News
U.S. commercial lines challenged by pricing peak, Spitzer probe: S&P
December 8, 2004 by Canadian UnderwriterWith commercial p&c rates having peaked already, and the industry facing myriad regulatory and legal challenges as a result of investigations by New York Attorney General Eliot Spitzer, rating agency Standard & Poor’s is maintaining its view that downgrades will…
Survey shows significant number admit to drinking and driving
December 8, 2004 by Canadian UnderwriterWhile many people believe stopping impaired driving to be an important social issue, there is evidence that a significant number of drivers are getting behind the wheel after drinking.A new survey by the Traffic Injury Research Foundation (TIRF) and Toyota…
What’s new: In brief (December 08, 2004)
December 8, 2004 by Canadian UnderwriterThe Association of Designated Assessment Centres (ADAC) has come out against proposed changes which would eliminate DACs in Ontario. In a statement Wednesday, ADAC says, “Premier Dalton McGuinty’s government is quietly trying to take away the independent “referee” who decides…
What’s new: In brief (December 07, 2004)
December 7, 2004 by Canadian UnderwriterThe Council of Insurance Agents & Brokers (CIAB) has added its endorsement to the draft model regulations around broker compensation proposed by the National Association of Insurance Commissioners (NAIC). The CIAB says, however, it wants to see uniform regulations in…
Prof. Gray predicts another bad hurricane season for 2005
December 7, 2004 by Canadian UnderwriterAs insurers continue to deal with the record hurricane season of 2004, they will also be gearing up for another potentially bad season in 2005.Prof. William Gray and his team of researchers from Colorado State University are predicting another above-average…
Lord Levene to remain Lloyd’s chair through 2008
December 7, 2004 by Canadian UnderwriterLord Peter Levene has been asked to serve as chair of Lloyd’s for a second three-year term, beginning in 2005. Levene became the 61st chair of the world’s oldest insurance market when he assumed the role in 2002 for his…
Second WTC trial declares 9/11 attacks two events
December 7, 2004 by Canadian UnderwriterDespite an earlier jury trial which declared the felling of the World Trade Center towers by terrorist on September 11, 2001 as one occurrence in insurance terms, a second trial has declared the attacks as two events.The second verdict, which…
Aon sells Endurance stake; clarifies views on broker compensation
December 6, 2004 by Canadian UnderwriterBroker Aon has sold much of its stake in Bermuda-based Endurance Specialty Holdings Ltd.In a press release, Aon says it has sold basically all of its equity investment in Endurance for US$320.5 million. This included the sale of 9.8 million…
A&E reserve shortfall at US$38 billion in U.S.: A.M. Best
December 6, 2004 by Canadian UnderwriterU.S. insurers currently have a US$38 billion shortfall in funding for asbestos & environmental (A&E) liabilities, according to a new report by A.M. Best.A surprising amount of this, US$24 billion, relates to environmental liabilities, with US$14 billion related to asbestos.…
Liberals offer up new DAC replacement scheme in Ontario
December 6, 2004 by Canadian UnderwriterAccording to documents from the Financial Services Commission of Ontario (FSCO) obtained by Canadian Underwriter, a new system to replace Ontario’s “designated assessment centers” (DACs) has been established.The new “post-DAC” system would allow claimants to receive assessments within the statutory…
MPI told to lower rates by PUB
December 6, 2004 by Canadian UnderwriterManitoba Public Insurance, the province’s government-run auto insurance plan, has been told to lower basic auto insurance rates by 1% for 2005 by the provincial Public Utilities Board (PUB), which regulates auto rates.As a result of the PUB decision, the…
What’s new: In brief (December 05, 2004)
December 5, 2004 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has order two Toronto paralegals operating as “Castro and Associates” to cease and desist holding themselves out as paralegals. The interim order requires Carlos Castro, Manuel Castro and any of their representatives to…