Industry
Topping both the list for the “most stolen” and “highest theft cost” this year is the Subaru Impreza (WRX 4DR AWD), according to the Insurance Bureau of Canada (IBC).In data compiled on 2002-2003 models, the Impreza had the highest theft frequency per 1,000 vehicles, as well as the highest theft claim cost per vehicle, for […]
By Canadian Underwriter | October 20, 2004
1 min read
Risk
The Risk & Insurance Management Society (RIMS) has chosen a new executive director to replace Jack Hampton, who exited the position this past summer. Mary Roth, most recently RIMS’ chief operating officer was named to the post. Roth has been with RIMS since 1985 in a variety of roles including assistant director of research and […]
By Canadian Underwriter | October 19, 2004
It should be a case of “status quo” for reinsurance renewals, despite reports of market softening and the impact of hurricanes hitting the U.S. this fall.Speaking at the 3rd annual Aon Re Rendezvous in Mississauga Tuesday, Aon Re Americas vice chairman Ross McKenzie says while the spate of four major hurricanes which hit the U.S. […]
2 min read
In its analysis of the recent civil charges filed against Marsh by New York Attorney General Eliot Spitzer, rating agency Fitch says the probe into broker commission practices may be an effect of broker consolidation.In a statement, the rater notes, “Fitch believes that this situation is partially an outgrowth of the greater market power that […]
The insurance industry may defy predictions that it will sink rapidly back into price competition given the number of lingering issues still hampering the industry.Speaking at the 3rd annual Aon Re Rendezvous, A.M. Best vice president John Andre says the issues still facing insurers include 2004’s hurricane catastrophe losses, the continued malaise of the investment […]
An executive of insurer ACE has pled guilty to criminal misdemeanor charges related to the investigation of broker commissions being conducted by New York Attorney General Eliot Spitzer. The news came Friday, a day after Sptizer filed civil charges against international brokerage Marsh for alleged “bid rigging” and other fraudulent acts related to the placement […]
By Canadian Underwriter | October 18, 2004
Despite a strong performance by the U.S. property & casualty insurance industry in the first half of 2004, these results will likely be all but wiped out by the spate of hurricanes hitting the southeastern U.S. this fall, notes Robert Hartwig, chief economist for the Insurance Information Institute (III).In his analysis of first-half results, Hartwig […]
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U.S. property & casualty insurers turned in a record performance in the first six months of 2004, with net income hitting US$23.5 billion, policyholder surplus reaching $370.4 billion, according to data released by the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI).This year’s strong performance well outpaces the first half […]
Claims
The 2004 Saab 9-3 has received the rare distinction of being named a “best pick” by the Insurance Institute for Highway Safety (IIHS) in both side impact and frontal offset crash tests. This is the first time a car has topped both lists, with the only other vehicle to do so being the Toyota RAV4, […]
The tally of insured losses from Hurricane Ivan is now expected to be about US$6 billion, according to the Property Claim Services unit of the Insurance Services Office (ISO). The storm, which hit the U.S. on September 16 is expected to produce 600,000 claims across the several affected states. The breakdown of state-by-state insured losses […]
By Canadian Underwriter | October 17, 2004
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