Segment
Brokers
Incidental selling of insurance consultation paper meant to trigger discussions
February 27, 2008 by Canadian UnderwriterAn unsuitable product might lead consumers to pay for insurance they do not need, pay for coverage for claims for which they are not eligible, or obtain a claims result that they did not expect, according to a consultation document…
What’s New: In Brief (February 25, 2008)
February 25, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has announced it is renewing its sponsorship agreement with professional golfer Richard Scott from Kingsville, Ont. “Richard has represented us well and we’re proud to be associated with his success,” Randy Carroll, CEO…
Willis Re develops early-warning signal for subprime liability exposure
February 20, 2008 by Canadian UnderwriterWillis Re has developed an early warning system for professional liability insurance and reinsurance underwriters, identifying what may be early warning signals for potential securities class-action lawsuits stemming from the sub-prime crisis.Analysts identified the gaps between the senior debt ratings…
Insurance industry employees waste 1.1 hours per day surfing the Web
February 20, 2008 by Canadian UnderwriterHow much money are the cyber-slackers “working” at your insurance company or brokerage costing you each year?Would you believe an average annual total of US$93,000, as shown during a presentation at the general meeting of the Toronto Applied Systems Client…
York Fire implements true real-time XML inquiry
February 20, 2008 by Canadian UnderwriterYork Fire & Casualty has become Canada’s first insurance carrier to implement true XML real-time inquiry, which it demonstrated at a general meeting of the Toronto Applied Systems Client Network (TASCnet).Using Applied Systems’ WARP technology for real-time transactions, York Fire…
Benchmark survey shows decline in smaller brokerage profits
February 19, 2008 by Canadian UnderwriterThe average annual net income of Canada’s most profitable property and casualty insurance brokerages is between Cdn$800,00 and Cdn$1 million, with the average industry profitability equalling 25.3% of total brokerage income, according to a benchmark survey by Vancouver’s Berris Mangan…
What’s New: In Brief (February 19, 2008)
February 19, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) announced that York Fire and Casualty Insurance Company is continuing its investment as a full partner of the Broker Identity Program for 2008.“York Fire and Casualty is proud to continue as a full…
What’s New: In Brief (February 15, 2008)
February 15, 2008 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) has decided to eliminate its current three-class structure of its board of directors, subject to shareholder approval. As a result of the Board’s declassification, all directors would become subject to annual election as their…
CCIR collecting information on adherence to disclosure of conflict principles
February 13, 2008 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is collecting information on behalf of the Canadian Council of Insurance Regulators (CCIR) to determine whether insurers and their brokers or intermediaries are following standards for managing conflicts of interest.FSCO is collecting the…
Marsh 2007 Q4 profits fall
February 12, 2008 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) has reported a 2007 Q4 profit of US$85 million, compared to US$226 million over the same period last year.Consolidated revenue in 2007 Q4 was US$2.9 billion, up 8% from 2006 Q4. Income from continuing…
Willis reports drop in 2007 profit
February 7, 2008 by Canadian UnderwriterWillis Group Holdings Ltd. reported a profit of US$409 million for 2007, compared to US$449 million over the prior year.The net income for 2007 Q4 was US$95 million, a decrease from 2006 Q4, in which the company reported a net…
Soft market could be around until 2010
February 6, 2008 by Canadian UnderwriterNorth American and Bermuda reinsurers have authorized substantially more capital for the insurance market in 2008 than in 2007, meaning the current soft market could continue well into 2010, Guy Carpenter & Company LLC predicts.Kevin Stokes, the global leader of…