Risk
With the U.S. Congress adjourning for the year, there will be no terrorism risk pool in place as insurers head into the new year, when most commercial policies come up for renewal. Congress gave up the ghost when the U.S. Senate failed to bring a measure to the floor before the end of the year […]
December 31, 2001
1 min read
As Hurricane Michelle raged through the Bahamas, members of the insurance industry from both sides of the border congregated in Florida to assess where the market is headed, post-September 11. Overwhelmingly, speakers agree that despite the 9/11 tragedy, the event has shaken the industry out of complacency. With shrinking reinsurance capacity and lingering doubts about the availability of coverage, insurers and reinsurers alike are moving forward with a resolve to bring both rates back into positive territory and focus on responsible underwriting.
7 min read
Toward the end of last year the Ontario provincial government issued a discussion document outlining its views to reform of the auto insurance product. While the insurance industry has been engaged in auto reform discussions with the government for over a year, the latest legislative proposal lacks many of the critical reform measures urgently needed. The industry through the Insurance Bureau of Canada (IBC) has relayed its concerns to the government as the reform discussions continue over what on a daily basis is rapidly becoming a market crises.
6 min read
Important U.S. Strategies for Canadians
The deadline facing the Canadian government to introduce a form of reinsurance cover for terrorism risks has come and gone — without any response from the government. Primary insurers acting through the Insurance Bureau of Canada (IBC) have been engaged in intensive discussions with the federal Finance Ministry from mid-November through to the beginning of […]
3 min read
U.S. property and casualty insurers incurred their worst financial loss for the first nine months of last year since the devastation caused by Hurricane Andrew in 1992, observes the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII). The U.S. industry’s ROE for the latest nine-month reporting period sank to a negative […]
5 min read
In the continually evolving world of claims, adjusters are dealing with new pressures daily. The demands of loss cost reduction, increasing customer expectations, changing regulations and technology may, however, cause a return to the foundations of good adjusting. For incoming Ontario Insurance Adjusters Association (OIAA) president Louise Rivett, the keys to adjusting in the new world are simple - good customer relationships and strong knowledge and skill base. With mergers and acquisitions shrinking the marketplace, the pressure is increasing on adjusters to have the right skills and latest knowledge.
The insurance industry is at a crossroads, with rates rising, but continuing to be outpaced by claims costs. Technology is a relentless force, offering promise, but also upping the ante on customer service expectations. A survey of top insurer claims staff shows that today's adjusters walk a fine line between the increasing demands of the customer and the need to reduce costs, between technology's potential and its potential downfalls. CU asks the experts what new forces threaten this delicate balance moving forward.
16 min read
Fred Wilson and I leaned into our brushes, sweeping hard in front of the stone as it slowly slid into the 16-foot circle, crept past the 8-foot before finally coming to rest inside the 4-foot ring. A winning shot. We pumped our arms to our team-mate down the ice, broker Bob Davies, who was the […]
10 min read
With the January 1st deadline for when the vast majority of reinsurance treaty renewals take effect having come and gone without any response from the federal government on providing an alternative financing source for terrorism risks, primary insurers have begun issuing policy exclusions on both commercial and personal lines of cover -- the consequence being that large parts of both the small and large business sectors, as well as individuals, have now been left uninsured to potential terrorism losses. While discussions between insurers and the federal government continue into the new year, it seems clear that the government's future involvement, if any, will be limited to "high risk target" exposures, and that the general terrorism exclusions implemented by insurers in Canada will stay in place. How will this affect the property and casualty insurance industry in Canada? CU approached company CEOs and several organizations impacted by the withdrawal of reinsurance terrorism cover to determine how they will deal with the problem.
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