The Spanish School Saga – A New Direction in “Claims Made” Coverage
January 1, 2005 William BlakeneyIn the late 1800s, the Canadian federal government developed a residential school system to ensure the education of native children. As the Royal Commission on Aboriginal Affairs has pointed out, one flaw of this well intended plan was the fact that Canada looked to the U.S. for a working model. The goal was not to teach Indian children to read and write, but to ensure that by removing them from their home environment, they would be more easily integrated into white society.
Overcoming the Residential Valuation Challenge
November 1, 2004 Klaas WesteraRecent studies have brought the Canadian property insurance industry to one of its biggest challenges in modern history – the knowledge that the majority of its residential property policies are underinsured by significant amounts. And although the need for immediate action is obvious, concerns within the industry about how to go about it are understandably present. The urgency of addressing this industry-wide issue demands that we all move forward and that we do so quickly.
US commercial brokers report market competition and price softening
October 24, 2004 by Canadian UnderwriterThe average premium decline on commercial insurance accounts in the third quarter of 2004 was almost 6%, according to the latest quarterly market index from the U.S. Council of Insurance Agents and Brokers (CIAB).“Price competition has definitely returned to the…
E&S premiums up 28% in 2003: A.M. Best
September 21, 2004 by Canadian UnderwriterThe U.S. excess & surplus (E&S) lines industry saw direct premiums rise 28% in 2003, compared to just 12% growth in the overall property & casualty industry, according to a new report by A.M. Best.E&S writers saw premiums jump 62%…
Advertising Dangers
August 1, 2004 William BlakeneySamuel Johnson once commented that if a man could say nothing against a character but what he can prove, history would not be written.
Silica could be next asbestos: S&P
June 14, 2004 by Canadian UnderwriterA new article by Standard & Poor’s addresses the issue of silica exposure and its potential impact on insurers. “The parallels to asbestos are of concern to us,” says S&P credit analyst John Iten. He expects silica litigation growth could…
RIMS 2004: Tough Talk
June 1, 2004 Vikki SpencerThe property and casualty insurance industry’s mantra of late has become, “how can we stop the cycle”? At this year’s RIMS Conference in San Diego, commercial clients urged insurers to find a way to avoid the startling price increases of the past two and a half years, and temper the behemoth known as the “insurance cycle”. Insurers say this can be done, but caution that everyone – carriers, buyers and legislators – must be part of the solution.
CIAB Survey Shows Reduced Commercial Risk Pricing For 1-Q
May 1, 2004 by Canadian UnderwriterThe latest quarterly market index produced by the U.S.-based Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter of…
D&O market growing: Willis
April 22, 2004 by Canadian UnderwriterThe troubled directors’ and officers’ (D&O) market is actually growing in capacity, with “competition and creativity” being witnessed among carriers, says a new report by international brokerage Willis. While the past two to three years have seen skyrocketing rates and…
CIAB survey shows reduced commercial risk pricing for 1-Q
April 20, 2004 by Canadian UnderwriterThe latest quarterly market index produced by the U.S.-based The Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter…
Market Signals
April 1, 2004 Craig HarrisCanada’s insurance “wholesale” market, which includes underwriting managers, managing general agencies (MGAs) and special risk facilities, has swollen to a considerable size after a turbulent three years. Some of the larger players are now on the same footing as standard carriers when it comes to premium volume. The main question emerging today is how much, and what kind of business will flow back to regular insurers as market conditions change?
Commercial Property Rates Dropping: RIMS Survey
February 1, 2004 by Canadian UnderwriterCommercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd. Risk managers report not only…