Risk
The Risk and Insurance Management Society (RIMS) is reaffirming its support for an extension of the Terrorism Risk Insurance Act (TRIA).Currently a bill is before the U.S. Senate which would extend the government’s terrorism insurance backstop for two years beyond its December 31, 2005 sunset. RIMS says Congress should pass this extension as soon as […]
By Canadian Underwriter | March 2, 2005
2 min read
Industry
The U.S. Insurance Information Institute (III) says homeowners’ insurance rates are expected to rise 2.5% in 2005, which would be the smallest increase seen in the last six years. In 2004, rates rose 3.8% and the average premium was US$660 this is expected to rise US$17 in 2005. III chief economist says some of the […]
1 min read
Claims
Releasing its 2004 yearend results this week, Marsh says it may cut as many as 2,500 more jobs worldwide in an effort to reduce costs. This comes on top of 3,000 job cuts already made since the investigation into alleged big-rigging and conflict of interest was launched against the brokerage by New York Attorney General […]
By Canadian Underwriter | March 1, 2005
Canadian and U.S. financial institutions are falling behind those of other countries in managing today’s escalating risks, according to a new study by Deloitte.The study, based on interviews with executives from 162 global financial institutions, makes this conclusion based on factors including the comparatively low percentage of companies who have a chief risk officer (CRO) […]
Catastrophes, both natural and man-made, cost insurers US$49 billion last year, with the bulk of this coming from the U.S. hurricanes and Japanese typhoons, according to the annual Swiss Re sigma study on catastrophes.Of course, the human toll from catastrophes was staggering, with more than 300,000 people killed in 2004, about 280,000 of these deaths […]
RIMS has announced the CEOs of two of the world’s largest insurance brokerages will take part in a keynote panel on the broker compensation issue at its annual conference in Philadelphia this April. Marsh CEO Michael G. Cherkasky and AON Ceo Patrick G. Ryan will headline a keynote panel which will also include Canadian Susan […]
The Insurance Institute of Ontario’s 106th Convocation and Awards Night for CIP and FCIP graduates was held at the John Labatt Theatre of Toronto’s Metro Convention Centre recently, with guest speaker two-time Olympic gold-medalist Catriona LeMay Doan. K&K Insurance Group’s Susan Eadie picked up three awards: The RIMS Award, The Centennial Award and The Fellows […]
February 28, 2005
3 min read
Auto
Royal & SunAlliance Canada Group has named two new board members: Robert G. McFarlane and Shelley Miller. McFarlane is executive vice president and CFO of TELUS Corp and vice chair of the Business Council of B.C. Miller is a partner at Edmonton law firm Fraser Milner Casgrain LLP who specializes in insurance and commercial law. […]
Fairfax Financial Holdings (TSX: FFH) produced a net loss of US$17.8 million, or US$2.16 a share for 2004. The company attributes the red ink to a total loss of US$252.7 million stemming from the four U.S. hurricanes that struck in the third quarter of last year. Fairfax did, however, produce a profitable fourth quarter ending […]
Aon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three U.S. states into contingent commissions and business practices. The fund applies to policies incepted or renewed from January 2001 through to the end of December, 2004, the broker notes. Aon faced investigations by five different authorities – […]
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