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CONTENTS OF THE JULY 2005 ISSUE
Vol.73(2)
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PROFESSIONAL ARTICLES
Couverture
des risques catastrophiques potentiels :Vers une théorie économique de
l’assurabilité en incertitude
La notion d’événement face à la destruction des
tours jumelles du World Trade Center le 11 septembre 2001
L’évolution de la concentration dans l’industrie de
l’assurance au Canada et au Québec
Le transport des matières dangereuses : Un enjeu majeur pour
la sécurité civile
An overview of the market for credit risk
transfer
Systèmes de gestion de la santé et sécurité au travail : des
solutions reconnues afin de gérer le risque et de faire preuve de diligence
raisonnable
Services de planification de la retraite : un apprentissage
durable à valeur ajoutée
Jugements d’intérêt en matière
d’assurance
Current Events 1.
L’Autorité des marchés financiers conclut une entente avec la Chambre de
l’assurance de dommages (ChAD)
Summary on Reports about Insurance and Risk Management 1. LA BANCASSURANCE –
Stratégies et perspectives en France et en Europe,
Elliott Special Risks Ltd.
Couverture des risques catastrophiques potentiels : Vers une théorie
économique de l’assurabilité en incertitude The purpose of this article is to develop a new approach of the current discussion on the insurance on the “new risks”. It makes a point on the notions of risk and uncertainty in order to propose an alternative interpretation of this new risks universe. The article then goes on to evaluate the insurability criteria in uncertainty and studies the question of the emerging financial tools to cover large scale ambiguous risks. Lastly, it concludes by defining an “uncertainty management” and lays the foundations of an economic theory of insurability in such context. Keywords: Uncertainty, catastrophic risks, insurance, mutualization, precautionnary principle, sustainable development. Classification : JEL : D8, G1, G2
La notion
d’événement face à la destruction des tours jumelles du World Trade Center le 11
septembre 2001 After a jury’s partial verdict rendered April 30, 2004 denying Silverstein Properties Inc. a potential double recovery from eleven World Trade Center property insurers, World Trade Center leaseholder Silverstein Properties Inc. suffered another major setback in litigation over the WTC’s insurance coverage when a jury found May 4, 2004 that Swiss Reinsurance Co. was bound on a policy form requiring it to pay out only $877.5 million, rather than the $1.76 billion the real estate company was seeking from the insurer. The court has ruled that under the definitions included in the so-called Wilprop form, used by the twelve insurers, the two towers attack is viewed as one occurrence. In last November, in the second trial against 9 others insurers with more than $1 billion worth of per occurrence coverage, the jury concluded last December that insurers were bounded by a policy known as the Travelers form, which makes it easier to claim that the attack - with two planes hitting the two towers at two different times - constituted two occurrences, entitling Silverstein Properties Inc. to two payments of 1,1 billion per occurrence. Inspired by this trial, the author tries to define the notion of “occurrence” in the context of Quebec law applying to insurance contracts. As the word “occurrence” is specifically defined in the insurance contract, the scope and the limit of coverage are determined by the contract definition of each insurer. In the absence of such wording or in case of doubt, the contract should be interpreted in favour of the insured. Keywords: Occurrence, gradual loss, terrorism.
An overview of the market for credit risk transfer In a previous article in Assurances et gestion des risques, Boyer and Papageorgiou (2004) discussed the implications of the new Basel accord to credit risk management. In this column, we will look at the financial markets and instruments that have been developed in order to satisfy the ever growing demand for credit risk management tools. We will describe the main credit derivatives and structured products that have become increasingly important in financial markets, and provide some insights into the latest trends in credit risk.
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Last updated:July 2005
Insurance and Risk Management Journal, revue.assurances@hec.ca © HEC Montréal, 2005 All rights reserved. |
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