Industry
General insurance was responsible for the most inquiries to the new financial services ombuds service in is first full year of operation. According to the first annual report of the Centre for the Financial Services Ombudsnetwork (CSFON), 41% of its consumer inquiries were related to general insurance, and almost 60% of its complaints.The network includes […]
By Canadian Underwriter | February 6, 2004
1 min read
While the modern version of piracy may be a far cry from Pirates of the Caribbean, the incidence of pirate attacks continues to grow, says the International Maritime Bureau (IMB). The division of the International Chamber of Commerce (ICC) says 445 piracy incidents were reported worldwide last year, up from 370 in 2002.The toll in […]
Claims
There was modest growth in the use of catastrophe securitizations last year, says California-based risk modeling company Risk Management Solutions (RMS). In its global study of seven publicly reported transactions, RMS estimates US$1.8 billion in cat securitizations were placed in 2003, driven by a larger average transaction size. Since 1999, cat securitizations have averaged US$1 […]
By Canadian Underwriter | February 5, 2004
Insurers and brokers will soon have real-time access to driver records through a new program from the Insurance Bureau of Canada (IBC). The IBC, working with the Ontario Ministry of Transportation (MTO), is preparing to launch the program April 1.In the past, motor vehicle records (MVRs) were only available through an overnight batch download, causing […]
Risk
In a speech in London this week, Lloyd’s chair Lord Peter Levene spoke of the dangers of the “lemming culture” of insurance, with the prospect of a return to lax, soft underwriting. He noted two U.S. surveys showing prices flattening, and even dropping off in some lines, during the last quarter of 2003. Levene says, […]
By Canadian Underwriter | February 4, 2004
2 min read
Insurers and reinsurers are on the path to a major conflict over recoverables as reinsurers lag in the recognition of reserve problems, says a new report by Standard & Poor’s.The rating agency says “The warning signs are coming thick and fast, among them Liberty Mutual Insurance Co.’s bad-debt provision, in a recent assessment of asbestos […]
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The Insurance Bureau of Canada (IBC) has named acting chief economist and vice president of policy development Jane Voll to take over the position permanently.Voll had been filling the chief economist role since October 2003 when Paul Kovacs moved over to the Property and Casualty Insurance Compensation Corp. (PACICC). With the IBC since 1993, Voll […]
By Canadian Underwriter | February 3, 2004
In his annual “state of the province” address, New Brunswick Premier Bernard Lord took a shot at auto insurers and hinted at further reforms to come for the province’s system.While Lord noted that almost $23 million in rebates have been handed out to new Brunswick drivers since last summer, he says, “Insurance companies are not […]
Releasing it annual “groundhog forecast for 2004”, the U.S. Insurance Information Institute (III) reports analysts’ views that premium growth will decelerate, but the industry’s combined ratio will continue to drop in 2004.Citing an average 7.4% growth in premiums for 2004, analysts say this will come from price increases but also increased demand for insurance as […]
Just as U.S. p&c insurers disclose fourth quarter reserve charges, Moody’s Investors Service says the industry remains woefully under-reserved.In a study of the top 50 p&c insurers and reinsurers, Moody’s noted that commercial liability lines continue to be significantly under-reserved this includes workers’ compensation, medical malpractice, commercial multi-peril and general liability, and excess of loss […]
By Canadian Underwriter | February 2, 2004
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