Risk
With the release of the Financial Services Commission of Ontario’s (FSCO) “statement of priorities” for consultation, insurers can take heart that among the list is to “increase enforcement addressing abuse in the automobile insurance system”.With the passage of Bill-198 and its impending implementation through regulation, auto insurance issues are high on the province’s agenda, and […]
By Canadian Underwriter | April 17, 2003
2 min read
Tort reform is the topic of the day in the U.S. where the Senate Judiciary Committee has approved a class action reform bill to move some lawsuits into the federal courts.By request of the plaintiffs or defendants, class action suits that cut across multiple state borders can be sent to the federal courts if they […]
By Canadian Underwriter | April 14, 2003
Top financial executives and risk managers do not see their companies as fully prepared to face a disruption to top earnings drivers, suggests the annual “Protecting Value Study” by FM Global, the Financial Executives Research Foundation (FERF) and The National Association of Corporate Treasurers (NACT).The study of U.S. and Canadian executives shows that 100% say […]
By Canadian Underwriter | April 11, 2003
1 min read
Despite corporate pressure to reduce expenses, risk managers are paying more for loss control, says a study by Chubb & Sons. In “Managing the Cost of Risk”, Chubb finds that last year, 50% of respondents report an increase in spending on loss control services, and only 5% reporting a decrease in such expenditures. Overall, loss […]
If risk managers’ predictions are accurate, use of alternative risk transfer techniques, specifically captives and self-insurance, should grow significantly in the year ahead.While the traditional response to hard market pricing, taking larger deductibles, remains the most utilized tool, risk managers say they will be using more self-insurance and captives in the future, according to the […]
By Canadian Underwriter | April 10, 2003
Directors’ & officers’ (D&O) and fiduciary insurance coverage continue to be a sore spot for risk managers, according to the new Risk and Insurance Management Society (RIMS) Benchmark Survey. For the first time, the survey is delivering virtually real-time results with first-quarter 2003 data already available. Those results show that D&O and fiduciary covers remain […]
Bouncing back from successive years of loss, Lloyd’s of London insurance market posted an overall profit of 834 million pounds for 2002. As well, during the year, net resources of Lloyd’s Society and its members increased 85% over 2001, to 7.51 billion pounds from 4.05 billion pounds.”It was the market’s resilience and disciplined approach, at […]
By Canadian Underwriter | April 4, 2003
Instant price quotes are the number one priority of consumers in online insurance buying, says a new study by Toronto-based UBER analyzer. In a survey of consumer attitudes about online insurance buying, 28% said they would be willing to purchase home or auto insurance on the web, but that consumers are looking for very specific […]
By Canadian Underwriter | April 2, 2003
Prior-year reserving and the stock market downturn have combined to drag SCOR Group into the red even deeper than predicted for 2002. The French insurer is posting a loss of EUR 455 million (Cdn$730 million), higher than the EUR 400 million (Cdn$640 million) forecast late in 2002, and worse than the loss of EUR 278 […]
By Canadian Underwriter | April 1, 2003
The company’s semiannual meeting of our “broker liaison group” had gone well. These “BLG” gatherings were often referred to as the “bitching, lying and gloom sessions”, however, this one had moved along quite smoothly. Our president had first welcomed our roomful of leading brokers, and delivered a brief “state of the union” address including an […]
By Axiom | March 31, 2003
10 min read
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