Segment
Risk Management
D&O market growing: Willis
April 22, 2004 by Canadian UnderwriterThe troubled directors’ and officers’ (D&O) market is actually growing in capacity, with “competition and creativity” being witnessed among carriers, says a new report by international brokerage Willis. While the past two to three years have seen skyrocketing rates and…
U.S. commercial property rates down 10% in 2003: Aon
April 22, 2004 by Canadian UnderwriterDespite growing uncertainty around terrorism risk, the U.S. commercial property segment saw rates drop by about 10% last year, says Aon Corp. Insurers benefited from an absence of catastrophe losses last year, as well as returned strength in investment returns.…
CIAB survey shows reduced commercial risk pricing for 1-Q
April 20, 2004 by Canadian UnderwriterThe latest quarterly market index produced by the U.S.-based The Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter…
British Virgin Islands reports captive growth
April 19, 2004 by Canadian Underwriter2003 saw 57 mew captive licenses approved in the British Virgin Islands (BVI), 23% growth over 2002, reports the BVI International Financial Centre (IFC).In total, 2003 saw the BVI reach 307 captives, maintaining it as the fifth largest captive domicile…
Iraq expected to take over top spot for global terrorism risk
April 18, 2004 by Canadian UnderwriterIraq is poised to become the top “hot spot” for terrorism risk with the U.S.-led intervention resulting in an increase in terrorist activity and kidnappings, such as the recent hostage-taking incidents, according to Aon’s counter terrorism and political risk division.…
Insurers seek to limit asbestos fund contributions
April 18, 2004 by Canadian UnderwriterU.S. insurers and reinsurers are encouraging legislators not to increase the amount companies would contribute to a national asbestos litigation fund that could be established under Senate bill S.2290. Insurers made the appeal in a joint statement from the National…
Risk reduction only response to terrorism threat: LOMA study
April 14, 2004 by Canadian UnderwriterA new study of emerging risks shows life & health insurers dealing with the threat of man-made catastrophes along with their property & casualty counterparts. The study, by international insurance research organization LOMA, concludes that insurers have a role to…
Bermuda market sees 17 new members in first quarter
April 13, 2004 by Canadian UnderwriterThe Bermuda insurance market grew by 17 new members in the first quarter of 2004, according to data from the Bermuda Monetary Authority’s Insurance Division. This is on par with first quarter 2003, although well off the “boom year” pace…
U.S insurer net income tops US$30 billion: A.M. Best
April 12, 2004 by Canadian UnderwriterU.S. insurers will post net income of US$30.8 billion for 2003, says A.M. Best, and customers can expect to feel rate relief in the coming year.Last year, net income rose more than 235% to top US$30 billion, following the US$9.2…
Brokers in demand more than ever: Swiss Re study
April 7, 2004 by Canadian UnderwriterCommercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20…
Small business concerns over insurance continue to surface
April 2, 2004 by Canadian UnderwriterIn its most recent poll of members, the Canadian Federation of Independent Business (CFIB) finds that insurance continues to be a sore spot for small-to-medium sized business owners.Along with energy costs, insurance price hikes are a thorn in the side…
80% of U.S. commercial brokers want TRIA renewed
April 1, 2004 by Canadian UnderwriterWith the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to…