Segment
Risk Management
Contingency fees must be fully disclosed: RIMS
August 24, 2004 by Canadian UnderwriterThe organization representing commercial insurance buyers has not come out against broker contingent commissions, but is issuing strong words on the need for full disclosure of such arrangements. In its policy statement on compensation agreements, the Risk and Insurance Management…
XN launches new Canadian MGA
August 22, 2004 by Canadian UnderwriterXN Holdings has launched XN Risk Insurance Services (Canada) Inc., a web-based managing general underwriter. The Toronto-based company will offer management liability insurance for mid-tier, privately-held companies in Canada this includes companies with 250 or fewer employees and less than…
Mold remediation documentation guidelines released
August 11, 2004 by Canadian UnderwriterNew guidelines offered up by the DRC Trade Show Services for insurers, adjusters and contractors are being released via a national roadshow. DRC struck a committee of indoor environmental professionals, building science engineers and restoration contractors to address what was…
Captives continue to show strong growth: A.M. Best
August 8, 2004 by Canadian UnderwriterOver the five-years ending 2003, captives posted net written prmeiums growth of 45%, according to a new report by A.M. Best. In its annual captives review, the rating agency finds over the same five-year period, admitted assets are up 29%,…
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…