Risk
After two years of positive results, insurers are at the proverbial fork in the road. Should prices be lowered to attract new business or should current underwriting standards and pricing be maintained? The last hard market cycle damaged not only the insurance industry's bottom line, but also its reputation. The industry at large must not follow this path again. A smoother trail must be sought.
By Rowan Saunders, president & CEO, Royal & SunAlliance | August 31, 2005
4 min read
This is a new era for Directors and Officers, as amendments to Bill 198 sweep in and reinvent D&O liability. As a result, the insurance market has new concerns: How will businesses conduct change to avoid liability in light of the legislation's demand for increased corporate governance standards? and how can a high caliber of Directors and Officers be maintained in the face of these new liabilities?
By Jay Cassidy, assistant vice president, Marsh Canada Ltd. | August 31, 2005
6 min read
Teetering on the wall of discrimination and unfair discrimination is the practice of auto insurance market segmentation. This rating practice is falling on the unfair side of the wall because of a push by legislators concerned about stigmatizing social groups. The fall will scramble the system to support the finances of high-risk drivers and fry the system for supporting low risk policyholders. If insurers are given the right to evolve the practice of market segmentation rating, an efficient resolution of balanced premiums can be served sunny-side up.
By Douglas E. McIntyre, CEO, Echelon General Insurance Company | August 31, 2005
Business Interruption coverage has used a variety of different forms and wording over the years. They all start with the same basic premise: they are triggered only by damage to income-producing property at the premises designated in the policy. Such damage either reduces or impairs the ability to produce cash flow or increases the cost in doing so.
By Richard G. Davidson, Chartered Insurance Practitioner. | August 31, 2005
7 min read
Industry
Today's changing insurance industry has left brokers and insurers alike teetering on an unbalanced playing field and as such presented the challenge of developing creative products that both maintain market share and increase the client base. Pet insurance, although it may not automatically leap to mind, directly meets the challenge of retaining existing clients and attracting new ones thus adapting to market competition and conditions.
By Sue Howard, manager, PetCare Insurance Brokers Ltd. | August 31, 2005
3 min read
The initial impressions of Hurricane Katrina were television shots of devastating winds and pounding storm surges. The images confirmed what many had predicted – a severe Category 4 or a Category 5 hurricane but nothing that the Southeastern U.S. and Caribbean had not experienced before. At first, the perspective seemed to be: “We’ve lived through […]
By Steve Wilson, Senior Publisher | August 31, 2005
Approximately one-quarter of Patrick G. Ryan’s shares in Aon will be available for purchase over the next year. Ryan, the Company’s corporate executive chairman, says this move will represent the first time in his 42 years heading the brokerage that he has sold any Aon stock. Of the almost 26 million shares he currently holds, […]
August 31, 2005
1 min read
Claims
Swiss Re announced today that based on its preliminary estimate, it expects its claims related to Hurricane Katrina to be in the range USD 500 million (CHF 625 million) before tax. Swiss Re expects Hurricane Katrina to cost the insurance industry in the region of USD 20 billion, making it the most costly hurricane after […]
By Canadian Underwriter | August 31, 2005
2 min read
In a statement on the impact of Hurricane Katrina, the Lloyds of London market issued a statement outlining the likelyhood of serious claims in the aftermath of the catastrophe.”Lloyd’s 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 […]
The remnants of Hurricane Katrina recently fell on Southern Ontario just as Environment Canada forecaster Geoff Coulson predicted.Damage resulting from Katrina’s Ontario presence is likely to be restricted to potential for tree damage and localized power outages in the western Lake Ontario area near Oakville and Hamilton and winds will likely reach 70 km an […]
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