Risk
Commercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd. Risk managers report not only are property rates dropping, but, exclusive of inflationary increases, other lines are flattening or experiencing […]
January 31, 2004
2 min read
With the release of its annual "Political and Economic Risk Map", global broker Aon Corp. estimates political risks cost the world economy US$800 billion last year, the equivalent of a 0.25% tax on global GDP growth.The losses come from reduced corporate spending, investment and growth the result from uncertainty over the world’s political and economic […]
By Canadian Underwriter | January 29, 2004
1 min read
A survey of U.S. agents and brokers shows that one-third of accounts saw either flat or lower premiums in the fourth quarter of 2003. The Council of Insurance Agents and Brokers (CIAB) survey is the latest indication that premium increases are waning heading into 2004.Another indication of market softening, on accounts which saw rate hikes, […]
By Canadian Underwriter | January 26, 2004
Nearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by Impulse Research Corp., found that 37% of executives expect lawsuits aimed at their company from […]
By Canadian Underwriter | January 23, 2004
Global CEOs understand the need for enterprise-wide risk management (ERM), but say there are many barriers to full implementation, according to the 7th annual Global CEO Survey by PricewaterhouseCoopers.The survey found CEOs confident of future growth in revenue (80% of the 1,400 surveyed expect growth in the short to medium term), but concerned over a […]
U.K.-based reinsurance broker Benfield Group is predicting reinsurers will maintain price discipline through 2004, with some leveling off of rates but slim chance of a dramatic softening.Speaking of the 2003-2004 renewal season, the broker notes that reinsurers did continue the trend of underwriting discipline, with some flattening of property catastrophe rates and less steep increases […]
By Canadian Underwriter | January 22, 2004
Commercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd.Risk managers report not only are property rates dropping, but, exclusive of inflationary increases, other lines are flattening or experiencing significantly […]
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. Current […]
By Canadian Underwriter | January 19, 2004
U.S. general insurers will spend slightly more on information technology (IT) in 2004, but funding will be limited and focused, says research and consulting firm TowerGroup.In its annual forecast, the consultant says the industry faces similar challenges to the life and annuity business in terms of using technology for customer service, distribution and operational efficiency.Among […]
By Canadian Underwriter | January 13, 2004
International broker Jardine Lloyd Thompson says commercial clients should prepare themselves for further increases in liability rates this year as insurers continue to repair balancesheets and shy away from long-tail exposures.In its annual “state of the market” report, JLT says that lines such as directors’ and officers’ (D&O), medical malpractice, employment and products liability will […]
By Canadian Underwriter | January 6, 2004
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