What’s new: In brief (March 01, 2005)
March 1, 2005 by Canadian UnderwriterRIMS has announced the CEOs of two of the world’s largest insurance brokerages will take part in a keynote panel on the broker compensation issue at its annual conference in Philadelphia this April. Marsh CEO Michael G. Cherkasky and AON…
Auto Choice – Clarity or Confusion?
December 1, 2004 by Canadian UnderwriterAuto insurance regulators and product distributors are increasingly in favor of introducing customization into what has been a traditionally standard offering. Choice, however, implies a clear set of options and a knowledgeable consumer. Will Ontario’s experiment provide meaningful and transparent choice in auto insurance coverage?
Regulatory Affairs Symposium: IBC seeking “a few good companies” for SABS pilot
November 4, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is looking for insurers to participate in a pilot program which could be a first step to risk-based regulation of market conduct. Attendees of the IBC’s Regulatory Affairs Symposium learned Thursday that the IBC…
Broker, Consumer Relations: Battered & Bruised?
October 1, 2004 Sean van Zyl, EditorWith insurers’ profitability believed to now be at a sustainable level to deliver adequate shareholder returns, a sense of stability has crept into the Canadian property and casualty insurance marketplace. Coverage availability has increased tremendously across the provinces over the course of this year, with new product innovations within the regulated auto line set to kick into effect in early 2005 – all of which should alleviate the cost pressures and overall company/broker relationship stress that has marked the past two years of the hard market. But, will consumers simply forget the turmoil of the insurance marketplace and willingly embrace the industry with open arms? Whether justified or not, the public image of the insurance industry has plummeted to an all-time low – an issue which brokers and insurers alike agree has to be addressed urgently.
On the Move (October 01, 2004)
October 1, 2004 by Canadian UnderwriterCanadian Broker Network recently added two new members: Smith Petrie & Scott Insurance Brokers of Ottawa, and Moore-McLean Corporate Insurance Ltd. of Toronto. The network now includes nine independent commercial brokers and is actively seeking members in Altantic Canada and…
What’s new: In brief (September 07, 2004)
September 7, 2004 by Canadian UnderwriterAviva has sold its general insurance business in Asia to Mitsui Sumitomo Insurance in a cash transaction valued at 249 million pounds (Cdn$570 million). Aviva says it intends to focus on its long-term savings business in the region. The first…
Insurers Back Windstorm Project
June 1, 2004 by Canadian UnderwriterA major new windstorm research project has been initiated after gaining financial backing from the insurance industry. The industry’s disaster prevention organization, the Institute for Catastrophic Loss Reduction (ICLR) has approved the University of Western Ontario’s (UWO) proposal to build…
On the Move (June 01, 2004)
June 1, 2004 by Canadian UnderwriterAlong the election of Nancy Chambers of Waterloo Region Municipalities Insurance Pool as president of RIMS, fellow Canadian Joseph Restoule, senior risk consultant for NOVA Chemicals Corp. was named vice president, chief risk officer and secretary of the RIMS executive…
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…
Omni Insurance Brokers Assumes Control of SIAA Canada, Establishes Strategic Master Brokerage
December 7, 2003 by Canadian UnderwriterSIAA (Strategic Independent Agents Alliance), the largest network of partnering independent insurance agencies in the U.S., recently announced that Omni Insurance Brokers of London, Ontario has assumed control of SIAA Canada and has established Southwest Brokers Network as a Strategic…
Captive & Art Growth: Corporate Retentions Rise in Wake of the Hard Market
November 1, 2003 Sean van Zyl, EditorFueled by traditional insurance capacity shortage during 2002, particularly in the liability risk classes and certain specialty risk sectors, the growth in corporate risk retention through establishment of captives and other alternative self-insurance mechanisms is expected to maintain record levels through this year and into 2004 – after coming off a “ten year banner year” for 2001 following the insurance cost impact of the 9/11 terrorist attacks. Canada has not been excluded from this trend, with the number of captives formed during 2002 more than doubling the overall worldwide growth rate of captive formations. Canadian risk solution experts CU spoke to believe that the premium value as well as establishment of self-insurance mechanisms for this year and 2004 will continue to reflect strong growth despite the moderate improvement in traditional insurance capacity and easing of pricing currently emerging in the marketplace.
Tort reform and regulatory burden on Levene’s hit list
September 16, 2003 by Canadian UnderwriterLloyd’s of London chairman Lord Peter Levene tackled the themes of tort reform and the unfair regulatory burden placed on the London market, in a speech yesterday to a U.S. audience. Speaking at “Town Hall Los Angeles”, Levene revisited the…