Risk

Energy companies form excess insurer

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

U.S. congressional report backs government terror cover

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 […]

By Canadian Underwriter | May 3, 2002

2 min read

Terrorism backstop pushed at AAI conference

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

2 min read

IBC Financial Affairs Symposium Weathering Storms

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