Risk
A German newspaper, “Handelsblatt”, is reporting that country’s government is close to signing a solution for terrorism coverage. The German government has been negotiating with insurers and industrial representatives to find a compromise following the withdrawal of terrorism reinsurance since September 11, 2001.In this case, insurers, through a pool arrangement, would offer cover up to […]
By Canadian Underwriter | April 24, 2002
2 min read
The dire condition facing commercial buyers is evidenced in the Commercial Insurance Market Index for the first quarter 2002, say the index’s creators, U.S.-based Council of Insurance Agents and Brokers (CIAB).The index shows that market tightening continues since the September 11 terrorist attacks, with commercial buyers facing rate hikes, higher deductibles, lower coverage limits and […]
By Canadian Underwriter | April 19, 2002
In the face of calls from U.S. President George Bush for a terrorism backstop plan to be approved by the Senate, insurers appear to be creeping back into the terrorism coverage market, albeit hesitantly.The latest is ACE USA, announcing it will offer commercial terrorism coverage in Canada and the U.S. The coverage is focused on […]
By Canadian Underwriter | April 12, 2002
The U.S. House of Representatives has proposed a bill to extend the limit on third-party liability damages as a result of terrorist attacks until the end of 2003. The bill, put forward by Rep. John Mica, chair of the House Subcommittee on Aviation, continues the limit of $100 million established by law after the terrorist […]
By Canadian Underwriter | April 5, 2002
Sources are reporting that a Monday meeting and press conference scheduled by U.S. President George Bush will see him calling for the federal government to put together a terrorism reinsurance plan. The Washington Post, as well as U.S. insurance industry sources say that Bush, Director of Homeland Security Tom Ridge and National Economic Advisor Larry […]
By Canadian Underwriter | April 4, 2002
After almost 10 years to the day since piloting the course of the Insurance Bureau of Canada (IBC), George Anderson has signaled a personal change in course. The long-standing president of the IBC -- who held office during perhaps the "hottest political period" the property and casualty insurance industry faced to date -- has retired, allowing what he describes as "new blood to step forward".
March 31, 2002
8 min read
Embracing today’s powerful technology can provide solutions to some of the major challenges facing the insurance industry today, including the task of reducing policy handling and delivery expenses, increasing retention rates, cross-selling additional services to clients, supporting distribution channels and building brand awareness. Policy production and delivery costs $4 to $9 per policy — a […]
4 min read
While commercial insurance rate adjustments in Canada appear to be tracking the corrections implemented in the U.S. marketplace, pricing adjustments within the Canadian personal lines arena over mainly the last six months would appear to be far more extreme. Indeed, broker commentators from across the country note, personal lines has become a combat field with insurers applying a combination of double-digit rate increases and tightening the noose on terms of coverage. Insurers have also reacted by withdrawing from some regions altogether and otherwise exiting non-profitable lines of business, with "broker review" assessments having become a common occurrence in many provinces. As a result, brokers are experiencing difficulty in maintaining markets they represent, as well as placing new business. Could this environment spark the next flare up of broker consolidations?
12 min read
On February 22, 2002 the Supreme Court of Canada released its reasons in the landmark case of Whiten v. Pilot Insurance Co., ending a year long cliffhanger for the insurance industry. The appeal was heard on December 14, 2000 and since that time, lawyers and claims professionals alike have pondered the significance of the delay.
9 min read
The boogey man hidden inside the closet, under the bed or trying to crawl through the window, was once the stuff of childhood nightmares. But now that improbable monster may have taken shape in the form of so-called "toxic" mold. The prevalence of this damaging organism, which attacks buildings and is reported to cause a variety of health-related problems is becoming a very real nightmare for insurers. And, insurers learned at a recent Canadian Litigation Counsel seminar, recent U.S. court judgements show this is a "financial monster" insurers ignore at their own peril.
7 min read
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