Risk
Teetering on the wall of discrimination and unfair discrimination is the practice of auto insurance market segmentation. This rating practice is falling on the unfair side of the wall because of a push by legislators concerned about stigmatizing social groups. The fall will scramble the system to support the finances of high-risk drivers and fry the system for supporting low risk policyholders. If insurers are given the right to evolve the practice of market segmentation rating, an efficient resolution of balanced premiums can be served sunny-side up.
By Douglas E. McIntyre, CEO, Echelon General Insurance Company | August 31, 2005
6 min read
Business Interruption coverage has used a variety of different forms and wording over the years. They all start with the same basic premise: they are triggered only by damage to income-producing property at the premises designated in the policy. Such damage either reduces or impairs the ability to produce cash flow or increases the cost in doing so.
By Richard G. Davidson, Chartered Insurance Practitioner. | August 31, 2005
7 min read
The initial impressions of Hurricane Katrina were television shots of devastating winds and pounding storm surges. The images confirmed what many had predicted – a severe Category 4 or a Category 5 hurricane but nothing that the Southeastern U.S. and Caribbean had not experienced before. At first, the perspective seemed to be: “We’ve lived through […]
By Steve Wilson, Senior Publisher | August 31, 2005
3 min read
Global insurance broker Willis Group Holdings (NYSE: WSH) recently announced plans to deliver on its Client Advocate Model across Canada and thus increase market share and revenues in this region. In lieu of this plan Willis will relocate its regional headquarters from Montreal to Toronto, a strategic move that will enhance the Company’s presence in […]
By Canadian Underwriter | August 30, 2005
2 min read
The Federal Motor Carrier Safety Administration recently issued new hours-of-service rules for commercial truck drivers to replace those that had been vacated by a U.S. Circuit Court of Appeals over a year ago and insurers claim these rules allow for too much time behind the wheel. Some of these old proposals are part of the […]
By Canadian Underwriter | August 25, 2005
1 min read
The Ontario government recently implemented measures so that insurers must offer policies that allow good drivers to sever their records from bad drivers in the same household. Insurers traditionally look at all licensed drivers in the same household when setting a premium rate. As a result “clean” drivers had to pay higher rates if another […]
By Canadian Underwriter | August 23, 2005
Marsh & McLennan Cos. Inc.’s risk capital unit is selling an additional 1.85 million Axis Capital Holdings Ltd. common shares in a block trade, Axis Capital says. Receiving all net proceeds from the sale half of its current holdings of Axis Capital shares is the founding investor of the Pembroke, Bermuda-based specialty insurer and treaty […]
By Canadian Underwriter | August 19, 2005
Aon Corp.’s outlook has been revised from negative to stable, according to Standard & Poor’s Rating Service, which has also affirmed its ‘BBB+/A-2’ counterparty credit rating on Aon. S&P credit analyst Steven Ader says the outlook on Aon has been revised because predictions indicate that the Copmpany will "continue to be successful in implementing its […]
By Canadian Underwriter | August 11, 2005
Marsh & McLennan Companies Inc. earnings have recently been lowered in its insurance services and investment management divisions. In addition, the Company’s restructuring charges have reduced the second-quarter profit to 57%.In the April to June period, the Company’s net income totaled $166 million, $0.31/share and this represents a fall from $389 million, $0.73/share, at the […]
By Canadian Underwriter | August 3, 2005
An overwhelming 77.78% of individuals associated to Canada’s insurance industry believe that insurers should not feel obliged to volunteer coverage for damages incurred to property as a result of catastrophic flooding. The Canadian Underwriter Web Poll for July 2005 asked “Should the onus be on insurers to volunteer monetary aid when catastrophic flooding occurs regardless […]
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