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…
Contingent commission investigation takes in p&c, life and health insurers
June 14, 2004 by Canadian UnderwriterThe contingent commission investigation by New York Attorney General Eliot Spitzer has now been extended to insurers, with Chubb, Hartford Aetna and MetLife confirming they have been subpoenaed. Each company has issued a brief statement Chubb’s coming in May, and…
True Value
June 1, 2004 Rick BaumanMany firms toss around the term “value added services”. But, what does this really mean for the progressive broker?
A Bridge Too Far?
June 1, 2004 Sean van Zyl, EditorInvestment analysts and insurer CEOs speaking at this year’s National Insurance Leadership Symposium, which was recently held in San Francisco, share a cautious sense of optimism regarding the current financial state of the North American property and casualty insurance industry. However, many of the speakers were concerned that the “cost of the past”, combined with insurers’ habitual mistake of abandoning underwriting discipline, could undermine the industry’s objectives of achieving long-term sustainable profitability and stable market pricing.
Risk managers see conflict in contingent commissions: survey
May 26, 2004 by Canadian UnderwriterDespite risk managers and brokers shrugging off investigations of contingent commission arrangements, a new survey suggests commercial insurance buyers do see such payments as a conflict of interest.The study, “A Season of Discontent” by Advisen, shows 69% of the 331…
IIBAA CEO Panel I: No more quarterly results
May 19, 2004 by Canadian UnderwriterIt has been confirmed that the Insurance Bureau of Canada (IBC) will no longer publicly release its quarterly financial data on insurers to anyone other than members. At the Independent Insurance Brokers of Alberta (IIBAA) conference, ING Canada CEO Claude…
What’s new: In brief (May 13, 2004)
May 13, 2004 by Canadian UnderwriterFinancial services giant ING is posting net profit of $1.9 billion for the first quarter of this year, up from $268 million a year ago, driven mainly by growth in its banking business. The insurance division posted operating profit of…
Piecing Together Parts
May 1, 2004 Craig HarrisThin profit margins have prompted insurers to closely examine claims cost reduction strategies. While bodily injury and healthcare have received the lion’s share of attention in auto insurance, the vehicle damage side of the equation is experiencing challenges of its own. Insurers are trying to find ways to reduce cycle turnaround time, improve supply chain management and save money through aftermarket and recycled parts. The issue for insurers is how to trim costs while ensuring parts quality and vehicle safety.
Hub brokerage amongst those subpoenaed in New York broker probe (April 28, 2004)
April 28, 2004 by Canadian UnderwriterHub International’s Kaye Insurance Associates Inc. is amongst a group of brokerages who are being asked to provide information to New York Attorney General Eliot Spitzer as part of a probe into contingent commissions.Also receiving subpoenas thus far are Marsh,…
Adjusters granted “investigative body” status
April 26, 2004 by Canadian UnderwriterRetroactive to March 31, independent adjusters in Canada have been granted the status of “investigative bodies” under the federal privacy legislation.The status, announced by the Canadian Independent Adjusters Association (CIAA), allows independents leeway in the collection, use and disclosure of…
Many Americans support tort reform
April 12, 2004 by Canadian UnderwriterA variety of tort reform measures are receiving public support in the U.S., says a new study by the Insurance Research Council (IRC).Specifically, Americans favor limited attorney compensation, sanctions for frivolous suits, and consolidation of multi-state class actions in federal…
IASB provides “interim standards” for insurers
April 6, 2004 by Canadian UnderwriterWhile much of the guidance for insurers under new international accounting standards was to have been applied under phase two, set for 2008, the International Accounting Standards Board (IASB) has released interim standards for insurance contracts.The International Financial Reporting Standard…