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What’s new: In brief (March 28, 2005)

March 28, 2005 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has issued a bulletin highlighting changes to excluded driver endorsements, which applies to policies issued or renewed as of June 1. The endorsement has been revised to include “strengthened wording to deter excluded

News Insurance

January reinsurance renewals lack drama: Fitch

March 23, 2005 by Canadian Underwriter

Overall, the January 2005 reinsurance renewal season was “much less dramatic” than might have been expected given the significant catastrophe losses seen by the industry in recent years, notes a new report by Fitch Ratings.The rating agency notes that despite

News Insurance

Some of most popular film locales are riskiest: study

March 23, 2005 by Canadian Underwriter

Aon has released a “Risk in Global Filmmaking” map which shows 70 countries with “high-risk” status, as compared to 55 last year. Some of the riskiest locations are also the most popular, including Mexico, Thailand, the Philippines and South Africa,

News Climate ChangeInsurance

What’s new: In brief (March 23, 2005)

March 23, 2005 by Canadian Underwriter

Please note: due to the Easter holiday weekend, Canadian Underwriter’s Breaking News will not be published again until Tuesday, March 29. Marsh co-president Peter F. Garvey has resigned “for personal reasons”, the company announced Wednesday. Garvey had been with Marsh

News Insurance

Pricing to stabilize but deductibles stay where they are: Aon

March 23, 2005 by Canadian Underwriter

Commercial insurance pricing is likely to stabilize, with increased capacity and competition in 2005, but the high deductibles and retentions taken during the recent hard market will likely remain in place. This, according to the annual “Insurance Market Overview” published

News Insurance

Compensation scandal ups broker workload: Best

March 22, 2005 by Canadian Underwriter

A new survey by A.M. Best finds the current controversy over broker compensation systems is forcing all brokers and agents to do more work, specifically in providing information, answering questions and filling out paperwork.The survey, published by Best’s Review magazine,

News Insurance

S&P surprised by industry control on expenses

March 22, 2005 by Canadian Underwriter

While 2004 showed only a small increase in the expense ratio of U.S. p&c insurers, this result came as a surprise to rating agency Standard & Poor’s.S&P says history suggests periods of declining loss ratios are often followed by an

News Insurance

What’s new: In brief (March 22, 2005)

March 22, 2005 by Canadian Underwriter

2004 saw the lowest level of losses in the history of the global aviation industry, according to a new report by Aon’s U.K. division. While the 1990s saw an average 22 loss incidents per year, there were just 15 in

News InsuranceMergers and Aqcuisitions

Alberta auto changes allow for public insurers to enter province

March 22, 2005 by Canadian Underwriter

New reforms tabled in the Alberta legislature would see public insurers allowed to sell auto insurance in the province.Bill 34, the Insurance Amendment Act, 2005 was introduced by Peace River MLA Frank Oberle on Monday.We are following through on a

News Insurance

US reinsurers post US$3.14 billion net income for 2004

March 21, 2005 by Canadian Underwriter

U.S. reinsurers posted net income slightly higher for 2004 at US$3.14 billion, according to results from members of the Reinsurance Association of America (RAA). The RAA’s 26 members posted net income of US$3.08 billion in 2003.However, the slight uptick did

News Insurance

What’s new: In brief (March 21, 2005)

March 21, 2005 by Canadian Underwriter

Brokerage Heath Lambert Group says it will now charge a 1% (of premium) flat rate for work carried out on behalf of insurers. The “broker insurer services commission” (BISC) is a response to the industry’s ongoing controversy over broker compensation,

News Climate ChangeInsurance

Earthquake strikes southern Japan

March 21, 2005 by Canadian Underwriter

An earthquake measuring 7.0 on the Richter-scale emanated off the south coast of Japan on Sunday morning, believing to have resulted in the death of one person and injuries of up to a further 381 people, according to early television