Keyword
Ratings/Research
Commercial rates dropping: RIMS survey
April 22, 2004 by Canadian UnderwriterCommercial insurance buyers report falling rates in property and general liability lines, signs of a softening market, according to the first-quarter 2004 edition of the Risk and Insurance Management Society (RIMS)/Advisen Benchmark Survey.Property rates fell by 1.5%, RIMS members say,…
D&O market growing: Willis
April 22, 2004 by Canadian UnderwriterThe troubled directors’ and officers’ (D&O) market is actually growing in capacity, with “competition and creativity” being witnessed among carriers, says a new report by international brokerage Willis. While the past two to three years have seen skyrocketing rates and…
U.S. commercial property rates down 10% in 2003: Aon
April 22, 2004 by Canadian UnderwriterDespite growing uncertainty around terrorism risk, the U.S. commercial property segment saw rates drop by about 10% last year, says Aon Corp. Insurers benefited from an absence of catastrophe losses last year, as well as returned strength in investment returns.…
Fraser report hits public auto again
April 19, 2004 by Canadian UnderwriterAnother Fraser Institute report lashing out at public auto insurance systems was released today. The right-wing think tank says public auto equals the highest premiums and the lowest claims payouts, and is tantamount to selling the public a “lemon”.The study…
Iraq expected to take over top spot for global terrorism risk
April 18, 2004 by Canadian UnderwriterIraq is poised to become the top “hot spot” for terrorism risk with the U.S.-led intervention resulting in an increase in terrorist activity and kidnappings, such as the recent hostage-taking incidents, according to Aon’s counter terrorism and political risk division.…
Insurers issue Ontario rate decreases
April 15, 2004 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) today confirmed insurers have filed the required 10% lower auto insurance rates mandated by the provincial Liberal government.During the first quarter of 2004, the average rate drop was 10.15%, weighted by insurer marektshare.…
Global reinsurance industry remains under dark cloud: S&P
April 15, 2004 by Canadian UnderwriterThe negative outlook cast by rating agency Standard & Poor’s on the global reinsurance sector remains despite expectations of a profitable 2003.S&P has had a negative outlook on the industry for seven years and continues to foresee more downgrades than…
Risk reduction only response to terrorism threat: LOMA study
April 14, 2004 by Canadian UnderwriterA new study of emerging risks shows life & health insurers dealing with the threat of man-made catastrophes along with their property & casualty counterparts. The study, by international insurance research organization LOMA, concludes that insurers have a role to…
Domestic travelers not buying insurance: RBC study
April 14, 2004 by Canadian UnderwriterTravel insurance is not on the minds of Canadians when they travel within their own company, says a new study by RBC Insurance and Ipsos-Reid.In fact, 65% of those surveyed which includes Canadians who have traveled out of their home…
U.S insurer net income tops US$30 billion: A.M. Best
April 12, 2004 by Canadian UnderwriterU.S. insurers will post net income of US$30.8 billion for 2003, says A.M. Best, and customers can expect to feel rate relief in the coming year.Last year, net income rose more than 235% to top US$30 billion, following the US$9.2…
Many Americans support tort reform
April 12, 2004 by Canadian UnderwriterA variety of tort reform measures are receiving public support in the U.S., says a new study by the Insurance Research Council (IRC).Specifically, Americans favor limited attorney compensation, sanctions for frivolous suits, and consolidation of multi-state class actions in federal…
ING adds voice against public auto for New Brunswick
April 8, 2004 by Canadian UnderwriterResponding to the recent release of a report on potential public auto in New Brunswick, ING Insurance says if product reforms were achieved in the province, private insurers could provide a cheaper product that any public system.“Essentially, the Select Committee…