Risk
The Ontario government recently implemented measures so that insurers must offer policies that allow good drivers to sever their records from bad drivers in the same household. Insurers traditionally look at all licensed drivers in the same household when setting a premium rate. As a result “clean” drivers had to pay higher rates if another […]
August 31, 2005
2 min read
Industry
Canada’s commercial property insurance industry’s pricing has become increasingly competitive, according to a recent study by A.M. Best. Direct premiums written increased only 1.5% in 2004, to approximately $5.25 billion, representing a rapid descent and unfavorable trend from 2002 when the growth rate peaked at 30%. While the overall growth rate was low in 2004, […]
The Federal Motor Carrier Safety Administration recently issued new hours-of-service rules for commercial truck drivers to replace those that had been vacated by a U.S. Circuit Court of Appeals over a year ago; insurers claim these rules allow for too much time behind the wheel. Some of these old proposals are part of the new […]
1 min read
AXIS Capital Holdings Ltd. (NYSE: AXS) has entered into a $1.5-billion credit agreement with a syndicate of lenders. This renewal agreement is an unsecured five-year facility that allows the Company to issue letters of credit for up to the full amount of the facility, and to borrow up to $500 million for general corporate purposes. […]
Estimates for property damages incurred as a result of Hurricane Katrina range from $9 billion to $26 billion, according to forecasters. Estimates of insured losses on the Gulf Coast could range from $9 to $16 billion, according to Oakland, CA-based EQUECAT Inc. AIR Worldwide estimates that Katrina may cost the insurance industry between $12 and […]
The Lloyds of London market outlined the likelihood of serious claims in the aftermath of the catastrophe stating that the company “expects to receive significant insurance claims as a result of Hurricane Katrina, predominantly in relation to offshore energy installations in the Gulf, property damage and business interruption.” “We are asking all insurers at Lloyd’s […]
Recently, even before Hurricane Katrina hit New Orleans, devastating the nation and causing near insurmountable damage, Allstate Corp. suggested a taxpayer backed catastrophe insurance pool might be the best bet for US consumers. Natural and manmade disasters from hurricanes, flooding, explosions and even terrorism are, as Katrina reiterates, inevitable. Yet it is apparent that the […]
Tumultuous talk about alternative risk financing vehicles from securitization to catastrophe bonds and captives has lead to one conclusion - reciprocal insurance exchanges present Canada with the most compelling case. Will the flurry of activity around reciprocals fade away as the market continues to soften or can organizations make the commitment to share their risks?
By Craig Harris | August 31, 2005
9 min read
Despite concerns related to the bank act review and the Spitzer investigations, when the playing field is level and the broker true to their consumers best interests, even the powerful might of a megalith bank or media frenzied fiasco poses little concern to Canadian brokers who boast superior strength through stable service and staunch numbers, according to IBAC's incoming president.
7 min read
Claims
Insurance companies in search of restitution and punitive damage awards are being forced to pursue civil litigation due to the relatively lenient criminal sentences given to perpetrators of organized fraud. While some government-run auto insurers have been successful in civil actions, the jury is still out on whether private sector companies can band together to fight fraud on a different front. A new civil recovery project from the Insurance Bureau of Canada hopes to tilt the scales.
8 min read
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