Claims
The final tally for the four major Atlantic hurricanes which struck the U.S. coast this year will be in excess of US$20 billion, confirms the Property Claim Services (PCS) unit of the Insurance Services Office (ISO).Hurricane Jeanne, the last of the four, should cost insurers US$3.25 billion, and produce nearly 385,000 claims from homeowners and […]
By Canadian Underwriter | October 27, 2004
1 min read
Risk
The Property-Casualty Insurers Association of America (PCI), says the issue of broker commissions has become confused the long-standing practice of contingent commissions is being lumped in with alleged acts of wrongdoing which are not accepted by the industry. “While those guilty of any illegal business practices should be punished, it is unfair to paint the […]
By Canadian Underwriter | October 26, 2004
Average commercial insurance premiums dropped for a third consecutive quarter, according to the latest release of the RIMS/Advisen Benchmark Survey of corporate risk managers in North America.The survey finds softening across many lines of business on third quarter renewals, with property, excess and fiduciary liability dropping 2-3%, and general liability and directors’ and officers dropping […]
Industry
Just one day on the job and new Marsh CEO Michael Cherkasky has led a major overhaul of the brokerage’s business practices. Under the new scheme, the brokerage will not only stop the practice of contingent commissions, as previously announced, but will also make “all revenue streams 100% transparent to clients”. This means clients will […]
2 min read
Associations representing Canadian brokers says allegations of “hidden commissions” being paid by insurers is unfair to reputable, professional brokers. The Insurance Brokers Associations of Canada (IBAC) and Ontario (IBAO) have released statements responding to events in the U.S., as well as a call by the Consumers Association of Canada (CAC) for government to investigate what […]
A recent survey of Lloyd’s managing agents found that while 78% said the most important driver of good risk management is business benefit, half of those surveyed felt compliance was the best means of achieving good risk management.These results are disappointing and signal the need for Lloyd’s market participants to do more than “box ticking”, […]
By Canadian Underwriter | October 25, 2004
Ending weekend speculation, Marsh CEO Jeffrey Greenberg has resigned, amid civil charges filed against the international broker by New York Attorney General Eliot Spitzer. In a statement, Marsh says Greenberg “placed the interests of the company first” in resigning, and added that on Tuesday it would unveil changes to the way it does business “which […]
The upcoming renewal season will be a “key test” of reinsurers’ resolve to maintain price discipline, says rating agency A.M. Best.Cedants and brokers will be expecting price softening, Specifically in the property line, despite the rash of catastrophe losses seen in the third quarter of 2004, the rater says. There may also be some expectation […]
Insurance Search Bureau of Canada (ISB) and CGI Group have signed an agreement for the reciprocal distribution of accident and occurrence police reports to create a North American-wide network for p&c insurers to retrieve these reports. The agreement allows insurers to access the reports as needed, with faster turnaround times, from virtually any police department […]
Standard & Poor’s has lowered the rating on Aon Corp. as a result of expected earnings impact from the broker’s decision to discontinue market service agreements (MSAs). Fitch has also placed Aon on a negative watch as a result of the move, with S&P putting fellow brokerage Willis on negative watch as well. The rating […]
By Canadian Underwriter | October 24, 2004
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