Risk
With the Canadian property and casualty insurance industry likely to end this year with a return on equity of less than 2% — the lowest level on record — and as claim costs continue to outstrip premium growth, insurer CEOs are predicting a difficult year for 2002. Insurers are also concerned with the pending withdrawal […]
November 30, 2001
10 min read
Reinsurers do not just provide covers, they provide guarantees -- promises that they will see the contract through, and not just collect a premium. This is where a reinsurer's counter-party credit and claims-paying ability rating comes into play, especially if the risk has a long-tail or the maximum loss may be substantial.
7 min read
The indirect consequences of the September 11 terrorist attacks on the U.S. will have a far greater impact on the insurance industry in Canada than the direct costs resulting from the tragedy. Few Canadian companies will be directly affected.
5 min read
With the deadline for yearend reinsurance renewals rapidly drawing near, a political game of “chicken” appears to be in play between insurers, reinsurers and the federal government. The Insurance Bureau of Canada (IBC) established a special task group following the September 11 terrorism attacks in the U.S. to establish what future risks and consequences could […]
4 min read
In the wake of the September 11 terrorist attacks in the U.S., which sparked concerns globally of a reinsurance withdrawal from covering such risks, the Insurance Bureau of Canada has presented a proposal to the federal government that would see the creation of a temporary reinsurance mechanism available to insurers.
Terrorism exclusions in Canadian property policies, are they necessary? As the deadline for reinsurance renewals nears, many insurers are looking for alternative solutions to the vexing problem of providing - or not providing - coverage for terrorism related risks.
In 1991, fires raged through the hills of eastern San Francisco, killing 25 and leaving thousands homeless. This travesty cost insurers more than US$1.5 billion. Not since the 1906 San Francisco earthquake set that city ablaze, had the world seen fire losses on such a scale. Just two years later, the Los Angeles area was […]
With the economic recession beginning to eat away at the operating margins of Canadian commerce across all sectors, coupled with the anticipated hike in insurance prices that businesses face for 2002, one of the biggest and immediate challenges facing commercial brokers in Canada is whether or not their clients will survive these building cost pressures, […]
The ability displayed by the property and casualty insurance industry and other financial institutions in effectively dealing with the events of September 11 testifies to the value of effective risk management and planning, observes Nick Le Pan, head of the Office of the Superintendent of Financial Institutions (OSFI). Speaking at the Insurance Bureau of Canada’s […]
2 min read
Following the September 11 terrorist attacks, the industry has begun to see worldwide consolidation, and this is expected to continue, says PriceWaterhouse Coopers. In its yearend forecast, PWC’s Transaction Services Group says there will be more merger and acquisition (m&a) activity, resulting in fewer companies in the future, but a stronger industry overall.”What happens in […]
By Canadian Underwriter | November 28, 2001
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