Risk
The specialty lines business. Fat premiums. The appearance of fast, easy money. When markets turn soft and growth sounds good, they can attract insurers like mice to cheese. But, those hungry insurers who venture uninformed and unprepared into the high-risk specialty areas of insurance are more often than not dealt a blow that leaves them reeling.
By Mark Ram | March 31, 2004
5 min read
Can corporations afford to not be a part of the expanding "global economy"? For many enterprises, the quest to remain competitive and produce adequate revenue and earnings growth to meet shareholders' expectations makes stepping out operations from the home market an essential component in their business strategy. But, are companies fully aware of the political risk exposures they potentially face in expanding their operations abroad?
By Patrick Doig | March 31, 2004
4 min read
Corporations and their risk management departments face new responsibilities with the passage of federal Bill C-45, which seeks to reduce workplace violence and accidents, attendees to an AIG seminar were recently told. The new law establishes criminal liability for corporations and the individuals running them if they fail to take steps to prevent workplace violence […]
March 31, 2004
1 min read
Brokers across the provinces are expressing cautious optimism with regard to the return of markets and overall greater underwriting capacity that has become available. Many brokers that CU spoke to in compiling its annual analysis of the brokerage sector concur that "the heartbeat of the property and casualty insurance industry was weak but stable" as the first quarter of 2004 came to a close. The question that many are now asking as the financial health of insurers improves is whether they will maintain a disciplined underwriting approach, or lose their willpower to the ferocious feeding frenzy of the past. Ultimately, can insurers break from the drastic reaction and counter-reaction market swings associated with the traditional insurance cycle?
By Sean van Zyl, Editor | March 31, 2004
10 min read
The most recent hard market pricing cycle of the property and casualty insurance industry has been a test of endurance for brokers across the business spectrum. And, while the tight marketplace is seen to have generally brought about a leaner and more efficient distribution channel primarily through Canada's independent broker network, today's insurance environment also stresses the different needs of intermediaries according to the classes of business they handle. As such, the Toronto Insurance Conference's newly appointed president Robert Jones says the organization plans to increase its visibility this year in terms of advocacy and identifying the specific needs of its commercial broker members.
Canadian property and casualty insurers posted net income of $2.63 billion for the 2003 financial year – showing significant improvement on the $340 million in net profit reported for 2002. Revised yearend figures from the Insurance Bureau of Canada (IBC) indicate a return on equity (ROE) of 11.32% (2002: 1.7%) which was achieved on the […]
2 min read
A new study by Standard & Poor’s Risk Solutions suggests credit risk management is drawing the attention of banks worldwide.Following up on a 2001 survey, the survey focused on senior executives from more than 30 banks of various size and location with average assets of US$100 billion.Results show that progress has been made on the […]
By Canadian Underwriter | March 26, 2004
In response to urging from the Facility Association (FA), the Nova Scotia government has decided the industry’s pool for high-risk drivers will change its risk classification system at the same time the rest of the industry is required to do so.FA was originally required to change its classification system in effect to eliminate classification based […]
By Canadian Underwriter | March 25, 2004
In an attempt to close a chapter on outstanding asbestos claims, Travelers Property Casualty has agreed to receive a settlement of US$245 million from Equitas, the reinsurer charged with settling claims on behalf of Lloyd’s underwriters.The US$245 settles net claim balances of US$255 million from Equitas, Travelers notes, and resolves policies prior to 1993 by […]
By Canadian Underwriter | March 23, 2004
Canadian property and casualty insurers posted impressive net income for 2003 of $2.63 billion, up from just $340 million in 2002. Revised yearend figures from the Insurance Bureau of Canada (IBC) point to a return on equity (ROE) of 11.32% (2002:1.7%) on a combined ratio of 98.7% (2002 105.8%).This represents just an average year for […]
By Canadian Underwriter | March 18, 2004
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