatory regime. However, insurers have no need to worry about draconian interference in the operational structure of the insurance industry says Nick Le Pan, the newly appointed superintendent of OSFI. Le Pan expects to maintain the progress made by his predecessor toward creating a more flexible and cost-effective regulatory environment p rimarily based on a per-company risk management process.
6 min read
David Forster (left) accepts congratulations on a successful past year as president of the Insurance Brokers of Toronto Region from incoming president Debbie Thompson at the association’s recent AGM. GE ERC has appointed Rick Smith to head its new global property & casualty reinsurance business. Smith is formerly the president and CEO of the company’s […]
Drivers in Atlantic Canada are complaining of sharp rate hikes, and regulators want answers. Insurers say the real solution involves reform.
4 min read
A document just released by parties involved in the dispute over coverage for the World Trade Center (WTC) explains the position of representatives for the Silverstein interests, who are calling the September 11 attacks two separate events and seeking double the payout on their insurance coverage.The statement includes portions of deposition testimony from representatives of […]
By Canadian Underwriter | April 29, 2002
Insurance regulators in Arizona, Colorado, North Dakota, South Dakota and Kentucky have approved requests by insurers to apply terrorism exclusions to homeowners’ covers, according to the Insurance Services Office (ISO). While some insurers are still offering terrorism cover in these states, the decision to approve exclusions was made based on concerns that "forced cover" could […]
By Canadian Underwriter | April 26, 2002
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