Risk
Hub International’s Kaye Insurance Associates Inc. is amongst a group of brokerages who are being asked to provide information to New York Attorney General Eliot Spitzer as part of a probe into contingent commissions.Also receiving subpoenas thus far are Marsh, Willis and Aon. The brokers have all released statements noting that they will comply with […]
By Canadian Underwriter | April 28, 2004
2 min read
The Facility Association (FA) the industry’s pool for high-risk drivers is coming off a challenging 2003, where volumes rose and losses topped $490 million.At the FA’s agm in Toronto Wednesday, CEO David Simpson explained that premium volume for 2003 was up 303% to almost $1.1 billion, representing 5.1% marketshare. Last year produced a combined ratio […]
Former Pembridge brand Pafco has received a federal charter to operate as a stand-alone company, although it will continue to target the high-risk or non-standard auto market as before. Pafco has also applied for provincial licenses in Ontario, New Brunswick and Nova Scotia, and says a Quebec application will soon follow. “Achieving separate company status […]
By Canadian Underwriter | April 26, 2004
An overwhelming majority of risk managers feel that the U.S. market has not seen the last of the major corporate scandals, according to a survey by Lloyd’s.A full 89% of risk managers, responding to a survey conducted at the Risk and Insurance Management Society (RIMS) Conference this week in San Diego, say they expect more […]
By Canadian Underwriter | April 25, 2004
1 min read
Commercial insurance buyers report falling rates in property and general liability lines, signs of a softening market, according to the first-quarter 2004 edition of the Risk and Insurance Management Society (RIMS)/Advisen Benchmark Survey.Property rates fell by 1.5%, RIMS members say, while general liability dropped 1.4% in the first quarter while slight, these represent the first […]
By Canadian Underwriter | April 22, 2004
The troubled directors’ and officers’ (D&O) market is actually growing in capacity, with “competition and creativity” being witnessed among carriers, says a new report by international brokerage Willis. While the past two to three years have seen skyrocketing rates and extremely limited capacity, ten new carriers have since entered the market and existing players are […]
Despite growing uncertainty around terrorism risk, the U.S. commercial property segment saw rates drop by about 10% last year, says Aon Corp. Insurers benefited from an absence of catastrophe losses last year, as well as returned strength in investment returns. Buyers also saw an increase in capacity in the property market.The results were part of […]
The latest quarterly market index produced by the U.S.-based The Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter of this year. The survey results are based on member responses from brokers representing about […]
By Canadian Underwriter | April 20, 2004
Another Fraser Institute report lashing out at public auto insurance systems was released today. The right-wing think tank says public auto equals the highest premiums and the lowest claims payouts, and is tantamount to selling the public a “lemon”.The study goes on to say public auto provinces have two to four times as many claims […]
By Canadian Underwriter | April 19, 2004
Iraq is poised to become the top “hot spot” for terrorism risk with the U.S.-led intervention resulting in an increase in terrorist activity and kidnappings, such as the recent hostage-taking incidents, according to Aon’s counter terrorism and political risk division. The group recently released its 2004 “global terrorism risk map”.Currently Iraq stands in sixth place, […]
By Canadian Underwriter | April 18, 2004
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