Risk
Despite risk managers and brokers shrugging off investigations of contingent commission arrangements, a new survey suggests commercial insurance buyers do see such payments as a conflict of interest.The study, “A Season of Discontent” by Advisen, shows 69% of the 331 risk managers responding think contingent commissions represent a conflict of interest. Such commission arrangements are […]
By Canadian Underwriter | May 26, 2004
2 min read
The Facility Association (FA) is celebrating early success in its goal to depopulate the New Brunswick pool for high-risk drivers, having reduced market share to 2.5% in just two months.”While the May numbers are early projections, I’m thrilled to see our market share shrink continuously on a monthly basis,” says FA CEO David Simpson. “These […]
1 min read
One-in-four privately held companies has been the target of an employee lawsuit in the past few years, according to a new study by New Jersey-based Chubb Group.In fact, 44% of the companies surveyed said they expect to be the target of such a suit this year, suggests data from the Chubb 2004 Private Company Risk […]
By Canadian Underwriter | May 25, 2004
Industry
Rating agency Moody’s Investors Service has withdrawn its ratings on Symons International Group Inc. and its subsidiaries. The rater notes that interest payments on the company’s trust preferred securities have been in deferral since February, 2000. Those securities had been dropped to a “C” rating by Moody’s.At this point, all of the subsidiaries of Symons […]
A new study by A.M. Best gives ample evidence to the perils of mismanaged reserves for p&c insurers. The study, which covers U.S. insurers from 1969-2004, shows that most impairments when an insurer has their ability to write business limited by regulators due to financial difficulty were the result of reserving issues.In 37.2% of cases […]
Claims
Saskatchewan Government Insurance (SGI) has introduced a new deductible payment plan which allows claimants to finance the payment of their deductible after an accident over a period of 10 months. While SGI does not charge interest, it will charge claimants $30 to use the program. The Institute for Catastrophic Loss Reduction (ICLR) has a new […]
Insurers need to be aware of a potential new geohazard which could increase the likelihood of extreme weather events, according to research by the Benfield Hazard Research Center (BHRC). Gas hydrates, ice-like deposits of water and gas, are being influenced by global warming, a trend which could increase floods, droughts, wildfires and other phenomena.Gas hydrates […]
By Canadian Underwriter | May 24, 2004
Jury awards in employment practices liability (EPL) cases in the U.S. rose 18% last year, according to new research by Pennsylvania-based Jury Verdict Research. The study notes the median EPL award rose to US$250,000, including cases for discrimination and wrongful termination.However, compensatory damages awards in discrimination cases alone actually fell last year, by just 2% […]
Official results for 2003 from Lloyd’s for 2003 highlight the London market’s strong rebound since 9/11, and give evidence to overall industry trends of strong underwriting performance dragged by lingering liability issues from prior years.Lloyd’s is reporting net pre-tax profit of 1.9 billion pounds for 2003, up from 834 million pounds in 2002. This comes […]
Inefficient business processes are costing insurers as much as US$10 per policy in waste, says a new report by Exigen Group. In the U.S., so-called “corporate cholesterol” amounts to more than US$2 billion, with insurers spending up to 30% more on processing claims, policies and customer inquiries than is necessary.”Inefficient processes are like cholesterol in […]
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