Segment
Risk Management
ICLR study casts light on government role in disaster mitigation
February 19, 2004 by Canadian UnderwriterA new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services…
“No return to a soft market” for real estate risks, Willis cautions
February 18, 2004 by Canadian UnderwriterIn a new report on the real estate insurance market, global broker Willis says despite price relief in the property line, other coverages and a continued hard line on terms and conditions are still causing headaches for the industry.Speaking of…
Hub acquires Ontario commercial accounts
February 17, 2004 by Canadian UnderwriterChicago- based broker consolidator Hub International Ltd. has acquired the book of business of an Ontario broker specializing in commercial agriculture accounts.The book, that of broker and producer Martin Kir, is estimated to produce annual revenue of US$270,000. Kir now…
High-seas piracy continues to grow
February 6, 2004 by Canadian UnderwriterWhile the modern version of piracy may be a far cry from Pirates of the Caribbean, the incidence of pirate attacks continues to grow, says the International Maritime Bureau (IMB). The division of the International Chamber of Commerce (ICC) says…
Cat securitizations up slightly in 2003
February 5, 2004 by Canadian UnderwriterThere was modest growth in the use of catastrophe securitizations last year, says California-based risk modeling company Risk Management Solutions (RMS). In its global study of seven publicly reported transactions, RMS estimates US$1.8 billion in cat securitizations were placed in…
U.S. p&c reserves still a thorn in industry’s side
February 2, 2004 by Canadian UnderwriterJust as U.S. p&c insurers disclose fourth quarter reserve charges, Moody’s Investors Service says the industry remains woefully under-reserved.In a study of the top 50 p&c insurers and reinsurers, Moody’s noted that commercial liability lines continue to be significantly under-reserved…
Political risks a US$800 billion drain on world economy: Aon
January 29, 2004 by Canadian UnderwriterWith the release of its annual "Political and Economic Risk Map", global broker Aon Corp. estimates political risks cost the world economy US$800 billion last year, the equivalent of a 0.25% tax on global GDP growth.The losses come from reduced…
Vancouver company launches expatriate insurance site
January 28, 2004 by Canadian UnderwriterVancouver-based TransWorldconneX has launched the first single-source online listing of international expatriate and local national policies.The free service is being offered to brokers, consulting houses and insurers, to locate and purchase insurance and other services for international benefits clients. Quotes…
D&O remains tight in North America: Tillinghast Towers Perrin
January 27, 2004 by Canadian UnderwriterThe average cost of directors’ and officers’ (D&O) cover in North America rose by 33% during 2003, according to a study just released by Tillinghast Towers Perrin. Based on feedback from its “2003 Directors & Officers Liability Survey”, the consultants…
CIAB survey shows commercial p&c rate softening
January 26, 2004 by Canadian UnderwriterA survey of U.S. agents and brokers shows that one-third of accounts saw either flat or lower premiums in the fourth quarter of 2003. The Council of Insurance Agents and Brokers (CIAB) survey is the latest indication that premium increases…
OSC releases corporate governance guidelines for comment
January 23, 2004 by Canadian UnderwriterThe Ontario Securities Commission (OSC) has released for discussion new guidelines for accounting and disclosure for publicly-traded companies. The guidelines follow a Toronto Stock Exchange (TSX) announcement last fall that provincial securities regulators would now set the standards for corporate…
Almost 40% of private companies anticipate d&o-based suit in 2004
January 23, 2004 by Canadian UnderwriterNearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by…