Risk
The recently held Insurance Brokers Association of Ontario (IBAO) annual convention hosted a panel of primary insurer CEOs who were put before the firing line of the 500-plus audience of mostly independent brokers who felt that the "hard market" has brought on an unnecessarily "hard attitude" by insurers in their relationship with the brokerage community. While defending the "strength" of company relations with brokers, the CEOs admit that some actions taken by insurers during the latest hard market in terms of cutting broker contracts and forcing "standard risks" into the non-standard market may have been overly severe - the cost being a loss of faith in insurance companies from brokers to consumers.
By Vikki Spencer and Sean van Zyl | November 30, 2003
6 min read
The global property and casualty insurance industry at both the primary and reinsurance levels faces significant challenges in the year ahead despite the overall increase in profitability brought on by the hard market, comments Dennis Mahoney, chairman of Aon Re Global. His message was delivered to a predominantly reinsurance audience at the recently held Aon […]
November 30, 2003
2 min read
As parent company Royal & SunAlliance Group announced its overall losses had narrowed to 146 million pounds from 156 million pounds for the first nine months of 2003, the Canadian operation says its own results are improving.Despite losses due to the B.C. forest fires and Hurricane Juan, Royal & SunAlliance Canada improved its combined ratio […]
By Canadian Underwriter | November 24, 2003
1 min read
The US p&c industry will continue to see a downward trend in profitability despite rate increases, predicts the US Insurance Services Office (ISO). The ISO is projecting a combined ratio of 102.9% for 2003, and about 101% for 2004, but with growth falling to 9.2% this year and 6.1% in 2004.Speaking at the Society of […]
By Canadian Underwriter | November 21, 2003
U.S.-based The St. Paul Companies Inc. and Travelers Property Casualty Corp. have announced they will merge to form the second-largest insurer south of the border. The deal, valued at US$16 billion, is a tax-free, stock-for-stock merger that has been approved by both company boards.The new entity, to be known as The St. Paul Travelers Cos., […]
By Canadian Underwriter | November 17, 2003
Global insurers are lagging in the implementation of programs to management risk and capital within their own organizations, according to a new study by Ernst & Young LLP.The “risk management and capital management survey” shows that 65% of insurers are only half-way through implementing holistic risk and capital management frameworks in their companies, challenged by […]
By Canadian Underwriter | November 14, 2003
With the release of the annual Ontario auto insurance claims satisfaction survey, it seems consumer ire over rates is being offset by high satisfaction with claims handling. A full 85% of people experiencing a claim over the past year were satisfied with how that claim was handled, according to a survey compiled by the Financial […]
By Canadian Underwriter | November 13, 2003
As Canadian businesses face a new host of risks, the applicability of insurance as the proper means to cover those risks is coming into question, according to experts from KPMG LLP.SARS, blackouts, floods and hurricanes experienced through 2003 have put the spotlight on new risks face by the nation’s corporations, and highlighted the need for […]
By Canadian Underwriter | November 11, 2003
For the third year in a row, downgrades have outpaced upgrades from rating agency A.M. Best, with adverse reserve development and liability exposures among the culprits.The rating agency says that asbestos and environmental liability exposures, medical cost inflation, weather catastrophes, rising jury awards and loss costs, lagging investment income, and regulatory challenges are hampering the […]
By Canadian Underwriter | November 10, 2003
Auto insurance rate increases averaging 8.22% were granted in the third quarter of 2003, says the Financial Services Commission of Ontario (FSCO), the government body which regulates pricing.The increases happened prior to the provincial Liberals’ election win, and to the announcement that they would freeze rates in the province.Overall, the average cost of auto insurance […]
By Canadian Underwriter | November 6, 2003
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