Keyword
Ratings/Research
WTC “occurrence” trial will not affect ratings
February 20, 2004 by Canadian UnderwriterRegardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide…
SGI gives break to commercial auto policyholders
February 20, 2004 by Canadian UnderwriterFollowing on its “safe driver recognition program”, Saskatchewan Government Insurance (SGI) is planning to offer discounts to its commercial clients.SGI predicts that during the first year of the program, about $2.8 million in policy discounts based on safe driving records…
“No return to a soft market” for real estate risks, Willis cautions
February 18, 2004 by Canadian UnderwriterIn a new report on the real estate insurance market, global broker Willis says despite price relief in the property line, other coverages and a continued hard line on terms and conditions are still causing headaches for the industry.Speaking of…
FM Global gets passing grade from Fitch
February 17, 2004 by Canadian UnderwriterFitch Ratings has graded FM Global with a “AA- (very strong)” financial rating with a “stable outlook” primarily based on the U.S.-based insurer’s competitive positioning, market expertise, risk control and the healthy state of its balance-sheet. Fitch notes that FM…
Cat bond issues up: Moody’s
February 13, 2004 by Canadian UnderwriterCatastrophe-link securities were up nearly 50% in 2003, according to rating agency Moody’s Investors Service.The rater says cat bonds grew from the US$1 billion average over the past few years to US$1.5 billion in 2003. This is based on 13…
Long road ahead for insurers seeking profitability: A.M. Best
February 11, 2004 by Canadian UnderwriterThe global property & casualty insurance industry has a long way to go on the road to recovery despite price increases and a stronger overall combined ratio, says rating agency A.M. Best.In its annual “review/preview”, the agency speculates the industry…
Levene discourages “suicidal” return to competitive pricing
February 4, 2004 by Canadian UnderwriterIn a speech in London this week, Lloyd’s chair Lord Peter Levene spoke of the dangers of the “lemming culture” of insurance, with the prospect of a return to lax, soft underwriting. He noted two U.S. surveys showing prices flattening,…
Insurers & reinsurers headed for conflict: S&P
February 4, 2004 by Canadian UnderwriterInsurers and reinsurers are on the path to a major conflict over recoverables as reinsurers lag in the recognition of reserve problems, says a new report by Standard & Poor’s.The rating agency says “The warning signs are coming thick and…
Insurance rates decelerate, but demand grows in 2004: III forecast
February 3, 2004 by Canadian UnderwriterReleasing it annual “groundhog forecast for 2004”, the U.S. Insurance Information Institute (III) reports analysts’ views that premium growth will decelerate, but the industry’s combined ratio will continue to drop in 2004.Citing an average 7.4% growth in premiums for 2004,…
U.S. p&c reserves still a thorn in industry’s side
February 2, 2004 by Canadian UnderwriterJust as U.S. p&c insurers disclose fourth quarter reserve charges, Moody’s Investors Service says the industry remains woefully under-reserved.In a study of the top 50 p&c insurers and reinsurers, Moody’s noted that commercial liability lines continue to be significantly under-reserved…
D&O remains tight in North America: Tillinghast Towers Perrin
January 27, 2004 by Canadian UnderwriterThe average cost of directors’ and officers’ (D&O) cover in North America rose by 33% during 2003, according to a study just released by Tillinghast Towers Perrin. Based on feedback from its “2003 Directors & Officers Liability Survey”, the consultants…
CIAB survey shows commercial p&c rate softening
January 26, 2004 by Canadian UnderwriterA survey of U.S. agents and brokers shows that one-third of accounts saw either flat or lower premiums in the fourth quarter of 2003. The Council of Insurance Agents and Brokers (CIAB) survey is the latest indication that premium increases…