Risk
Can insurers and reinsurers change their colors? This was the ultimate question raised by financial analysts and industry CEOs at the 2002 National Insurance Leadership Symposium, which was recently held in San Francisco. From a broader perspective, the commentators analyzed developments in global market capacity following the terrorist attacks of September 11. While many were optimistic of a financial recovery for both the reinsurance and primary insurance sectors, doubts were raised to whether the September 11 events, and the firming of the industry price cycle before and in the aftermath of the attacks, will provide sufficient long-term momentum toward achieving the necessary financial returns expected by corporate shareholders.
February 28, 2002
8 min read
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. ORIMS Seminar: Risk Management Resources. Toronto, ON. For registration information contact Bruce Tainsh at 416-979-6231. March 21. Canadian Association […]
2 min read
Risk managers are being tested by insurance negotiations in the current market, says a new study by Prudential Financial. Rising rates, tighter terms and increased demand for information from corporate insurance buyers are leading to long, intense negotiations, reports the 2002 Insurance Buyers Survey.The survey, which involved interviews with 120 risk managers in Canada and […]
By Canadian Underwriter | February 15, 2002
U.S. trade associations representing the real estate, tourism and retail industries, among others, are joining forces to push the federal government to devise a solution to terrorism reinsurance. Groups including the U.S. Chamber of Commerce, the Bond Market Association, and even the National Football League have formed the Coalition to Insure Against Terrorism, which will […]
By Canadian Underwriter | February 14, 2002
Profitability is the “first line of defence” for insurers facing rough financial times, says the country’s top regulator. In a speech to the Empire Club, superintendent Nick Le Pan of the Office of the Superintendent of Financial Institutions notes that regulators need to “be highly interested in the success of institutions and their profitability”.He adds […]
By Canadian Underwriter | February 13, 2002
In response to the lack of available war risk coverage following the September 11 terrorist attacks, airlines south of the border are considering their own insurance scheme. This comes as government-backed coverage is set to run out on March 20.The coverage, for third-party war risk liability, was pulled by insurers after two planes were hijacked […]
By Canadian Underwriter | February 12, 2002
1 min read
The world’s largest insurance brokers have each produced very different yearend results in the wake of September 11 and a hardening insurance market.Giant Marsh & McLennan held the line, with revenues of US$2.5 billion in the fourth quarter, equal to the same period in 2000. For the year, revenues were down 2% from 2000, to […]
The Canadian government has followed its U.K. counterparts and extended the deadline for federally-backed insurance coverage for the airline industry. The coverage, for war risk liability, was to have ended February 4, but will now go until March 21.However, there is still no solution to the airline industry’s insurance dilemma. Following the September 11 terrorist […]
By Canadian Underwriter | February 4, 2002
Following a decision by the U.S. National Association of Insurance Commissioners (NAIC) not to allow terrorism exclusions on personal lines policies, insurers are reacting with dismay. Through their trade associations, including the National Association of Independent Insurers (NAII) and the National Association of Mutual Insurance Companies (NAMIC), insurers are expressing concerns over a vote of […]
By Canadian Underwriter | February 1, 2002
3 min read
XML has become the buzz- word of the insurance industry. But insurers are still coming to grips with what this new technology will mean for their business. For an industry deluged in information, XML is a means of making that information accessible and usable in modern, online systems. Rather than scrapping legacy systems, which cost dearly in both time and money to develop, XML offers the chance to mine these legacy systems for the precious information they hold.
January 31, 2002
5 min read
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