News

Commercial insurance buyers in the U.S. and Canada are reporting pricing rebounds and stabilization in the first quarter of 2005, according to benchmark survey results published by the Risk & Insurance Management Society (RIMS) and Advisen.While 2004 represented a year-long…

Auto insurance rates are dropping in Ontario, and will soon fall further in Alberta, but for two very different reasons. While insurers have filed for rate reductions in Ontario amounting to a further 1.12% decrease in the first quarter of…

National adjusting firm Shumka Craig & Moore says it has acquired Provincial Adjusting Services (PAS), a chain of six offices in Newfoundland and Labrador.PAS has been in operation since 1984, and current president Wayne Guy will remain to oversee the…

A study based on the revenue performance of the top U.S. insurance brokerages suggests that the sector’s earnings growth has been severely impacted by premium rate stabilization, increased competition and the clampdown on contingent commissions that followed in wake of…

Arch Insurance Group has entered the Canadian market with the launch of branch office Arch Insurance (Canada). The official announcement was made today at the Risk and Insurance Management Society (RIMS) Conference in Philadelphia.Arch Canada will offer a range of…

Terrorism risk is on the rise around the world, with increased exposure seen in many countries, according to the “2005 Terrorism Risk Map” released by Aon.In total, 31 countries have received higher terrorism threat rankings than last year, with 48%…

Underwriters at Lloyd’s say pricing is the top buyer concern, not the current investigations into broker contingent commissions and other industry practices.In a survey taken by Lloyd’s of its member underwriters, 84% see pricing as the main issue on clients’…

While 2004 was the best year of the hard market cycle in terms of company financial returns, the year ahead will likely see deteriorating results as lower pricing and rising claims costs eat at the industry’s bottom-line, predicts George Cooke,…

Risk managers need to take the reigns and address their own concerns regarding broker compensation,the new president of the Risk & Insurance Management Society (RIMS) told members Tuesday.As part of the keynote panel discussion at RIMS’ annual conference in Philadelphia,…

St. Paul Travelers is expanding its Canadian operations with the addition of a new “national programs” unit based in Toronto.The new unit follows on the heels of an oil and gas unit created last year and based in Calgary. And…

The CEOs of two of the world’s leading brokerages gave differing views on what the future of intermediary compensation should look like at the keynote panel discusssion at the Risk & Insurance Management Society (RIMS) Conference Tuesday.New Marsh CEO Michael…

Canadian risk manager Susan Meltzer was honored Monday with the highest award bestowed by the Risk & Insurance Management Society (RIMS) at the society’s annual conference in Philadelphia.Meltzer, assistant vice president of risk management for Sun Life Financial, received the…