Risk
Commenting on January 1, 2005 renewals, French reinsurer Scor says pricing was fragmented by line of business and geography, with specific rate erosion in short-tail lines as competition increased in the marketplace.Overall, the company says it expects annual premium income of EUR940 million on its p&c treaties, a 3% drop at current exchange rates. However, […]
By Canadian Underwriter | February 6, 2005
2 min read
The second phase of the study on credit scoring engaged by the Texas Department of Insurance (TDI), has found the use of credit scores in underwriting “significantly improves pricing accuracy when combined with other rating variables in predicting risk”, according to insurance commissioner Jose Montemayor.Montemayor, who has been publicly skeptical of credit scoring, undertook the […]
By Canadian Underwriter | February 3, 2005
Commercial insurance rates continued their moderate decline for the fourth straight quarter, finds the latest market survey by the Risk & Insurance Management Society (RIMS) and Advisen.The fourth-quarter 2004 benchmark survey took in its greatest number of respondents ever, and showed that last year represents the longest sustained period of soft market pricing in the […]
U.S. analysts are predicting property & casualty insurers will post a combined ratio of 98.9% in 2005, despite a slow down in premium growth, according to results of the Insurance Information Institute’s annual “Groundhog forecast”.Analysts from various investment and research firms say the industry’s combined ratio should be on par with the 98.7% expected for […]
By Canadian Underwriter | February 2, 2005
The p&c insurance industry must be on its toes in the coming year, prepared for a threat from any corner as it comes off of one of its biggest roller-coaster rides in 2004. This, according to the annual review/preview by A.M. Best.The rater notes hazards have taken a number of forms in the past few […]
By Canadian Underwriter | February 1, 2005
The insurance industry is already preparing to better handle the release of 2004 yearend financial results and the incumbent media attention they will garner, says Mark Yakabuski, vice president of federal affairs and Ontario region for the Insurance Bureau of Canada (IBC). Speaking to a monthly meeting of the Property Casualty Underwriters Club (PCUC) in […]
January 31, 2005
3 min read
Cunningham Lindsey Canada Ltd. has appointed Greg Doerr as branch manager of its Barrie, Ontario office. Doerr has been with the firm since 2001, and has more than 10 year adjusting experience. Cunningham Lindsey has also named Michael Alwyn as branch manager for the newly combined Toronto central claims services branch and Toronto commercial risk […]
The devastation wrought by the Indian Ocean tsunami poses a host of dire questions for government and for insurers here in Canada as they struggle to maintain some footing in what has become a war against Mother Nature.
By Vikki Spencer | January 31, 2005
10 min read
Being one of the first annual property and casualty insurance events held in the beginning of the year, the 2005 Joint Industry Forum (JIF) - which recently took place in New York City - revealed the considerable uncertainty felt by leaders within the industry toward the startling charges made against U.S. insurer and broker representatives in the commission controversy sparked by New York's attorney general, Eliot Spitzer. While the ongoing Spitzer investigation took center-stage at this year's JIF event, insurance CEOs also highlighted a myriad of ominous indicators which, in confluence, could signal a disparaging turning point in the industry's financial affairs. At the very least, increased public scrutiny and rising cost factors point to a new period of taut strain for management of the insurance industry, the JIF's analyst and insurer CEO speakers forewarn.
By Sean van Zyl, Editor | January 31, 2005
8 min read
The "evils" of technology seem to haunt us wherever we turn. Portals are popping up all around us, broker management system vendors are changing their applications constantly and adding new software tools regularly, Microsoft seems to have all of us on a two-year leash of software licensing and renewal, and of course there is always a new virus poised to attack our business-critical systems every week.
By Chris Venn, president of Inventive Networks | January 31, 2005
6 min read
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