Risk
A bill to extend the Terrorism Risk Insurance Act (TRIA) two years past its December 31, 2005 sunset has been introduced in the U.S. Senate, crafted by Sens. Robert Bennett and Christopher Dodd. The same two men had introduced a similar bill during the last Congress which never made it to a vote. Also on […]
By Canadian Underwriter | February 21, 2005
2 min read
U.S. insurers and their commercial clients are celebrating the passage of class action reform legislation by the U.S. Senate. The Senate passed S.5, the "Class Action Fairness Act" by a vote of 72-26 on Thursday, and it is expected similar legislation will also be passed by the House, with President George W. Bush already stating […]
By Canadian Underwriter | February 13, 2005
Aon Corp. has set aside US$50 million for possible settlements resulting from investigations into industry practices in New York and other U.S. states. The company says US$43 million of this is allocated to its insurance brokerage and risk arm, while the remainder is to its consulting operations. The announcement came as the company reported earnings […]
By Canadian Underwriter | February 10, 2005
1 min read
Speaking before the Standing Senate Committee on Banking, Trade and Commerce on Thursday, the federal financial services regulator says thus far Bill C-8’s changes have generated interested in the creation of small banks.So far, six “small, closely held domestic banks” have been created since the new legislation was put into force, and about a dozen […]
In its “2004 Marsh Canada Corporate Risk Review”, the broker finds several key threats are front-of-mind for small and medium-sized businesses, and these threats go well beyond traditional property hazards.In a survey of organizations from a variety of industries where annual sales are between $100,000 and $1 million, the broker finds financial, economic and human […]
By Canadian Underwriter | February 9, 2005
U.S.-based MarketScout says p&c premiums rose 1% in January, indicating significant softening compared to January, 2004 when premiums rose 11%. According to MarketScout’s “market barometer”, rate increases peaked in March, 2003 with a 28% jump, but increases have fallen back considerably since then. In each of the last three months of 2004, rate increases averaged […]
By Canadian Underwriter | February 8, 2005
Insurers are making progress in their efforts to implement enterprise risk management (ERM), but their success depends to some extent on their ability to link ERM to economic capital, says a new report by Tillinghast.While insurers say they want to use ERM to build shareholder value, many remain focused on fundamentals, the report notes. Insurers […]
The London market needs to bring about a change in behavior if it is to meet the expectations of clients and regulators in a shifting insurance world, Lloyd’s CEO Nick Prettejohhn told the Insurance Institute of London this week.Given the intense spotlight being placed on insurer and broker activities both in the U.S. and U.K., […]
Despite the tumult of hurricanes, typhoons and tsunamis in 2004, insurers maintained a discipline last year that they hope will carry into 2005, according to the annual “State of the Market” report by broker Heath Lambert.2004 saw insurers display “a mature and disciplined approached to underwriting”, despite pricing softening in some classes of business. Despite […]
By Canadian Underwriter | February 7, 2005
Zurich Financial Services Group says it will pay Equitas US$547 million to commute policies purchased from Zurich’s Centre operation by Lloyd’s syndicates reinsured by Equitas. Zurich says the agreement ends Centre’s exposure to those syndicates. “This commutation represents significant progress in the overall run-off of Centre’s liabilities,” notes a Zurich statement. A study by The […]
By Canadian Underwriter | February 6, 2005
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