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WTC “occurrence” trial will not affect ratings

February 20, 2004 by Canadian Underwriter

Regardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide

News InsuranceMergers and Aqcuisitions

SGI gives break to commercial auto policyholders

February 20, 2004 by Canadian Underwriter

Following on its “safe driver recognition program”, Saskatchewan Government Insurance (SGI) is planning to offer discounts to its commercial clients.SGI predicts that during the first year of the program, about $2.8 million in policy discounts based on safe driving records

News Climate ChangeInsurance

ICLR study casts light on government role in disaster mitigation

February 19, 2004 by Canadian Underwriter

A new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services

News Insurance

“No return to a soft market” for real estate risks, Willis cautions

February 18, 2004 by Canadian Underwriter

In a new report on the real estate insurance market, global broker Willis says despite price relief in the property line, other coverages and a continued hard line on terms and conditions are still causing headaches for the industry.Speaking of

News Insurance

Hub acquires Ontario commercial accounts

February 17, 2004 by Canadian Underwriter

Chicago- based broker consolidator Hub International Ltd. has acquired the book of business of an Ontario broker specializing in commercial agriculture accounts.The book, that of broker and producer Martin Kir, is estimated to produce annual revenue of US$270,000. Kir now

News Insurance

High-seas piracy continues to grow

February 6, 2004 by Canadian Underwriter

While the modern version of piracy may be a far cry from Pirates of the Caribbean, the incidence of pirate attacks continues to grow, says the International Maritime Bureau (IMB). The division of the International Chamber of Commerce (ICC) says

News Climate ChangeInsurance

Cat securitizations up slightly in 2003

February 5, 2004 by Canadian Underwriter

There was modest growth in the use of catastrophe securitizations last year, says California-based risk modeling company Risk Management Solutions (RMS). In its global study of seven publicly reported transactions, RMS estimates US$1.8 billion in cat securitizations were placed in

News Insurance

U.S. p&c reserves still a thorn in industry’s side

February 2, 2004 by Canadian Underwriter

Just as U.S. p&c insurers disclose fourth quarter reserve charges, Moody’s Investors Service says the industry remains woefully under-reserved.In a study of the top 50 p&c insurers and reinsurers, Moody’s noted that commercial liability lines continue to be significantly under-reserved

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Political risks a US$800 billion drain on world economy: Aon

January 29, 2004 by Canadian Underwriter

With the release of its annual "Political and Economic Risk Map", global broker Aon Corp. estimates political risks cost the world economy US$800 billion last year, the equivalent of a 0.25% tax on global GDP growth.The losses come from reduced

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Vancouver company launches expatriate insurance site

January 28, 2004 by Canadian Underwriter

Vancouver-based TransWorldconneX has launched the first single-source online listing of international expatriate and local national policies.The free service is being offered to brokers, consulting houses and insurers, to locate and purchase insurance and other services for international benefits clients. Quotes

News InsuranceMergers and Aqcuisitions

D&O remains tight in North America: Tillinghast Towers Perrin

January 27, 2004 by Canadian Underwriter

The average cost of directors’ and officers’ (D&O) cover in North America rose by 33% during 2003, according to a study just released by Tillinghast Towers Perrin. Based on feedback from its “2003 Directors & Officers Liability Survey”, the consultants

News Insurance

CIAB survey shows commercial p&c rate softening

January 26, 2004 by Canadian Underwriter

A survey of U.S. agents and brokers shows that one-third of accounts saw either flat or lower premiums in the fourth quarter of 2003. The Council of Insurance Agents and Brokers (CIAB) survey is the latest indication that premium increases