Segment
Risk Management
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…
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…