Risk
A recent survey of Lloyd’s managing agents found that while 78% said the most important driver of good risk management is business benefit, half of those surveyed felt compliance was the best means of achieving good risk management.These results are disappointing and signal the need for Lloyd’s market participants to do more than “box ticking”, […]
By Canadian Underwriter | October 25, 2004
2 min read
Ending weekend speculation, Marsh CEO Jeffrey Greenberg has resigned, amid civil charges filed against the international broker by New York Attorney General Eliot Spitzer. In a statement, Marsh says Greenberg “placed the interests of the company first” in resigning, and added that on Tuesday it would unveil changes to the way it does business “which […]
The upcoming renewal season will be a “key test” of reinsurers’ resolve to maintain price discipline, says rating agency A.M. Best.Cedants and brokers will be expecting price softening, Specifically in the property line, despite the rash of catastrophe losses seen in the third quarter of 2004, the rater says. There may also be some expectation […]
The average premium decline on commercial insurance accounts in the third quarter of 2004 was almost 6%, according to the latest quarterly market index from the U.S. Council of Insurance Agents and Brokers (CIAB).”Price competition has definitely returned to the marketplace, although more so for new business than renewal business,” says CIAB president Ken A. […]
By Canadian Underwriter | October 24, 2004
Although road accidents are the leading cause of death amongst young adults, a new poll is finding a surprisingly lack of concern about young driver safety.The poll, released by the Traffic Injury Research Foundation (TIRF) in Ottawa, finds that less than one-quarter of the 1,200 Canadian drivers surveyed believe young drivers are a serious problem […]
By Canadian Underwriter | October 21, 2004
1 min read
The Risk & Insurance Management Society (RIMS) has chosen a new executive director to replace Jack Hampton, who exited the position this past summer. Mary Roth, most recently RIMS’ chief operating officer was named to the post. Roth has been with RIMS since 1985 in a variety of roles including assistant director of research and […]
By Canadian Underwriter | October 19, 2004
In its analysis of the recent civil charges filed against Marsh by New York Attorney General Eliot Spitzer, rating agency Fitch says the probe into broker commission practices may be an effect of broker consolidation.In a statement, the rater notes, “Fitch believes that this situation is partially an outgrowth of the greater market power that […]
The insurance industry may defy predictions that it will sink rapidly back into price competition given the number of lingering issues still hampering the industry.Speaking at the 3rd annual Aon Re Rendezvous, A.M. Best vice president John Andre says the issues still facing insurers include 2004’s hurricane catastrophe losses, the continued malaise of the investment […]
An executive of insurer ACE has pled guilty to criminal misdemeanor charges related to the investigation of broker commissions being conducted by New York Attorney General Eliot Spitzer. The news came Friday, a day after Sptizer filed civil charges against international brokerage Marsh for alleged “bid rigging” and other fraudulent acts related to the placement […]
By Canadian Underwriter | October 18, 2004
Despite a strong performance by the U.S. property & casualty insurance industry in the first half of 2004, these results will likely be all but wiped out by the spate of hurricanes hitting the southeastern U.S. this fall, notes Robert Hartwig, chief economist for the Insurance Information Institute (III).In his analysis of first-half results, Hartwig […]
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