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What’s new: In brief (February 10, 2005)

February 10, 2005 by Canadian Underwriter

Aon Corp. has set aside US$50 million for possible settlements resulting from investigations into industry practices in New York and other U.S. states. The company says US$43 million of this is allocated to its insurance brokerage and risk arm, while…

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Hurricanes drive up 2004 cat costs: ISO

February 10, 2005 by Canadian Underwriter

The quartet of Atlantic hurricanes this past fall drove catastrophe losses in the U.S. up to a record US$27.3 billion in 2004, according to the Insurance Services Office’s (ISO) Property Claims Services (PCS) unit.The only year in the past decade…

News InsuranceMergers and Aqcuisitions

U.S. auto rates expected to rise 1.5% in 2005: III

February 10, 2005 by Canadian Underwriter

The Insurance Information Institute (III) says auto rates in the U.S. should increase 1.5% in 2005, the smallest increase in the last five years.The average auto premium per vehicle this year should be US$870, up US$13 over last year. In…

News Insurance

Interest in small bank formation growing: LePan

February 10, 2005 by Canadian Underwriter

Speaking before the Standing Senate Committee on Banking, Trade and Commerce on Thursday, the federal financial services regulator says thus far Bill C-8’s changes have generated interested in the creation of small banks.So far, six “small, closely held domestic banks”…

News InsuranceMergers and Aqcuisitions

FSCO issues cease and desist against paralegal

February 9, 2005 by Canadian Underwriter

Ontario’s insurance regulator has issued an interim cease and desist order against a St. Catherines-based paralegal alleged to have misappropriated client settlement funds.Calise & Associates Legal Services Inc. and Marcello Calise have been removed from the Financial Services Commission of…

News InsuranceMergers and Aqcuisitions

Drivers recognize dangers of speeding but still admit to doing it: MPI

February 9, 2005 by Canadian Underwriter

While most drivers recognize the serious danger presented by speeding, many still admit to having committed the offense, according to a public opinion survey conducted by Manitoba Public Insurance (MPI). In a survey of 800 residents of the province, 70%…

News Insurance

Marsh finds financial/HR threats keeping business owners up at night

February 9, 2005 by Canadian Underwriter

In its “2004 Marsh Canada Corporate Risk Review”, the broker finds several key threats are front-of-mind for small and medium-sized businesses, and these threats go well beyond traditional property hazards.In a survey of organizations from a variety of industries where…

News Insurance

What’s new: In brief (February 09, 2005)

February 9, 2005 by Canadian Underwriter

Life and annuity carriers expect to see modest growth in 2005, along with continued merger & acquisition activity within their sector, according to a survey by U.S. life association LOMA’s “Resource” magazine. A poll of LOMA board members finds universal…

News Insurance

“Good news” for D&O buyers, says Willis

February 8, 2005 by Canadian Underwriter

In its “market survey” of directors’ and officers’ liability coverage outside the U.S. market, broker Willis says by the end of 2004 there was “good news” for buyers in terms of increasing competition in the marketplace.While insurers started off 2004…

News Insurance

What’s new: In brief (February 08, 2005)

February 8, 2005 by Canadian Underwriter

U.S.-based MarketScout says p&c premiums rose 1% in January, indicating significant softening compared to January, 2004 when premiums rose 11%. According to MarketScout’s “market barometer”, rate increases peaked in March, 2003 with a 28% jump, but increases have fallen back…

News Insurance

S&P expects US$13 billion in reserve additions for 2004

February 8, 2005 by Canadian Underwriter

The “lingering cloud” of reserve strengthening promises to hang over U.S. p&c insurers 2004 results, despite rising profits, says a new report by Standard & Poor’s.S&P says insurers were looking for vastly improved returns last year on the back of…

News Insurance

Insurers progressing with ERM, but not focused on economic capital tie-in: Tillinghast

February 8, 2005 by Canadian Underwriter

Insurers are making progress in their efforts to implement enterprise risk management (ERM), but their success depends to some extent on their ability to link ERM to economic capital, says a new report by Tillinghast.While insurers say they want to…