Commercial insurance rates continued their moderate decline for the fourth straight quarter, finds the latest market survey by the Risk & Insurance Management Society (RIMS) and Advisen.The fourth-quarter 2004 benchmark survey took in its greatest number of respondents ever, and…
Lloyd’s of London has estimated its losses from the South Asian tsunami at GBP100 million, net of reinsurance. “A significant proportion of these losses will be within businesses’ planning assumptions for expected catastrophe loss costs,” notes a Lloyd’s statement. While…
Marsh & McLennan Cos. Inc. has settled the civil charges filed by New York Attorney General Eliot Spitzer for US$850 million. The charges were filed in October, 2004, alleging misconduct at MMC’s insurance brokerage unit, Marsh Inc., in the U.S.…
St. Paul Travelers has added US$868 million to its prior year loss reserves. The newly combined companies completed an internal review which resulted in a reserve charge of US$922 million for adverse development on prior year asbestos losses, and US$84…
Stephen Mallory, former managing director of Marsh Canada, has been named president and CEO of Hub International Ontario Ltd. Mallory succeeds Nelson Tilander, who although leaving the CEOs role after six years for an indefinite medical leave, will remain as…
2005 is shaping up to be an interesting year for Canada’s property & casualty insurance industry, says Omega Insurance Holdings CEO Philip Cook. Cook looked into his crystal ball to outline “33 trends” the industry may see this year, speaking…
News that the Colorado Insurance Department may sanction nine unnamed title insurers for allegedly paying kickbacks to homebuilders could have far-reaching implications for the entire title insurance industry, says Fitch Ratings.The rating agencies says it believes that along with Colorado,…
New standards for reporting financial instruments in corporate financial results have been officially released by Canada’s Accounting Standards Board (AcSB). The board says the standards are “a hybrid of U.S. GAAP and international standards”. “The new standards close a lot…
A new bill aimed at reducing frivolous lawsuits has been introduced to the U.S. House of Representatives by Texas Congressman Lamar Smith.The “Lawsuit Abuse Reduction Act of 2005” mirrors legislation passed by the House in the last Congress, however the…
Broker Aon says the introduction of the Airbus A380 will challenge the aviation liability market, and may cause liability limits to rise for the entire industry. Much like the introduction of Pan Am’s 747 some 35 years ago, the mammoth…
The shutdown of Calgary, Alberta-based Suncor Energy Inc. following a fire earlier this month, could produce a significant insurance bill as the company announces it will not be back to full production until the third quarter of this year.Suncor is…
Lloyd’s of London has come up on the losing end of one decision in continuing arbitration over an insurance contract to support its new Central Fund. Lloyd’s is seeking payment from six insurers for claims under the five-year insurance contract…