Segment
Risk Management
Reinsurers continue to expect downgrades: S&P
March 12, 2004 by Canadian UnderwriterReinsurers may be blanching at a new “North American Insurance Industry Report Card” by Standard & Poor’s which suggests the sector can expect to see downgrades outweigh upgrades this year.Commenting on the reinsurance sector, for which S&P maintains a negative…
U.S. Chamber survey identifies worst states for tort
March 12, 2004 by Canadian UnderwriterMississippi has again taken on the dubious honor of being the worst state in which to defend a liability case, says the annual “State Liability Systems Ranking Study” released by the U.S. Chamber of Commerce “institute for legal reform”. West…
Global aviation market “precarious”: Aon
March 11, 2004 by Canadian UnderwriterA new report by international broker Aon suggests the global aviation market is facing a very uncertain future with premiums falling last year.Aviation losses were down in 2003 to the lowest level in history in 2003, and rates fell by…
Lindsey Morden hands off U.S. TPA business
March 10, 2004 by Canadian UnderwriterFairfax’s Lindsey Morden Group has agreed to sell its U.S. third-party administration (TPA) businesses, which include RSKCo Services and Cunningham Lindsey Claims Management Inc. (CMI). The new owner, Broadspire Services Inc., says the two companies will be merged into its…
Insurers need to take action on ERM: PWC report
March 9, 2004 by Canadian UnderwriterInsurers are doing a lot of thinking about enterprise-wide risk management (ERM) programs, but not taking enough action, suggests a new study by PriceWaterhouseCoopers. Insurers see the value in ERM in meeting their financial goals, the study shows, but also…
Cybercrime and fraud on the rise in Canada: PWC study
March 9, 2004 by Canadian UnderwriterEconomic crime, and cybercrime in particular, are on the rise, says a new survey by PriceWaterhouseCoopers LLP. The consulting firm says more than one-third of companies report being a victim of fraud in the last two years, a figure much…
RIMS survey shows long-term change in commercial insurance market
March 8, 2004 by Canadian UnderwriterThe annual edition of the Risk and Insurance Management Society (RIMS) Benchmark Survey shows that while the hard market is waning, commercial insurance buyers are anticipating a new kind of market with more diverse risk transfer options and the potential…
U.S. p&c insolvencies drop in 2003 on price corrections
March 5, 2004 by Canadian UnderwriterRising premiums in both the commercial and personal lines p&c sectors led to the lowest level of insurer insolvency in the U.S. since 1998, says rating agency Standard & Poor’s. Reporting on 2003 yearend figures, S&P says a total of…
Sedans luring thieves: Crime Bureau
March 1, 2004 by Canadian UnderwriterThieves are targeting sedans, including older model vehicles, for parts, says a new report by the U.S. National Insurance Crime Bureau (NICB).The non-profit organization, which was established to fight vehicle theft and insurance fraud, looked at the most stolen vehicles…
Sedgwick Claims opens Canadian office
February 25, 2004 by Canadian UnderwriterMemphis-based Sedgwick Claims Management Services Inc. is taking on the Canadian market with the opening of Sedgwick CMS Canada Inc., the first move outside the U.S. for Sedgwick.The new office will be based in Mississauga, Ontario, and will be headed…
WTC “occurrence” trial will not affect ratings
February 20, 2004 by Canadian UnderwriterRegardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide…
SGI gives break to commercial auto policyholders
February 20, 2004 by Canadian UnderwriterFollowing on its “safe driver recognition program”, Saskatchewan Government Insurance (SGI) is planning to offer discounts to its commercial clients.SGI predicts that during the first year of the program, about $2.8 million in policy discounts based on safe driving records…