Industry
U.S. commercial property and casualty insurance rates continued to decline in the second quarter of this year across the various business size segments of the marketplace, according to the latest quarterly broker member survey conducted by the Council of Insurance Agents & Brokers (CIAB). As a result, CIAB members once again highlighted rapid price weakening […]
By Canadian Underwriter | July 22, 2004
1 min read
A legal action brought by the Insurance Corp. of British Columbia (ICBC) against Speedy Glass for having allegedly violated market practices under the crown insurer’s "Glass Express" repair program has been settled.ICBC charged that a number of Speedy Glass outlets operating in B.C. waived deductibles on repairs and had paid referral fees to auto dealerships […]
By Canadian Underwriter | July 21, 2004
Claims
Earthquakes which shook British Columbia this week point to the need for homeowners to ensure they have adequate coverage in place to deal with the earthquake risk, and to the need for disaster preparation to be in place in homes.The B.C. Automobile Association (BCAA) sent out the reminder to the province’s residents to review their […]
Insured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional services for the Insurance Bureau of Canada (IBC).With 19 insurers reporting preliminary claims figures, Bremness […]
By Canadian Underwriter | July 20, 2004
Risk
U.K. risk managers are welcoming word from the Financial Services Authority (FSA) that they will not be considered “intermediaries” under the new U.K. regulations. The Association of Insurance & Risk Managers (AIRMIC) says a letter it received from the FSA means most risk managers will not have to apply for a license from the regulator […]
The gap between reinsurance recoverable expectations of cedants and reinsurers is widening, and is now estimated between US$14-$24 billion, according to a study by Conning Research and Consulting Inc. The estimate is based on expectations reported by cedants which are significantly higher than those of reinsurers.”While there are filing data issues that distort the net […]
Swiss reinsurer Converium AG and its subsidiaries have seen their counterparty credit and financial strength ratings lowered by Standard & Poor’s to “A-” from “A”. The downgrade is a result of Converium’s announcement that it would take an earnings hit in 2004 to boost reserves for U.S. casualty business by US$400 million at least. A […]
By Canadian Underwriter | July 19, 2004
Commercial
The outlook for the U.S. commercial lines sector has been revised from negative to stable by rating agency Fitch. Fitch had placed a negative rating on the sector since September 2000.Fitch says there will be fewer rating changes in the near term and that the number of downgrades with be close to the number of […]
Auto
First quarter income reported by Manitoba Public Insurance (MPI) the province’s government auto insurer dropped significantly but is in line with historic norms.Net income for the first quarter ending May 31, 2004 was just $8.7 million, down from $29.3 million a year earlier. However, “these numbers [for first quarter 2004] are in line with typical […]
In a comparative study of companies in the U.K., U.S., Germany, France and the Netherlands, British firms were more likely to have a specific risk specialist to handle corporate governance functions, while U.S. firms largely put primary responsibility for this function with the CFO.The study by CODA Financials Inc. finds 38% of U.K. companies have […]
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