Volume 57, numéro 1, 1989 DOSSIER SPÉCIAL : LES GRANDS RISQUES

EN :

Following is the conclusion of the book entitled Les Risques catastrophiques (Catastrophic Risks) published in L’Argus in 1988. Catastrophic events, be they of a natural, political or technological nature, have long been considered uninsurable, with the only funds or basic coverage provided by the government. In a direct and engaging style, the author, Mrs. Marie-Béatrix Crescenzo-d’Auriac, suggests a harmonious collaboration between the government and private insurers in the area of catastrophic risk insurance.

FR :

Nous remercions l’auteur, M. Hervé Cachin, de nous avoir permis de reproduire le texte de la conférence qu’il a donnée à Monte-Carlo, en 1988. L’ampleur et l’importance des risques catastrophiques est ici examinée sous l’angle de la souscription. L’auteur y aborde, en particulier, trois aspects : la définition du concept des risques catastrophiques, le contrôle des cumuls et la réassurance.

EN :

The first part of this article gives the general classification which distinguishes natural, accidental and criminal catastrophes and, finally, the major risks involving the various types of liabilities. The second part of this article presents the catastrophic risks which have occurred since the beginning of the 1970's and examines the different insurance coverages available.

FR :

L’auteur de cet article, M. Egon Gutzeit, vice-président principal à La Munich du Canada, Compagnie de Réassurance, nous trace un historique de ces phénomènes naturels que sont les tremblements de terre, avec leurs conséquences prévisibles, catastrophiques pour notre industrie comme du point de vue socio-économique.

EN :

We proposed to Mr. Gérard Parizeau, founder of our journal, to publish an article on earthquakes which appeared in Assurances in 1966. He was happy to grant us our wish, but did ask that we warn the readers that many aspects covered in the article have changed considerably since then, and also that reinsurance will present serious problems as long as the tax authorities do not agree to set up reserves, spread over the desired number of years, to face the risks in question. We thank Mr. Parizeau, as we are convinced that the subject matter is still current, at least in general. Here are some extracts taken from two articles by the author and which were published in Assurances.

EN :

With the growing sophistication of manufactured products, this brief article is an attempt ta examine product liability as a high risk, making liability insurance imperative for manufacturers, products designers, asbestos contractors, etc. In the U.S., the number of new bodily injury cases related to asbestos liability continues ta increase, presently exceeding 3,000 per month.

EN :

M^e Jean-Louis Baudouin, full professor at the Faculty of Law of the University of Montreal, brilliantly exposes two distinct aspects of the problem of medical professional liability: firstly, the spiralling number of suits and the astronomical sums awarded by courts and, secondly, the possible solutions which would improve the present situation. With medical professionals constantly faced with the threat of being sued, the author fears a destabilization of the practise of medicine and believes the legal system can play a key role in striking a perfect balance.

EN :

Today, corporations can more easily protect themselves from the dangers of jumbo claims than three years ago, and insurers are writing umbrella liability insurance policies which have less stringent terms and conditions. This type of policy is one of the most important an insured can purchase. It provides coverage for catastrophic liability losses because of its high limits. In fact, the three basic functions of an umbrella policy are: to extend the limits of the primary liability policies, to replace primary coverage once the primary aggregate limits have been exhausted, and to afford broader coverage than primary policies provide, subject to a retention amount. The author provides an overview of the structure of an umbrella policy including insuring agreements, conditions, and exclusions.