Segment
Risk Management
Benchmark report highlights auto challenges: Baker
August 8, 2004 by Canadian UnderwriterThe first release of the MSA Benchmark Report on Canadian p&c insurers highlights the struggles being experienced by auto writers compared to commercial insurance carriers.The report’s author, MSA Research Inc.president Joel Baker, says that despite a return on equity of…
Reputational risk tops list of financial institutions’ concerns
August 4, 2004 by Canadian UnderwriterIn the latest survey of financial services companies’ views on risk management, PriceWaterhouseCoopers and the Economist Intelligence Unit find a heightened profile for the risk management function and specific concerns about unquantifiable risks, namely reputational risk. In fact, reputational risk…
Compensation culture distracting business from core operations: U.K. survey
July 28, 2004 by Canadian UnderwriterBusinesses in the U.K. say the growing compensation culture there is taking focus and resources away from core business and revenue generation, according to a new survey by international broker Aon.A full 75% of businesses surveyed say rising compensation trends…
Property crime rises in 2003: StatsCan
July 28, 2004 by Canadian UnderwriterProperty crime, including vehicle thefts and break-ins were on the rise in 2003, according to figures from Statistics Canada.StatsCan data shows the national property crime rate rose 4% in 2003, despite hitting a 20-year low in 2002. The 2003 rates…
Fitch gives reinsurance sector stable outlook
July 27, 2004 by Canadian UnderwriterGlobal reinsurers are cleaning up their act, prompting Fitch Ratings to change its outlook on the sector to stable from negative, where it has been since 2001.Fitch says there should be fewer rating changes in the near term, and downgrades…
Japan storms cost US$137 million; Europe’s oil industry hit by refinery fires
July 26, 2004 by Canadian UnderwriterLast week’s heavy rains in Japan are expected to cost insurers US$137 million, according to the General Insurance Association of Japan. At the same time, the oil industry in Europe is reeling from two refinery firs in the past month…
Event cancellation market stabilizing: Willis
July 26, 2004 by Canadian UnderwriterThe event cancellation insurance market which took a roller-coaster ride after 9/11 is leveling off, according to a new report from international broker Willis.The study says premiums and terms in the event cancellation market are stabilizing despite ongoing turmoil in…
U.S. Senate considers TRIA extension
July 22, 2004 by Canadian UnderwriterThe U.S. Senate will consider a bipartisan bill to extend the Terrorism Risk Insurance Act (TRIA) until the end of 2007, much to the delight of insurers. The Property Casualty Insurers Association of America (PCI) says it is pleased to…
CIAB 2-Q commercial market survey reflects price weakness
July 22, 2004 by Canadian UnderwriterU.S. commercial property and casualty insurance rates continued to decline in the second quarter of this year across the various business size segments of the marketplace, according to the latest quarterly broker member survey conducted by the Council of Insurance…
B.C. earthquakes a “wake up call”
July 21, 2004 by Canadian UnderwriterEarthquakes which shook British Columbia this week point to the need for homeowners to ensure they have adequate coverage in place to deal with the earthquake risk, and to the need for disaster preparation to be in place in homes.The…
Edmonton storm losses top $87 million
July 20, 2004 by Canadian UnderwriterInsured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional…
What’s new: In brief (July 20, 2004)
July 20, 2004 by Canadian UnderwriterU.K. risk managers are welcoming word from the Financial Services Authority (FSA) that they will not be considered “intermediaries” under the new U.K. regulations. The Association of Insurance & Risk Managers (AIRMIC) says a letter it received from the FSA…