Segment
Brokers
CAC, brokers react to Quebec regulator’s report on practices
April 26, 2005 by Canadian UnderwriterThe Consumers Association of Canada (CAC) is hailing a report by Quebec’s insurance regulator, but brokers in the province have a different view.The report, released by the Autorite des Marches Financiers (AMF), says broker practices in the damage insurance sector…
Busy week for Ontario regulator
April 25, 2005 by Canadian UnderwriterOntario’s insurance regulator had its hands full last week, issuing several “cease and desist orders”.The first came on Wednesday, when insurers Security National and TD General both Meloche Monnex companies – were cited for charging rates for coverages of categories…
Lombard to underwrite pet insurance program
April 25, 2005 by Canadian UnderwriterLombard General Insurance Co. of Canada will replace Kingsway as underwriter for Pethealth’s “PetCare” insurance program.Lombard has signed an agreement with Oakville, Ontario-based Pethealth’s PetCare Insurance Brokers to underwrite 50% of the program, which offers coverage health care coverage for…
U.S. intermediary groups clash over Plumeri speech
April 24, 2005 by Canadian UnderwriterGroups representing brokers and agents in the U.S. have come to blows following a speech at the recent Risk & Insurance Management Society (RIMS) Conference by Willis CEO Joe Plumeri.In the speech, Plumeri said contingent commissions should be abolished for…
Brokers report price softening across commercial accounts
April 24, 2005 by Canadian UnderwriterWhile commercial buyers were reporting price stabilization, brokers are reporting significant softening across accounts in the first quarter of 2005.The results of the Council of Insurance Agents and Brokers (CIAB) contrast with views expressed by risk managers in the RIMS/Advisen…
U.S. study shows shrinking broker margins
April 20, 2005 by Canadian UnderwriterA study based on the revenue performance of the top U.S. insurance brokerages suggests that the sector’s earnings growth has been severely impacted by premium rate stabilization, increased competition and the clampdown on contingent commissions that followed in wake of…
Terrorism risk on the rise: Aon
April 20, 2005 by Canadian UnderwriterTerrorism risk is on the rise around the world, with increased exposure seen in many countries, according to the “2005 Terrorism Risk Map” released by Aon.In total, 31 countries have received higher terrorism threat rankings than last year, with 48%…
Lloyd’s underwriters see pricing as top client concern
April 20, 2005 by Canadian UnderwriterUnderwriters at Lloyd’s say pricing is the top buyer concern, not the current investigations into broker contingent commissions and other industry practices.In a survey taken by Lloyd’s of its member underwriters, 84% see pricing as the main issue on clients’…
Canadian insurers’ earnings likely to diminish
April 19, 2005 by Canadian UnderwriterWhile 2004 was the best year of the hard market cycle in terms of company financial returns, the year ahead will likely see deteriorating results as lower pricing and rising claims costs eat at the industry’s bottom-line, predicts George Cooke,…
Risk managers need to take control of compensation issue: RIMS president
April 19, 2005 by Canadian UnderwriterRisk managers need to take the reigns and address their own concerns regarding broker compensation,the new president of the Risk & Insurance Management Society (RIMS) told members Tuesday.As part of the keynote panel discussion at RIMS’ annual conference in Philadelphia,…
Aon, Marsh CEOs differ in views on compensation issue
April 19, 2005 by Canadian UnderwriterThe CEOs of two of the world’s leading brokerages gave differing views on what the future of intermediary compensation should look like at the keynote panel discusssion at the Risk & Insurance Management Society (RIMS) Conference Tuesday.New Marsh CEO Michael…
Plumeri touts need for innovation in industry
April 18, 2005 by Canadian UnderwriterThe insurance industry should take recent controversy over broker compensation and use it as an opportunity for “healthy self-examination”, Willis Group CEO and chairman Joe Plumeri told an audience at the RIMS Conference in Philadelphia Monday.Plumeri says the industry needs…