Risk
In its “Marketwatch” review of property terrorism insurance amongst commercial buyers, broker Marsh finds rates holding steady in the third quarter of 2004.The survey of 754 companies finds take-up rates holding in the mid-40% range the rate was 44% in the third quarter, down from 46% in the second quarter of 2004, but up significantly […]
By Canadian Underwriter | December 15, 2004
2 min read
Industry
B.C. Finance Minister Gary Collins is stepping down to take a job in the private sector. Collins, who has held the role since 2001 when the Liberals took office with a landslide election win, says he wants to devote more time to his family. He will be joining Vancouver-based airline HMY Airways. Health Services Minister […]
In its statistical review of U.S. multi-peril Commercial lines carriers, A.M. Best shows little hope that market softening will not set in full force in 2005.The study notes that premium growth was a solid 7.5% in 2003 for the top writers, although down from the pace set in 2002. However, indications in 2004 are that […]
By Canadian Underwriter | December 14, 2004
1 min read
Despite strong sector results in 2003, 2004 is showing the lingering pain of adverse development on prior year claims for U.S. reinsurers, according to a new statistical study by A.M. Best. 2002 was a record year for reserve charges amongst U.S. reinsurers a total of US$7.9 billion in adverse reserve development was recorded, adding 31 […]
Claims
Standard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the purposes of coverage, thus potentially doubling the payouts for the nine companies involved, S&P says […]
Despite dire predictions of a return to soft market pricing, experts at Swiss Re’s annual “Economic Insurance Industry Review and Outlook” in New York say companies are maintaining discipline.”Underwriting remains disciplined,” says Patrick Mailloux, head of Swiss Re’s U.S. direct, Americas division. “Industry-wide, capital position is improving but capacity constraints persist, and the hurricane losses […]
Chubb Insurance Co. of Canada has appointed Paul Morrissette as manager of its personal insurance, Canadian zone. He has 15 years of insurance industry experience, all with Chubb, most recently as vice president of Chubb Personal Insurance in New Jersey. Morrissette replaces Susan Vella, who has moved to Chubb’s U.S. operations. Facility Association CEO David […]
By Canadian Underwriter | December 13, 2004
U.S. reinsurers have seen their previously negative outlook lifted to stable by rating agency Standard & Poor’s.S&P says the upgrade is justified despite declining premiums in the primary market, as earlier rate increases earn through in 2005.”Despite moderate premium rate declines in both property and casualty lines in recent months, profitability margins in most lines […]
A new survey of builders and real estate lenders finds the majority citing mold as the top environmental concern facing the real estate industry.The survey, conducted by Hartford, Connecticut-based Environmental Assessment Group, finds more than 75% of respondents were aware of at least one real estate transaction where a party backed out as a result […]
The Insurance Bureau of Canada (IBC) is using its annual “top ten” insurance crimes list as a chance to educate rather than amuse this year. In particular, the IBC is focusing on the crime of auto theft and its potentially deadly results as a way of lobbying for stricter penalties for auto theft crimes.The IBC […]
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