Risk
Public champion or opportunist? Big, bad industry or an “easy target”? The public furor created by New York’s attorney general Eliot Spitzer as a result of his investigation into certain types of remuneration paid by insurers to brokers and alleged “bid rigging” in the placement of business, could not have come at a worse time […]
By Sean van Zyl, Managing Editor | January 31, 2005
4 min read
Allianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall. AGR Canada had been part of Allianz Insurance Co. of Canada, prior to ING Canada’s acquisition of Allianz Insurance and Trafalgar Insurance Co. of Canada late last year. AGR Canada was not part of the transaction and […]
January 31, 2005
1 min read
U.S. commercial insurance accounts saw significant rate softening in the last months of 2004, according to the latest quarterly survey by the Council of Insurance Agents & Brokers (CIAB). In the fourth quarter, more than 80% of small and large accounts, and 90% of medium accounts, saw their rates either hold firm or decline, brokers […]
Ontario’s insurance regulator has posted a bulletin outlining rules for territorial rating for auto insurance.The Financial Services Commission of Ontario (FSCO) bulletin supercedes rules put in place in 2000, with the regulator noting, “there were concerns that there was a trend by insurers to increasingly segment territories by postal code and that territories being proposed […]
By Canadian Underwriter | January 31, 2005
2005 is shaping up to be an interesting year for Canada’s property & casualty insurance industry, says Omega Insurance Holdings CEO Philip Cook. Cook looked into his crystal ball to outline “33 trends” the industry may see this year, speaking to a breakfast meeting hosted by the CIP Society. In commercial lines pricing, Cook expects […]
By Canadian Underwriter | January 30, 2005
2 min read
News that the Colorado Insurance Department may sanction nine unnamed title insurers for allegedly paying kickbacks to homebuilders could have far-reaching implications for the entire title insurance industry, says Fitch Ratings.The rating agencies says it believes that along with Colorado, Washington and California are also investigating title insurers’ reinsurance arrangements with settlement producers, i.e., people, […]
By Canadian Underwriter | January 27, 2005
Lloyd’s of London has come up on the losing end of one decision in continuing arbitration over an insurance contract to support its new Central Fund. Lloyd’s is seeking payment from six insurers for claims under the five-year insurance contract in arbitration commenced in April, 2003.In the case of one insurer, Swiss Re’s SR Business […]
By Canadian Underwriter | January 25, 2005
The Insurance Institute for Highway Safety (IIHS) says if police in all U.S. states were allowed to stop drivers not wearing a seatbelt, 700 lives per year would probably be saved. Currently only 21 states and the District of Columbia have so-called “primary stop” laws, while in other states police can only issue a seatbelt […]
By Canadian Underwriter | January 19, 2005
Alberta’s Agricultural Financial Services Corp. is giving out $2 million in premium rebates to about 7,400 farmers who purchased straight hail insurance in 2004. While 2004 was actually a high loss year for crops due to hail, past experience has been favorable, leading to the rebate. Farmers with a claim in 2004 will receive a […]
By Canadian Underwriter | January 18, 2005
Toronto-based conglomerate Onex says it has sold its U.S. insurance brokerage operation, InsLogic. While the buyer was not disclosed, Onex says it received $22 million for the Tennessee-based provider of private-label brokerage services. InsLogic provides insurance services for auto manufacturers and others, including the Ford Motor Credit Co. Swiss Re has created a new guide […]
By Canadian Underwriter | January 17, 2005
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