Despite strong profits achieved by U.S. property & casualty insurers in 2003, reserving issues continue to plague the industry, leading Standard & Poor’s to maintain its “negative” outlook on the commercial sector.Although commercial insurers added more than US$40 billion to…
Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) has generated controversy on several fronts, with some arguing that private sector companies are woefully unprepared, while others accuse lawyers and consultants of scare-mongering. A legal challenge from Quebec in late December on PIPEDA’s constitutionality only adds to the confusion. While many support the principles of the legislation, several point out that ambiguities in its practical application will have to be navigated carefully – or interpreted by the courts.
Although statistics show that deaths as a result of fires are on the decline, insurers are still vexed by costly property losses. Can these losses be avoided or minimized?
Auto repair shop attendees at the recently held Canadian Collision Industry Congress (CCIC) took aim at a panel of representatives from insurance companies in questioning the use of after-market parts in insured vehicle repairs. The attendees questioned the quality of…
Robert Frost once suggested that, “a jury consists of twelve persons chosen to decide who has the better lawyer”. While there is an element of truth to this, insurers have long had faith in juries for their common sense and prudent approach to assessing damages. This perspective, however, was recently put “to the test” when a jury awarded an unprecedented $2.5 million in damages against an insurance company.
Insurers and brokers have always emphasized the close working relationship that has afforded both segments of the property and casualty insurance industry to not only survive, but presumably to prosper. Just over two years ago – the year 2000 BHM…
Accountants have become “human pinatas” following recent corporate scandals, television business analyst Dierdre McMurdy said at the a recent luncheon of the Canadian Insurance Accountants Association (CIAA). While the impact of new public accounting rules, including Ontario’s Bill-213, “remain to…
The time has come for change in the way the property and casualty insurance industry handles commercial insurance. Technological innovation can help transform a traditionally paper-intensive process and benefit insurers and brokers. Is the industry up to the challenge?
The U.S. p&c market can expect to see further ratings downgrades when fourth quarter 2002 results are released in the coming weeks, says Standard & Poor’s. In a presentation to investment and brokerage communities, S&P said that despite price hardening,…
In the May 2002 Statistical Issue, the incorrect logo was placed with 2001 statistics for London Guarantee. CU apologizes for any confusion the error may have caused.
One of the most basic responsibilities of an insurance broker is to place coverage with a reputable insurer. The decision to use an unlicensed insurer can result in significant risks for both the broker and the insured.
For risk managers facing January renewals on their insurance portfolios, 2002 was the year of sticker shock and worse. Along with dramatic price increases came new exclusions for mold, cyber risks and terrorism, reduced limits and a struggle to find capacity in the marketplace. But is the headache over? Risk managers expect that it is not, bracing themselves for an uncertain future and wondering when will the hard market end. And many are also looking seriously at options beyond insurance that may have held little appeal in the buyer’s market, but are becoming increasingly attractive in the current seller’s market. At the same time, there is recognition that captives, reciprocals, capital markets and more represent uncharted territory which many within the risk management profession find daunting.