Risk
With the introduction in the Ontario legislature of a bill to allow restaurant patrons to “bring your own wine” (BYOW), restaurant owners are expressing concern the legislation will have negative insurance implications. Specifically, the Ontario Restaurant, Hotel and Motel Association (ORHMA) wants to delay the bill until formal discussions are held to resolve issues including […]
By Canadian Underwriter | June 10, 2004
1 min read
Industry
As competition looms in the U.S. property & casualty market, insolvency could be the order of the day for some insurers, says Insurance Services Office (ISO) CEO Frank Coyne.Coyne made the comments as part of the Insurance Accounting & Systems Association Conference in Las Vegas this week.Coyne points to evidence of softening conditions despite many […]
By Canadian Underwriter | June 9, 2004
2 min read
A.M. Best has affirmed the “A” (excellent) financial strength rating of Swiss (re)insurer Converium AG and its core subsidiaries, with a stable outlook. The rating comes as a result of expected improvement in the company’s 2004 earnings, but is offset by uncertainty surrounding reserving related to U.S. casualty business written between 1997 and 2001. A […]
The responsibility for maintaining control over underwriting discipline even as competitive forces creep into the market goes all the way up the corporate ladder to rest with CEOs, industry leaders told the World Insurance Forum this week. In the “leadership forum”, representatives of the insurance, reinsurance and brokerage communities agreed insurers must stand tall in […]
Lloyd’s run-off reinsurer Equitas has upped it reserves to cover U.S. asbestos lawsuits by 296 million pounds (Cdn$735 million) on the expectation that tort reform to limit such suits will not be reached.Overall Equitas, which was created to handle Lloyd’s general insurance liabilities for the years prior to 1993, is holding reserves of 4 billion […]
The Financial Services Commission of Ontario (FSCO) confirms the release of a final framework to replace the designated assessment center (DAC) system will be delayed as the earlier proposed expert assessor network (EAN) goes back to the drawing board. FSCO spokesperson Rowena McDougall says as a result of consultations on the EAN proposal, more than […]
By Canadian Underwriter | June 8, 2004
Risk managers and brokers have been shocked by the rapid return of soft market conditions, a panel of speakers told the World Insurance Forum in Bermuda yesterday.”We’re not seeing any sort of rate stability in the marketplace today,” admits Peter Garvey, president & CEO of North American operations for Marsh Inc. Specifically, the softening of […]
Claims
Storms the first week of June in Texas are expected to cost insurers US$75-100 million, according to the Southwestern Insurance Information Service (SIIS).During the first two days of June, winds of 90 miles per hour ripped through the Texas, as well as parts of Louisiana, Arkansas and Oklahoma. More than 500,000 were left without power, […]
Despite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance Forum in Bermuda yesterday.”Past prediction declaring the cyclical nature of our business has gone away […]
The Ontario government’s proposal for an “expert assessor network” (EAN) has “a lot of weaknesses” according to feedback from the insurance industry.The proposal has been sent back to the drawing board, it was confirmed Friday by the office of Mike Colle, the man leading the Liberal government’s auto reform efforts. For the insurance industry’s part, […]
By Canadian Underwriter | June 7, 2004
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