Segment
Risk Management
Old and new Bermuda players riding wave of success
September 13, 2004 by Canadian UnderwriterBermuda is becoming a “market of choice” for both reinsurance and primary cover as its capacity continues to grow in the wake of September 11, notes a new report by A.M. Best.In “Bermuda Building Capacity”, the rating agency notes that…
Chubb study finds 60% of companies anticipating employee theft
September 13, 2004 by Canadian UnderwriterA new study commissioned by the Chubb Group of Insurance Companies finds 60% of private companies anticipate an employee will steal funds or equipment this year. Also, 34% say an employee may steal funds from a client. A full 39%…
Credit derivatives market expands: Fitch
September 9, 2004 by Canadian UnderwriterThe global credit derivatives market (CDx) was up to US$2.8 billion of gross sold outstanding (US$3 trillion including cash collateralized debt obligations), up 71% over 2002, according to the latest study by Fitch Ratings. The rater notes that single-name credit…
Rate relief creeping into PL lines despite claims growth
September 9, 2004 by Canadian UnderwriterRate softening is beginning to creep into the professional liability market, despite continued pressure on claims, said speakers at Thursday’s “Errors & Omissions” seminar hosted by the Toronto Insurance Conference (TIC).The seminar looked at broker E&O, but expanded quickly into…
What’s new: In brief (September 07, 2004)
September 7, 2004 by Canadian UnderwriterAviva has sold its general insurance business in Asia to Mitsui Sumitomo Insurance in a cash transaction valued at 249 million pounds (Cdn$570 million). Aviva says it intends to focus on its long-term savings business in the region. The first…
What’s new: In brief (September 06, 2004)
September 6, 2004 by Canadian UnderwriterThe friends of Mike Yang are staging two events to raise funds for this industry veteran, who is recovering from a serious illness experienced last fall. Funds are needed to help Mike and his family modify their home and vehicle…
Hurricane Frances damage estimates reduced to US$2-5 billion
September 6, 2004 by Canadian UnderwriterInsured loss estimates from Hurricane Frances, which touched down on Florida’s Atlantic Coast and stayed for the best part of the holiday weekend, have been downgraded to US$2-$5 billion by risk modeling firm EQECAT Inc., with overall economic damage potentially…
What’s new: In brief (August 30, 2004)
August 30, 2004 by Canadian UnderwriterThe Toronto Insurance Conference has set the line-up for its annual seminar, slated for Thursday, September 9 at the Toronto Marriott Eaton Centre. The program, which runs through the morning, focuses on “Errors & Omissions” for brokers and commercial clients.…
Charley highlights business coverage issues
August 26, 2004 by Canadian UnderwriterA new public service release from the Property Casualty Insurers Association of America (PCI) discusses the impact Charley has had on commercial interests in Florida. It notes that some covers which are not standard to businesses, but which can be…
ISO pegs Charley loss at US$6.8 billion
August 25, 2004 by Canadian UnderwriterThe total insured loss from Hurricane Charley should be around US$6.8 billion, says the U.S. Insurance Services Office (ISO). ISO’s Property Claim Services unit says the category 4 hurricane, which hit Florida on August 13, will cause US$6.755 billion in…
What’s new: In brief (August 25, 2004)
August 25, 2004 by Canadian UnderwriterThe crash of two Russian airliners which left 89 dead late Tuesday is under investigation, with some speculating the cause is terrorism, but Russian officials saying there is no evidence of terrorism at this point. The outcome of this investigation…
Terrorism insurance buys up in second quarter: Marsh
August 25, 2004 by Canadian UnderwriterMore than 46% of U.S. businesses who purchased property insurance in the second quarter of 2004 also bought terrorism risk coverage, according to the latest survey from international broker Marsh Inc.Marsh has been tracking terrorism insurance purchases since the implementation…