Segment
Risk Management
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…
Bermuda’s “class of 2001” sees sunny days
July 1, 2004 by Canadian UnderwriterBermuda start-ups in the post-9/11 environment have benefited from strong pricing and a lack of legacy claims issues, according to a new report from Fitch Ratings.In 2003, the “class of 2001”, which includes Axis, Allied World, Endurance, Montpelier and Olympus…
Investment firms and top execs at odds on risks: FM Global
July 1, 2004 by Canadian UnderwriterThe world’s top executives and investment firms have very different views on the key risks to corporate revenue sources, according to a new study by FM Global and Harris Interactive.The annual “Protecting Value” study looks at risk to key revenue…
Pricing for kidnap and ransom on the rise: Willis
July 1, 2004 by Canadian UnderwriterIn its latest market commentary, broker Willis notes the rising interest in kidnap and ransom (K&R) coverage in light of the high-profile abductions taking place in the Middle East. The televised kidnappings in the conflict zones of Iraq, Afghanistan and…
India top spot for offshoring: Deloitte
June 28, 2004 by Canadian UnderwriterA study of financial services offshoring practices finds India remains the top stop, with over 80% of offshoring moving there. The study by Deloitte Research finds the offshoring trend is on the rise, up 38% this year over last.The top…
What’s new: In brief (June 22, 2004)
June 22, 2004 by Canadian UnderwriterStatistics Canada’s Consumer Price Index (CPI) says homeowners’ insurance rates were up 12.5% in May compared to a year ago, partly as a result of renewals in Ontario. At the same time, homeowners’ replacement costs soared 6.5% on higher housing…
Risk managers need elevated role to implement ERM
June 21, 2004 by Canadian UnderwriterRisk managers need to be positioned high enough in their organizations to effect enterprise-wide risk management (ERM) throughout the organizational structure, says a new position paper by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA president Sue Meltzer,…
What’s new: In brief (June 20, 2004)
June 20, 2004 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. has settled a previously disclosed lawsuit filed by James Bonfiglio claiming the company failed to honor a stock option agreement in October, 1998. In its 2003 yearend results, ACL reported a $515,000 judgement had…
North American insurers stable; reinsurers face challenges
June 17, 2004 by Canadian UnderwriterWhile the outlook for North American insurance holding companies remains stable, their counterparts in the reinsurance sector can expect downgrades to outweigh upgrades in the near future, says rating agency Standard & Poor’s. Despite continued rate increases, S&P has extended…