Risk
In light of the investigations spurred by New York Attorney General Eliot Spitzer into broker compensation practices, and the resulting decision by most large brokers to discontinue receiving contingent commissions, the “million dollar question” is how this revenue will be replaced, says rating agency Standard & Poor’s in a new report.S&P notes that the global […]
By Canadian Underwriter | December 19, 2004
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Claims
The unprecedented natural catastrophe losses suffered by insurers in 2004 have caught the attention of the United Nations. At a conference on climate change last week, the UN said more needs to be done to “avert a veritable biblical list of plagues arising from global warming”.The 10th Session of the Conference of the Parties to […]
The Florida legislature decided on Friday to support a plan reimbursing policyholders who paid multiple deductibles on claims filed as a result of this year’s four major hurricanes.In the aftermath of Hurricanes Charley, Frances, Jeanne and Ivan, which struck the state between August and October, homeowners’ policyholders found themselves exposed to multiple deductibles for damage. […]
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Crawford Adjusters Canada has named John Sharoun as COO, to lead all operating units of the firm and working with CEO Glenn Gibson on a new three-year strategy for the company. Sharoun has more than 30 years industry experience, starting his career with insurers including Hartford and Allstate, and then owning his own adjusting firm. […]
Industry
The Canadian Federation of Independent Business (CFIB) says its members remain concerned over the issue of insurance pricing. In its quarterly survey of 100,000 small business owners, the CFIB finds 72% saying insurance prices have had a negative impact on their business in the past 12 months only energy prices had a more damaging impact. […]
By Canadian Underwriter | December 16, 2004
Lloyd’s of London says its capacity should be GBP 13.7 billion (Cdn$33 billion) in 2005, a 9% drop over the nearly GBP 15 billion pounds (Cdn$36 billion) of capacity this year.Lloyd’s chairman Lord Peter Levene says the drop in capacity is actually a positive sign indicating the resolve of the market to maintain underwriting discipline. […]
In its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses. More significantly, more than 21,000 lives were lost to catastrophes both man-made and natural this year, the report notes.Overall economic losses are expected to hit US$105 billion globally, based on the 300 catastrophe events […]
Following the release of a survey indicating the increasing desire to purchase terrorism coverage under the Terrorism Risk Insurance Act (TRIA), broker Aon is adding its voice to the call for an extension of the U.S. government program.Aon says the TRIA-backed coverage is being taken up by 57% of the companies it surveyed, an increase […]
A new study reveals “organic” revenues were dropping for the world’s largest brokers even before the impact of the U.S. compensation probe was felt.The study, by Pennsylvania-based WFG Capital Advisors LP, finds that the eight largest brokerages saw organic revenue drop by 2.7% in the second quarter ending September 30, 2004 almost six weeks before […]
By Canadian Underwriter | December 15, 2004
Standard & Poor’s has upgraded the long-term counterparty credit and financial strength ratings on Guelph, Ontario-based Co-operators General Insurance Co. to “BBB” from “BBB-“. The rating agency also pushed the long-term national preferred stock rating on the company to “P-3” from “P-3 low”, and its long-term global preferred stock rating to “BB” from “BB-“. All […]
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