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…
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…
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…
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”…
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…
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%…
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…
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…
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…
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…
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…
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…