Risk
ING Canada and Zurich North America Canada have concluded a deal through which the Dutch financial services company will acquire the latter’s property and casualty personal lines insurance book. In turn, Zurich will renew the large commercial and corporate risks previously underwritten by ING. No value has been attached to the deal, and it appears […]
By Canadian Underwriter | November 22, 2001
2 min read
In a speech to Australian risk managers, Lloyd’s of London chair Sax Riley says businesses will have to change their approach to insurance in the post-September 11 market. Specifically, corporate clients will need to reassess their insurance buying in light of hardening prices and the potential for coverage to be less available.”Businesses need to conduct […]
With the arrival of the U.S. Thanksgiving weekend, concern is growing over when legislation creating a government-backed terrorism pool will be returned by Congress. The National Association of Professional Insurance Agents (PIA) is adding its voice to the concerns, calling on Congress to pass the bill when it resumes after the holiday.The bill will provide […]
By Canadian Underwriter | November 20, 2001
Once again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat satisfied with their claims experience.Chubb scored 86% in the “very satisfied” category, with Farmers’ Mutual, […]
By Canadian Underwriter | November 15, 2001
1 min read
Rating agency Standard and Poor’s says between US$10 billion and US$20 billion of new capital will enter the insurance market in the next six months, the majority of which will be in reinsurance.Already new companies have brought more than US$5 billion in capacity, notes Donald Watson, director of S&P’s financial services ratings. “With existing market […]
By Canadian Underwriter | November 14, 2001
A new study from A.M. Best Canada suggests Canadian insurers will face a “coverage gap”, with reinsurers reluctant to write terrorism coverage in their January 1 renewals, despite primary contracts covering the risk that go well into 2002.The report, authored by general manager Joel Baker, notes that insurers can also expect reinsurance rate increases of […]
By Canadian Underwriter | November 13, 2001
In light of the events of September 11, Canadian companies can expect to see rising insurance rates, reduced availability of cover and closer scrutiny paid to business risk, say representatives of KPMG’s insurance practice. At the consulting firm’s annual Insurance Conference in Toronto, delegates learned that the terrorist attacks on the U.S. will definitely impact […]
Prior to the terrorist attacks of September 11, reinsurers operating in Canada were adamant that 2002 treaty renewals would have to reflect general rate adjustments in the order of 15% to 25%. Most companies were mindful, however, of the prevailing and excessive competition within the Canadian marketplace, and in this respect seemed more hopeful than resolved that the rate adjustments they hoped to seek for next year would be achieved. The post-September 11 reinsurance landscape has changed dramatically. Covers available at "less-than-cost" pricing have vanished to be replaced by a steely attitude to both the terms and pricing of coverage. Reinsurers partaking in CU's annual "Reinsurance Strategy Outlook" offer little hope for cheap pricing as the global cost impact of the terrorist attacks begins to bite. The message is clear: "The bargain days are over".
October 31, 2001
20 min read
From a risk management perspective, Chlordane is possibly the most pervasive environmental problem ever heard of. Yet, it is one that, like termite infestation which the chemical was created to combat, may well prove to be a festering "legal plague" for Canadian insurers.
8 min read
As the Canadian Insurance Accountants Association (CIAA) held its annual convention in Montreal in late September, the terrorist attacks just days prior that shook the U.S. and the insurance industry worldwide were heavy on the minds of many. The attacks cast a pall over an already troubled industry, everyone agrees, and put the industry's financial woes front and center.
7 min read
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