Rate, Risk and Reputation
May 1, 2005 Craig HarrisA recent gathering of industry leaders, organized by the CIP Society, featured animated discussions about future directions in the Canadian property and casualty insurance industry. Two broad themes of keeping rates (and risk assessment) realistic in a softening market and salvaging the industry’s reputation emerged as key messages.
compensation reform: Motivating Integrity
May 1, 2005 Luis Navas, senior vice president of Executive Risk Consulting“One of the great, as-yet-unsolved problems today is executive compensation and how it is determined” – SEC Chairman William Donaldson, 2004. How do insurers measure up? Independent advisory firm Executive Risk Consulting, which specializes in executive compensation and board effectiveness…
Canadian insurers’ future earnings likely to diminish
May 1, 2005 by Canadian UnderwriterWhile 2004 was the best year of the hard market cycle in terms of company financial returns, the year ahead will likely see deteriorating results as lower pricing and rising claims costs eat at the industry’s bottom-line, predicts George Cooke,…
Quebec regulator finds “conflict” in insurer/broker relations
May 1, 2005 by Canadian UnderwriterAfter several months of uncertainty for Quebec’s independent brokerage community, the province’s insurance regulator, the Autorite des Marches Financiers (AMF), has issued its findings from an investigation into intermediary remuneration arrangements and market conduct. Unfortunately for the brokerage community, the…
CAC, brokers react to Quebec regulator’s report on practices
April 26, 2005 by Canadian UnderwriterThe Consumers Association of Canada (CAC) is hailing a report by Quebec’s insurance regulator, but brokers in the province have a different view.The report, released by the Autorite des Marches Financiers (AMF), says broker practices in the damage insurance sector…
U.S. intermediary groups clash over Plumeri speech
April 24, 2005 by Canadian UnderwriterGroups representing brokers and agents in the U.S. have come to blows following a speech at the recent Risk & Insurance Management Society (RIMS) Conference by Willis CEO Joe Plumeri.In the speech, Plumeri said contingent commissions should be abolished for…
Lloyd’s underwriters see pricing as top client concern
April 20, 2005 by Canadian UnderwriterUnderwriters at Lloyd’s say pricing is the top buyer concern, not the current investigations into broker contingent commissions and other industry practices.In a survey taken by Lloyd’s of its member underwriters, 84% see pricing as the main issue on clients’…
Canadian insurers’ earnings likely to diminish
April 19, 2005 by Canadian UnderwriterWhile 2004 was the best year of the hard market cycle in terms of company financial returns, the year ahead will likely see deteriorating results as lower pricing and rising claims costs eat at the industry’s bottom-line, predicts George Cooke,…
Aon, Marsh CEOs differ in views on compensation issue
April 19, 2005 by Canadian UnderwriterThe CEOs of two of the world’s leading brokerages gave differing views on what the future of intermediary compensation should look like at the keynote panel discusssion at the Risk & Insurance Management Society (RIMS) Conference Tuesday.New Marsh CEO Michael…
Risk managers need to take control of compensation issue: RIMS president
April 19, 2005 by Canadian UnderwriterRisk managers need to take the reigns and address their own concerns regarding broker compensation,the new president of the Risk & Insurance Management Society (RIMS) told members Tuesday.As part of the keynote panel discussion at RIMS’ annual conference in Philadelphia,…
Plumeri touts need for innovation in industry
April 18, 2005 by Canadian UnderwriterThe insurance industry should take recent controversy over broker compensation and use it as an opportunity for “healthy self-examination”, Willis Group CEO and chairman Joe Plumeri told an audience at the RIMS Conference in Philadelphia Monday.Plumeri says the industry needs…
Industry needs to communicate better: Levene
April 18, 2005 by Canadian UnderwriterThe insurance industry needs to communicate better, not only in terms of full transparency with clients, but also working closely with regulators, Lloyd’s chairman Lord Peter Levene told a Philadelphia audience Monday night.Speaking to business leaders at the Philadelphia Club,…