Risk
While commercial buyers were reporting price stabilization, brokers are reporting significant softening across accounts in the first quarter of 2005.The results of the Council of Insurance Agents and Brokers (CIAB) contrast with views expressed by risk managers in the RIMS/Advisen survey, with broker saying price decreases are the norm, while their buyers say many lines […]
By Canadian Underwriter | April 24, 2005
2 min read
Groups representing brokers and agents in the U.S. have come to blows following a speech at the recent Risk & Insurance Management Society (RIMS) Conference by Willis CEO Joe Plumeri.In the speech, Plumeri said contingent commissions should be abolished for all intermediaries, including both agents and brokers. The National Association of Professional Insurance Agents (PIA) […]
Four Canadians are members of the newly-restructured board of the Risk & Insurance Management Society (RIMS). RIMS decided last year to merge its large former board and executive committee, with new president Ellen Vinck pointing to the much smaller board’s ability to act more efficiently and effectively. Along with Vinck’s election as president for the […]
1 min read
Industry
U.S. insurers groups have come out strongly opposed to a Senate bill to establish a US$140 billion fund for resolving asbestos claims.While insurers have worked with legislators towards a resolution to the multi-billion-dollar asbestos litigation crisis, they say the bill introduced last week by Republican Senator Arlen Specter is not the solution.Specter, who is Senate […]
Fitch Ratings has revised the outlook on Gen Re parent Berkshire Hathaway to negative, but says General Re’s own rating is stable. The “AAA” rating on Berkshire Hathaway is in doubt based on what the rater calls “key person risk” as a result of chairman Warren Buffet’s age, as well as the impact of current […]
By Canadian Underwriter | April 21, 2005
Commercial insurance buyers in the U.S. and Canada are reporting pricing rebounds and stabilization in the first quarter of 2005, according to benchmark survey results published by the Risk & Insurance Management Society (RIMS) and Advisen.While 2004 represented a year-long period of rate softening, rate declines fell off in many lines in early 2005, while […]
Auto insurance rates are dropping in Ontario, and will soon fall further in Alberta, but for two very different reasons. While insurers have filed for rate reductions in Ontario amounting to a further 1.12% decrease in the first quarter of 2005, the Alberta government will force insurers to drop rates by an extra 6% in […]
A study based on the revenue performance of the top U.S. insurance brokerages suggests that the sector’s earnings growth has been severely impacted by premium rate stabilization, increased competition and the clampdown on contingent commissions that followed in wake of the Spitzer investigation. The study, which was compiled by investment bankers WFG Capital Advisors LP, […]
By Canadian Underwriter | April 20, 2005
Arch Insurance Group has entered the Canadian market with the launch of branch office Arch Insurance (Canada). The official announcement was made today at the Risk and Insurance Management Society (RIMS) Conference in Philadelphia.Arch Canada will offer a range of commercial property & casualty and specialty insurance products, marketed through brokers and wholesalers, including property, […]
Underwriters at Lloyd’s say pricing is the top buyer concern, not the current investigations into broker contingent commissions and other industry practices.In a survey taken by Lloyd’s of its member underwriters, 84% see pricing as the main issue on clients’ minds, while only 4% point to the current investigations spurred by New York Attorney General […]
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