Industry
While market conditions for Lloyd’s in 2005 will be less favorable than in recent years, A.M. Best still sees opportunities for underwriting profit in the London market.Price weakening is already being seen in 2004, with pricing having peaked in 2003 for most classes, A.M. Best notes in a special report on the Lloyd’s market. Short-tail […]
By Canadian Underwriter | September 20, 2004
1 min read
U.S. insurers posted a whopping US$9 billion underwriting profit in the first six months of 2004, compared to a loss of US$2.7 billion during the first half of 2003, according to data compiled by A.M. Best.In its report on the first-half 2004 results of U.S. p&c insurers, the rating agency finds net income atUS$23.6 billion, […]
2 min read
Claims
Window cleaners in the U.K. are up in arms over insurance rate hikes. The British Cleaning Council (BCC) says that a 50% or more hike in premiums for those who are even able to acquire coverage at all is putting small businesses out of business. While employers’ liability coverage is required for England’s 80,000 window […]
While the film “The Day After Tomorrow” was certainly fictitious, some of the science behind it is not. The concept of global warming slowing down the Gulf Stream and its North Atlantic Drift, is currently the subject of much research, according to the first edition of the annual “Hazard & Risk Science Review”, published by […]
By Canadian Underwriter | September 19, 2004
With Hurricane Ivan predicted to be the costliest of the three hurricanes which have hit the U.S. this season, combined with the earlier Charley and Frances, the events could top the insured loss from 1992’s Hurricane Andrew.Andrew, the worst storm in U.S. insurance history, produced losses which in 2004 dollars are near US$20 billion. While […]
Converium will keep its stake in Global Aerospace thanks to a “fronting” arrangement now in place. Converium currently has a 27.25% share in the provider of airline coverage. The fronting arrangement is with Berkshire Hathaway’s National Indemnity and Munich Re, with each providing security for 50% of Converium’s share.However, a Global Aerospace release notes that […]
Risk
A survey of risk managers by the U.K.’s Association of Insurance & Risk Managers (AIRMIC) finds 21% have registered as insurance intermediaries under the new European Union Insurance Mediation Directive. The directive, which will be enforced by the U.K. Financial Services Authority, comes in to force at the beginning of 2005. However, many of the […]
Home
Although it remains an unprofitable business, auto insurance results did improve in 2003, according to a soon-to-be-released report from A.M. Best.In its statistical review of auto insurance, the rating agency finds premiums rose and losses declined in 2003, particularly for the top 25 writers in the country.As a result of premium increases, auto insurers (excluding […]
By Canadian Underwriter | September 16, 2004
Commercial insurance buyers stand to benefit from increased interest from various countries in the Canadian market, speakers noted at the Ontario Risk & Insurance Management Society (ORIMS) “State of the Market” panel discussion Thursday.Even in the difficult executive risk line, foreign markets are taking notice of Canada, says Adam Briklyn, vice president with Marsh Canada […]
The vote to extend the U.S. Terrorism Risk Insurance Act (TRIA) beyond its December 2005 sunset could come sooner rather than later. The House Financial Services Committee is slated to hold hearings on the act beginning September 29. Insurers this week released a study suggesting failure to renew the terrorism coverage backstop could significantly impact […]
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