Risk
The cost of risk, including insurance, is about US$2.45 for every US$1,000 of revenue, says a new study from Marsh Inc. The study of U.S. companies also found that this cost varies dramatically depending on the size of the business, with smaller companies paying as much as 11-times more than larger corporations.Among the risks accounted […]
By Canadian Underwriter | February 21, 2003
2 min read
Yesterday’s federal budget brought some good news for insurers, says Paul Kovacs, chief economist for the Insurance Bureau of Canada. Three items are of particular interest: elimination of the federal capital tax; a boost to health care spending; and new funding for infrastructure.In his “legacy” budget, outgoing Prime Minister Jean Chretien increased spending in several […]
By Canadian Underwriter | February 19, 2003
Financial institutions are showing an increased understanding of the need for enterprise-wide risk management (EWRM), says a survey of financial institutions from The Risk Management Association (RMA) and First Manhattan Consulting Group.Among 30 U.S.-based financial institutions, the study found that those in the advanced stages of EWRM had much in common when it comes to […]
By Canadian Underwriter | February 18, 2003
1 min read
The insurance industry is being called on to stand up against “egregious” class action securities lawsuits to avoid erosion of the troubled directors and officers (D&O) market. Speaking to members of the U.S. Professional Liability Underwriting Society (PLUS), Chubb vice chairman John Degnan asked the industry to establish the “Institute for Securities Class Action Defense”, […]
By Canadian Underwriter | February 7, 2003
In a new survey by the U.S. Insurance Information Institute, Wall Street analysts predict that while the hard market will continue through 2003, its pace will slacken. Following up on its “Earlybird Forecast” late last year, the “Groundhog Forecast” suggests insurers are backing off of price increases too soon.Analysts predict net premiums written will rise […]
By Canadian Underwriter | February 4, 2003
Both economic and political turmoil worldwide make some countries a bad investment risk, says a new report from international broker Aon Corp. In introducing its Global Credit and Political Risk Map, Aon Trade Credit notes that Latin America and the Middle East have become poor risks, while Russia has improved its profile and become a […]
By Canadian Underwriter | February 3, 2003
In the wake of the collapse of energy-trading giant Enron, the role of financial rating agencies has been called into question. For those that monitor the property and casualty insurance sector, a rise in profile has brought a corresponding increase in questions about what the role of these agencies should be. With the current hard market, the flight to quality has placed added importance on company ratings. Are rating agencies up to the task or falling down on the job?
By Vikki Spencer | January 31, 2003
9 min read
As insurers struggle with diminishing returns and technology challenges, they can look to other industries for examples of the use of interactive technology to achieve efficiency. While "working together" on technology solutions may seem an unachievable panacea, industries as competitive as auto manufacturing have shown that collaborative success is possible.
By Darren Layton, president of X Interactive Technologies | January 31, 2003
5 min read
The Insurance Bureau of Canada (IBC) is already seeing dividends in its battle against auto theft, with the recovery of 17 vehicles that had been stolen and taken to China. Through a new international relationship with the Chinese Intelligence Bureau (CIB) and Hong Kong Police Force, the IBC was able to bring the vehicles, valued […]
January 31, 2003
The time has come for change in the way the property and casualty insurance industry handles commercial insurance. Technological innovation can help transform a traditionally paper-intensive process and benefit insurers and brokers. Is the industry up to the challenge?
By Kevin Campbell, president of Tec4 Systems Inc. | January 31, 2003
7 min read
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