Canadian Underwriter

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Risk Management


News Insurance

Reinsurance recoverables dragging p&c industry recovery: E&Y

March 15, 2004 by Canadian Underwriter

Questions about the long-term sustainability of p&c industry profitability linger in the wake of an already waning hard market, suggests a new report by Ernst & Young LLP. The “Financial Services Market Overview” notes that rate increases are expected for

News Insurance

RIMS Canada Council takes message to Parliament Hill

March 15, 2004 by Canadian Underwriter

The body representing Canada’s risk managers has staged its first annual meeting with federal representatives in Ottawa, aimed at increasing the profession’s profile with regulators and legislators. The RIMS Canada Council (RCC), mirroring the “RIMS on the Hill” event staged

News InsuranceMergers and Aqcuisitions

Royal SunAlliance Canadian arm improves, but hampered by FA losses

March 12, 2004 by Canadian Underwriter

With the release of Royal & SunAlliance Insurance Group’s results, the Canadian operations are posting improved operating results, however Facility Association (FA) losses are hampering the effect of prince increases and reduced exposures.Overall, the parent company is reporting a pre-tax

News InsuranceMergers and Aqcuisitions

Reinsurers continue to expect downgrades: S&P

March 12, 2004 by Canadian Underwriter

Reinsurers may be blanching at a new “North American Insurance Industry Report Card” by Standard & Poor’s which suggests the sector can expect to see downgrades outweigh upgrades this year.Commenting on the reinsurance sector, for which S&P maintains a negative

News Insurance

U.S. Chamber survey identifies worst states for tort

March 12, 2004 by Canadian Underwriter

Mississippi has again taken on the dubious honor of being the worst state in which to defend a liability case, says the annual “State Liability Systems Ranking Study” released by the U.S. Chamber of Commerce “institute for legal reform”. West

News Insurance

Global aviation market “precarious”: Aon

March 11, 2004 by Canadian Underwriter

A new report by international broker Aon suggests the global aviation market is facing a very uncertain future with premiums falling last year.Aviation losses were down in 2003 to the lowest level in history in 2003, and rates fell by

News Insurance

Lindsey Morden hands off U.S. TPA business

March 10, 2004 by Canadian Underwriter

Fairfax’s Lindsey Morden Group has agreed to sell its U.S. third-party administration (TPA) businesses, which include RSKCo Services and Cunningham Lindsey Claims Management Inc. (CMI). The new owner, Broadspire Services Inc., says the two companies will be merged into its

News Insurance

Insurers need to take action on ERM: PWC report

March 9, 2004 by Canadian Underwriter

Insurers are doing a lot of thinking about enterprise-wide risk management (ERM) programs, but not taking enough action, suggests a new study by PriceWaterhouseCoopers. Insurers see the value in ERM in meeting their financial goals, the study shows, but also

News Insurance

Cybercrime and fraud on the rise in Canada: PWC study

March 9, 2004 by Canadian Underwriter

Economic crime, and cybercrime in particular, are on the rise, says a new survey by PriceWaterhouseCoopers LLP. The consulting firm says more than one-third of companies report being a victim of fraud in the last two years, a figure much

News Insurance

RIMS survey shows long-term change in commercial insurance market

March 8, 2004 by Canadian Underwriter

The annual edition of the Risk and Insurance Management Society (RIMS) Benchmark Survey shows that while the hard market is waning, commercial insurance buyers are anticipating a new kind of market with more diverse risk transfer options and the potential

News InsuranceMergers and Aqcuisitions

U.S. p&c insolvencies drop in 2003 on price corrections

March 5, 2004 by Canadian Underwriter

Rising premiums in both the commercial and personal lines p&c sectors led to the lowest level of insurer insolvency in the U.S. since 1998, says rating agency Standard & Poor’s. Reporting on 2003 yearend figures, S&P says a total of

News InsuranceMergers and Aqcuisitions

Sedans luring thieves: Crime Bureau

March 1, 2004 by Canadian Underwriter

Thieves are targeting sedans, including older model vehicles, for parts, says a new report by the U.S. National Insurance Crime Bureau (NICB).The non-profit organization, which was established to fight vehicle theft and insurance fraud, looked at the most stolen vehicles