Segment
Risk Management
U.S. commercial lines outlook stable: Fitch
July 19, 2004 by Canadian UnderwriterThe outlook for the U.S. commercial lines sector has been revised from negative to stable by rating agency Fitch. Fitch had placed a negative rating on the sector since September 2000.Fitch says there will be fewer rating changes in the…
U.K. firms more likely to put risk specialist in charge of corporate governance
July 19, 2004 by Canadian UnderwriterIn a comparative study of companies in the U.K., U.S., Germany, France and the Netherlands, British firms were more likely to have a specific risk specialist to handle corporate governance functions, while U.S. firms largely put primary responsibility for this…
RIMS members report rates dropping across all lines
July 15, 2004 by Canadian UnderwriterThe soft market is well on its way, evidenced by findings in the second quarter 2004 Risk and Insurance Management Society (RIMS)/Advisen benchmark survey which show half of all commercial accounts seeing rate decreases on renewal.The survey of risk managers…
Actuaries say industry not ready to assume terrorism risk
July 14, 2004 by Canadian UnderwriterWith the future of the Terrorism Risk Insurance Act (TRIA) currently being debated by U.S. legislators, the American Academy of Actuaries (AAA) says the insurance industry will not be prepared to assume the risk if TRIA is not renewed beyond…
What’s new: In brief (July 14, 2004)
July 14, 2004 by Canadian UnderwriterKingsway Financial Services has promoted Claude Smith to the role of vice president and chief information officer. Smith has been with the company four years, and most recently held the same titles with subsidiary Kingsway General Insurance. Kingsway Financial has…
Bond insurance market maintains stability: Fitch
July 13, 2004 by Canadian UnderwriterIn a new report on bond insurers, Fitch Ratings says the market is stable, owing to its predictable earnings stream and ultra-conservative risk profile, as well as its high levels of excess capital. Nonetheless, pressures exist to grow business and…
New study looks at “best practices” for insurer risk management
July 12, 2004 by Canadian UnderwriterInsurers are increasingly focused on their own risk management practices in response to market turmoil as well as incoming regulatory changes. In a new study, Ernst & Young looks at best practices for insurers to evaluate, control and account for…
Continued improvement in Canadian commercial property line
July 11, 2004 by Canadian UnderwriterIn 2003, Canadian commercial property writers saw across-the-board improvement with rising rates and declining loss ratios, according to a new report by A.M. Best.Best’s data shows the net loss ratio in commercial property dropped to 49.5% in 2003, a 12.3…
What’s new: In brief (July 07, 2004)
July 7, 2004 by Canadian UnderwriterU.S. life and health insurers posted a 310% jump in net income for 2003, earning US$30 billion versus US$7.3 billion in 2002, according to data from Weiss Ratings Inc. Rebounding equity markets were the major force, with capital losses dropping…
Ontario residents unprepared for another blackout: report
July 7, 2004 by Canadian UnderwriterA new report published by the Institute for Catastrophic Loss Reduction shows Ontario residents remain unprepared for an emergency on the scale of last summer’s blackout, or worse.The report, written by Dr. Brenda Murphy of Wilfrid Laurier University, and funded…
Bermuda market growth slows
July 7, 2004 by Canadian UnderwriterNot unexpectedly, growth of the Bermuda market slowed in the first half of 2004, with insurance company incorporations dropping compared to the first six months of 2003, according to data from the Bermuda Monetary Authority (BMA) Insurance Division published by…
What’s new: In brief (July 06, 2004)
July 6, 2004 by Canadian UnderwriterSwiss Re has been granted a branch license from the Ministry of Finance in Taiwan, making it the first international reinsurer to set up a branch on the island. The branch will be located in Taipei, and provide both p&c…