Industry
The recent settlements by former WorldCom and Enron directors highlights the new phenomenon of directors paying to settle litigation using their own funds, according to an article by Darryl P. Rains, partner at legal firm Morrison & Foerster LLP. In the past, outside directors rarely contributed personally to litigation settlements, but just this month 10 […]
By Canadian Underwriter | January 20, 2005
2 min read
The implementation of section 404 of the Sarbanes-Oxley corporate governance requirements in the U.S. will likely lead to more frequent revelation of internal control problems on the part of corporations, says a new study by Fitch.The rating agency says it expects “material weaknesses” will be reported during the next year to two by many companies […]
Despite a record level of catastrophe losses in 2004, reinsurers appear to be giving in somewhat to soft market pressures, according to a review of 2004/2005 renewals by broker Benfield.The report says that the most recent renewals saw increasing competition which pressured underwriters to reduce prices. “While 2004/5 renewals were orderly, there were signs that […]
By Canadian Underwriter | January 19, 2005
1 min read
Auto
Technology has a role to play in reducing personal injury claims costs, but only if specific criteria are taken into consideration. A new report by the U.S. Insurance Services Office (ISO) outlines 10 “critical factors” in reducing these costs.The first is early assessment of damages, key to reducing unnecessary legal costs and setting proper reserves. […]
Claims
Following reassessment of its purchase of Vista, Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has restated its half-year earnings for the period ending June 30, 2004. The company announced last November revised figures for the first quarter of 2004, after it determined the fair value of vendor debt issued on the Vista acquisition was […]
Risk
The Insurance Institute for Highway Safety (IIHS) says if police in all U.S. states were allowed to stop drivers not wearing a seatbelt, 700 lives per year would probably be saved. Currently only 21 states and the District of Columbia have so-called “primary stop” laws, while in other states police can only issue a seatbelt […]
According to rate approvals from the Financial Services Commission of Ontario, the average auto insurance rate dropped 10.6% over the course of 2004. But insurers say consumers in Ontario will see even more savings in 2005.FSCO calculates the average rate change, weighted by each insurer’s marketshare, taking in rate applications for all four quarters of […]
By Canadian Underwriter | January 18, 2005
The Canadian government Tuesday said it would earmark $850,000 to help the B.C. provincial government beef up its tsunami warning system.Public Safety and Emergency Preparedness Canada (PSEPC) will set aside $350,000, while Indian and Northern Affairs Canada will kick in $500,000 in funding for training, telecommunications and tsunami warning capabilities for coastal B.C. communities. PSEPC […]
In its “International Liability Market Review”, broker Willis says predictions that the liability market would see flat to declining pricing in the second half of 2004 were borne out. But the 10-15% declines in liability pricing paled in comparison to property reductions on the order of 30% for some accounts.There remains substantial variation in the […]
Alberta’s Agricultural Financial Services Corp. is giving out $2 million in premium rebates to about 7,400 farmers who purchased straight hail insurance in 2004. While 2004 was actually a high loss year for crops due to hail, past experience has been favorable, leading to the rebate. Farmers with a claim in 2004 will receive a […]
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