Risk
Fitch Ratings has graded FM Global with a “AA- (very strong)” financial rating with a “stable outlook” primarily based on the U.S.-based insurer’s competitive positioning, market expertise, risk control and the healthy state of its balance-sheet. Fitch notes that FM Global’s positioning in the “highly protected risk” (HPR) market combined with its sound underwriting practices […]
By Canadian Underwriter | February 17, 2004
1 min read
In a speech in London this week, Lloyd’s chair Lord Peter Levene spoke of the dangers of the “lemming culture” of insurance, with the prospect of a return to lax, soft underwriting. He noted two U.S. surveys showing prices flattening, and even dropping off in some lines, during the last quarter of 2003. Levene says, […]
By Canadian Underwriter | February 4, 2004
2 min read
In his annual “state of the province” address, New Brunswick Premier Bernard Lord took a shot at auto insurers and hinted at further reforms to come for the province’s system.While Lord noted that almost $23 million in rebates have been handed out to new Brunswick drivers since last summer, he says, “Insurance companies are not […]
By Canadian Underwriter | February 3, 2004
Releasing it annual “groundhog forecast for 2004”, the U.S. Insurance Information Institute (III) reports analysts’ views that premium growth will decelerate, but the industry’s combined ratio will continue to drop in 2004.Citing an average 7.4% growth in premiums for 2004, analysts say this will come from price increases but also increased demand for insurance as […]
What does a person's credit history have to do with the odds they are going to have an auto accident or a house fire? Insurers say plenty. Credit scoring, or the use of an individual's credit history in the rating process, has been used in the U.S. but not without causing political turmoil. Canadian insurers, on the other hand, have been staying under the political radar, using credit scoring on a limited basis for fear of inciting further government intrusion into the underwriting process.
By Vikki Spencer | January 31, 2004
9 min read
The longstanding business of insurance - whereby risk of loss is transferred for a price per a set contract - has withstood wars, disasters, politics and time. Yet, the business of risk transfer has not remained "timeless" in that market forces have adapted with the changing needs of a developing and ever advancing society. The growing popularity of "cat bonds" as a form of investment as well as that of risk hedging against large unexpected losses therefore should come as no surprise to insurers.
By Dennis Kuzak | January 31, 2004
5 min read
While insurer and other industry Internet-based portals have made progress in simplifying personal lines processing, this is not the case with commercial lines. Some companies are building proprietary websites for commercial quotes. While this may please smaller brokers, it represents two steps backward for those brokerages who had invested in automating their commercial lines. Fortunately, tapping into new Internet technology provides a solution to satisfy all brokers.
By Kevin Campbell | January 31, 2004
London, Ontario-based wholesaler Totten Insurance Group has bought August Group Risk Management, an underwriting office serving brokers of Aviva Canada. Totten Group CEO Ross Totten says AGRM will remain at its current location and become a division of Totten, continuing to serve its existing stable of 10 brokers with Aviva’s personal and commercial lines products. […]
January 31, 2004
After numerous launch delays, the Centre for Study of Insurance Operations (CSIO) believes that its long-awaited Internet portal is ready to go live. However, while proponents of the portal talk of a new industry-wide commitment to comparative rating, single sign-on and new business transactions, others say the execution of the project remains riddled with bugs, design flaws and delays. Is the portal real, or is it merely an elaborate illusion?
By Craig Harris | January 31, 2004
11 min read
While the financial fortunes of North American property and casualty insurers are looking decidedly better for 2004 compared with the last two lean years, there remain many unresolved issues that could undermine the industry’s long-term financial stability. Among these “old skeletons” still knocking around are market fragmentation, reserve adequacy and the lack of new investment […]
By Sean van Zyl, Managing Editor | January 31, 2004
4 min read
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