U.S. regulators want to see stability before TRIA disappears
April 11, 2004 by Canadian UnderwriterThe U.S. National Association of Insurance Commissioners (NAIC) fears that as the end of the Terrorism Risk Insurance Act (TRIA) nears, the market may face severe instability.In a letter to House Financial Services Committee chair Michael Oxley and Senate Banking…
Brokers in demand more than ever: Swiss Re study
April 7, 2004 by Canadian UnderwriterCommercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20…
Scor rating affirmed on narrower loss
April 5, 2004 by Canadian UnderwriterAfter reporting a narrower loss for 2003, French reinsurer SCOR Group saw its rating from A.M. Best affirmed at “B++” (very good) with a stable outlook, and the company has been removed from the review it was placed under last…
Brokers add voice to IKEA commercial controversy
April 4, 2004 by Canadian UnderwriterCanadian brokers are adding their own voice to industry condemnation of an IKEA television ad which many say promotes insurance fraud.In a letter to Advertising Standards Canada, Insurance Brokers Association of Canada (IBAC) CEO Dan Danyluk makes formal complaint against…
Newfoundland Introduces New Auto Package, Rate Freeze
April 1, 2004 by Canadian UnderwriterA new package of reforms to Newfoundland’s auto insurance system is being touted as a means to achieve 15% rate reductions. Newfoundland & Labrador Premier Danny Williams, and Government Services Minister Dianne Whalen introduced the new package recently, which is…
IKEA Ruffles Insurance Feathers
April 1, 2004 by Canadian UnderwriterCanadian brokers have added their own voice to broad insurance industry disapproval of an IKEA television ad recently aired which many believe promotes insurance fraud. In a letter to Advertising Standards Canada, Insurance Brokers Association of Canada (IBAC) CEO Dan…
80% of U.S. commercial brokers want TRIA renewed
April 1, 2004 by Canadian UnderwriterWith the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to…
70 Years of Insurance
April 1, 2004 Vikki SpencerWhen Norman Jardine published the first edition of Canadian Underwriter in 1934, “in the interests of fire and casualty insurance in Canada”, the world was a very different place. The population stood at about 10.5 million, the country was weathering…
Wolves in Sheeps’ Clothing
April 1, 2004 Mark RamThe specialty lines business. Fat premiums. The appearance of fast, easy money. When markets turn soft and growth sounds good, they can attract insurers like mice to cheese. But, those hungry insurers who venture uninformed and unprepared into the high-risk specialty areas of insurance are more often than not dealt a blow that leaves them reeling.
CIP Business Summit: A Dangerous Game
April 1, 2004 Vikki SpencerThe world is a dangerous place in which to write insurance right now, and the legal environment is a good part of the reason why. Speakers at the CIP’s recently held Business Summit pointed to a number of legal and legislative developments making insurance a treacherous gamble in Canada as well as on a worldwide basis. The ever-expanding litigation environment, including rising bad faith awards against insurers themselves, are causing insurer headaches. And, unresolved issues regarding auto insurance regulation continue to make for a “rocky landscape”.
Celebrating Success
April 1, 2004 AxiomHello, Fred! Hello, Dave!” The welcome came from Tom Johnstone, president of a long-established and successful brokerage in the city which was celebrating its 100th year in business. He shook our hands warmly, “thanks for coming”. A huge sign across…
National Broker Market Trends: Action & Reaction?
April 1, 2004 Sean van Zyl, EditorBrokers across the provinces are expressing cautious optimism with regard to the return of markets and overall greater underwriting capacity that has become available. Many brokers that CU spoke to in compiling its annual analysis of the brokerage sector concur that “the heartbeat of the property and casualty insurance industry was weak but stable” as the first quarter of 2004 came to a close. The question that many are now asking as the financial health of insurers improves is whether they will maintain a disciplined underwriting approach, or lose their willpower to the ferocious feeding frenzy of the past. Ultimately, can insurers break from the drastic reaction and counter-reaction market swings associated with the traditional insurance cycle?