Segment
Brokers
Canadian Underwriter Web Poll: March results
March 31, 2005 by Canadian UnderwriterIn March, Canadian Underwriter asked online readers: “Do you expect to see contingent commissions disappear altogether from the insurance industry?” 268 total responses were tallied with more than 74% saying they do not expect to see contingent commissions to disappear.…
What’s new: In brief (March 31, 2005)
March 31, 2005 by Canadian UnderwriterThe Ontario government’s “Consumer Protection Act”, which comes into force on July 30, will require the use of aftermarket parts in auto repairs to be identified in writing to the consumer. In a bulletin to members, Hamilton District Autobody Repair…
What’s new: In brief (March 23, 2005)
March 23, 2005 by Canadian UnderwriterPlease note: due to the Easter holiday weekend, Canadian Underwriter’s Breaking News will not be published again until Tuesday, March 29. Marsh co-president Peter F. Garvey has resigned “for personal reasons”, the company announced Wednesday. Garvey had been with Marsh…
Pricing to stabilize but deductibles stay where they are: Aon
March 23, 2005 by Canadian UnderwriterCommercial insurance pricing is likely to stabilize, with increased capacity and competition in 2005, but the high deductibles and retentions taken during the recent hard market will likely remain in place. This, according to the annual “Insurance Market Overview” published…
Some of most popular film locales are riskiest: study
March 23, 2005 by Canadian UnderwriterAon has released a “Risk in Global Filmmaking” map which shows 70 countries with “high-risk” status, as compared to 55 last year. Some of the riskiest locations are also the most popular, including Mexico, Thailand, the Philippines and South Africa,…
Compensation scandal ups broker workload: Best
March 22, 2005 by Canadian UnderwriterA new survey by A.M. Best finds the current controversy over broker compensation systems is forcing all brokers and agents to do more work, specifically in providing information, answering questions and filling out paperwork.The survey, published by Best’s Review magazine,…
What’s new: In brief (March 21, 2005)
March 21, 2005 by Canadian UnderwriterBrokerage Heath Lambert Group says it will now charge a 1% (of premium) flat rate for work carried out on behalf of insurers. The “broker insurer services commission” (BISC) is a response to the industry’s ongoing controversy over broker compensation,…
Western Financial achieves earnings boon for 2004
March 21, 2005 by Canadian UnderwriterFinancial services group and broker network consolidator Western Financial Group (TSX: WES) saw net income almost double last year to $4.22 million compared with the $2.12 million reported for 2003. This equates to earnings of 18c a share for the…
Western Financial enters joint expansion deal
March 17, 2005 by Canadian UnderwriterFinancial services group and broker network consolidator Western Financial Group Inc. (TSX: WES) has entered into a joint venture with Harvard Developments Inc. to begin a new expansion of brokerages into major urban centers of western Canada. Although the terms…
Ace reveals depth of external investigations into bid rigging allegations
March 17, 2005 by Canadian UnderwriterIn a filing recently made with the Securities and Exchange Commission (SEC), Bermuda-based Ace Ltd. disclosed that the company had received 43 subpoenas and legal enquiries relating to its alleged involvement in bid rigging and price fixing of insurance arrangements…
Tsunami losses likely to be US$2.5-$4 billion: Guy Carpenter
March 14, 2005 by Canadian UnderwriterIn a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event…
2004 “a year of freakish weather”: Aon
March 13, 2005 by Canadian Underwriter2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish…