Risk
The latest “benchmark survey” released by the Risk and Insurance Management Society (RIMS) suggests that the pace of price increases in the U.S. commercial insurance marketplace slowed dramatically in the third quarter of this year. “After the staggering increases [in pricing] we have seen in recent quarters, especially from professional liability lines, the market for […]
By Canadian Underwriter | November 5, 2003
1 min read
Following up on its threats, the Alberta government has announced it will freeze auto insurance rates as of October 30, 2003, and that the freeze could be in place for as long as 18 months. Bowing to public pressure, Premier Ralph Klein says legislation will be introduced in the upcoming sitting of the legislature to […]
For an industry that was on the brink of disaster less than a year ago, reinsurers can take pride in the financial turnaround seen thus far for 2003. But, CEOs offering their insights to CU’s annual yearend treaty outlook are not quiet prepared to pat themselves on the back for this year’s market performance. The […]
By Vikki Spencer | October 31, 2003
17 min read
The property and casualty insurance industry's protection mechanism for policyholders against any insurer defaulting on its claim obligations - the Property and Casualty Insurance Compensation Corp. (PACICC) - is set to undergo a major overhaul in response to a changed marketplace. The devastating competitive price impact of the last "soft market", coupled with spiraling losses and diminishing investment income returns, has created a much more volatile risk environment for the insurance industry, observes Paul Kovacs the newly appointed president of PACICC. And, while the financial picture of insurers has improved vastly in 2003 as a result of two years-plus of "hard market" pricing adjustments, there is still considerable risk for insurer insolvencies over the next three years, Kovacs says.
By Sean van Zyl, Editor | October 31, 2003
6 min read
Fueled by traditional insurance capacity shortage during 2002, particularly in the liability risk classes and certain specialty risk sectors, the growth in corporate risk retention through establishment of captives and other alternative self-insurance mechanisms is expected to maintain record levels through this year and into 2004 - after coming off a "ten year banner year" for 2001 following the insurance cost impact of the 9/11 terrorist attacks. Canada has not been excluded from this trend, with the number of captives formed during 2002 more than doubling the overall worldwide growth rate of captive formations. Canadian risk solution experts CU spoke to believe that the premium value as well as establishment of self-insurance mechanisms for this year and 2004 will continue to reflect strong growth despite the moderate improvement in traditional insurance capacity and easing of pricing currently emerging in the marketplace.
7 min read
Three years ago, risk managers were focused on how to promote their profession. Now, for better or worse, risk management is center stage. But, what will risk managers do with their newfound fame? At this year's RIMS Canada conference, risk managers "took the bull by the horns" and talked about how to make the most out of the intense pressure they are currently under, to finally advance the cause of enterprise risk management in their organizations.
When two insurance policies appear to insure the same loss, how do you determine if there should be contribution and how is it to be shared? A review of current law, policies in effect, and specifically the Ontario Insurance Act provides some clarity.
By Paul Famula, Crawford Adjusters Canada | October 31, 2003
Halifax-based Huestis Ritch, member of Canadian Litigation Counsel, has named Elissa Hoverd as an associate of the firm. She joined the Ontario Bar in 2001 and the Nova Scotia Bar earlier this year. Toronto-based Kingsway Financial Services has made several appointments, including naming John McGlynn as president and CEO of Kingsway General Insurance Co. He […]
October 31, 2003
At the recent Insurance Bureau of Canada (IBC) "Regulatory Affairs Symposium", which was held in Toronto, the speakers were asked to provide their perspective on recommendations put forward by former regulators and industry members on a new system of market conduct regulation in Canada. A move in this direction would significantly reduce the current "red tape" overload on insurers.
By Lawrie Savage of Lawrie Savage & Associates Inc. | October 31, 2003
5 min read
Specialty risk insurer Kingsway Financial Services Inc. (TSX: KFS) saw net income for the third quarter of this year drop by 28% to $15.6 million compared with the $21.7 million reported for the same period in 2002. This equates to diluted earnings of 28 a share for the latest quarterly reporting period versus the 44 […]
2 min read
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