Claims
Terrorism risk is on the rise around the world, with increased exposure seen in many countries, according to the “2005 Terrorism Risk Map” released by Aon.In total, 31 countries have received higher terrorism threat rankings than last year, with 48% of these in Western Europe. This includes the Netherlands, Germany, Belgium and Denmark, where increased […]
By Canadian Underwriter | April 20, 2005
2 min read
Industry
While 2004 was the best year of the hard market cycle in terms of company financial returns, the year ahead will likely see deteriorating results as lower pricing and rising claims costs eat at the industry’s bottom-line, predicts George Cooke, president of the Dominion of Canada General Insurance Co. Speaking at an Insurance Brokers of […]
By Canadian Underwriter | April 19, 2005
Risk
Risk managers need to take the reigns and address their own concerns regarding broker compensation,the new president of the Risk & Insurance Management Society (RIMS) told members Tuesday.As part of the keynote panel discussion at RIMS’ annual conference in Philadelphia, new president Ellen Vinck challenged risk managers not to leave the solutions to the broker […]
St. Paul Travelers is expanding its Canadian operations with the addition of a new “national programs” unit based in Toronto.The new unit follows on the heels of an oil and gas unit created last year and based in Calgary. And a Montreal-based entertainment unit is also in the works.Rick Smith, president of global underwriting for […]
The CEOs of two of the world’s leading brokerages gave differing views on what the future of intermediary compensation should look like at the keynote panel discusssion at the Risk & Insurance Management Society (RIMS) Conference Tuesday.New Marsh CEO Michael Cherkasky says all brokers should discontinue accepting contingent commissions, noting “contingencies are inherently a problem” […]
Canadian risk manager Susan Meltzer was honored Monday with the highest award bestowed by the Risk & Insurance Management Society (RIMS) at the society’s annual conference in Philadelphia.Meltzer, assistant vice president of risk management for Sun Life Financial, received the Harry & Dorothy Goodell Award for “furthering the goals of risk management and RIMS through […]
By Canadian Underwriter | April 18, 2005
1 min read
The insurance industry needs to communicate better, not only in terms of full transparency with clients, but also working closely with regulators, Lloyd’s chairman Lord Peter Levene told a Philadelphia audience Monday night.Speaking to business leaders at the Philadelphia Club, Levene says insurers need to tackle issue such as the recent controversy over broker compensation […]
Don Wheaton, owner of a chain of General Motors dealerships across Western Canada, as well as Millennium Insurance, has been granted federal approval to start up Canada’s first private bank.The Office of the Superintendent of Financial Institutions (OSFI) and federal Finance Minister Ralph Goodale have approved a charter for the Wheaton Group of Companies to […]
By Canadian Underwriter | April 17, 2005
If insurers are to “salvage” results for the rest of this decade, it will require a permanent shift in the underwriting culture, says Robert Hartwig, chief economist for the Insurance Information Institute (III).Hartwig, commenting on 2004 yearend results for U.S. p&c insurers, says that the days when a “relatively lousy” combined ratio of 109.2% could […]
U.S. insurers had their day before a Senate committee investigating the status of the Terrorism Risk Insurance Act (TRIA), urging lawmakers to extend the program beyond its December 31 sunset. Insurers insist the government backstop for terrorism risks must be renewed because the private market is not yet prepared to handle the potentially unlimited exposure […]
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