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The Evolution of the Audit

While traditionally audits have focused on the numbers, insurers are looking to understand the "why" and, more importantly, the "what to do about it" behind audits.

March 31, 2005

6 min read

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U.S. insurance pricing “flat” in February: MarketScout

Property & casualty insurance pricing was flat in February, according to data compiled by Dallas-based electronic insurance exchange MarketScout.MarketScout’s survey, which involves its national distribution system of more than 50,000 agents, found the composite renewal rate “as expiring” in February. “This is the first time in over four years that renewals are being placed with […]

By Canadian Underwriter | March 10, 2005

1 min read

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ICBC income approaches $400 million for 2004

B.C.’s public auto insurer is posting net income of $389 million for 2004, well above the $225 million reported in 2003.The Insurance Corp. of B.C. (ICBC) reported written premiums up to $3.09 billion in 2004, up from $2.96 billion in 2003. Earned premiums rose to $3.03 billion from $2.85 billion over the same comparative period.Claims […]

By Canadian Underwriter | March 6, 2005

1 min read

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What’s new: In brief (March 03, 2005)

A.M. Best has been granted “nationally recognized statistical rating organization” status by the U.S. Securities Exchange Commission (SEC). The status means Best ratings can be used to distinguish creditworthiness required under federal and state laws. A.M. Best is one of five rating agencies carrying the status, and currently carries over 600 ratings on securities issued […]

By Canadian Underwriter | March 3, 2005

1 min read

Suncor Shutdown Expected to Net Significant Insurance Bill

The shutdown of Calgary, Alberta-based Suncor Energy Inc. following a fire in early January, could produce a significant insurance bill as the company announces it will not be back to full production until the third quarter of 2005. Suncor is part of OIL Mutual Insurance and sEnergy, insurance companies created by the energy industry. The […]

January 31, 2005

1 min read

Slow Premium Growth Predicted for 2005: III

U.S. analysts are predicting property & casualty insurers will post a combined ratio of 98.9% in 2005, despite a slow down in premium growth, according to results of the Insurance Information Institute’s (III) annual “Groundhog Forecast”. Analysts from various investment and research firms say the industry’s combined ratio should be on par with the 98.7% […]

January 31, 2005

2 min read

What’s new: In brief (January 30, 2005)

Stephen Mallory, former managing director of Marsh Canada, has been named president and CEO of Hub International Ontario Ltd. Mallory succeeds Nelson Tilander, who although leaving the CEOs role after six years for an indefinite medical leave, will remain as chair of the board. Mallory has more than 23 years of industry experience, having served […]

1 min read

“Significant softening” reported by commercial brokers

U.S. commercial insurance accounts saw significant rate softening in the last months of 2004, according to the latest quarterly survey by the Council of Insurance Agents & Brokers (CIAB).In the fourth quarter, more than 80% of small and large accounts, and 90% of medium accounts saw their rates either hold firm or decline, brokers say. […]

1 min read

Bush push for asbestos reform a case of good news/bad news

While insurers were pleased to see U.S. President George W. Bush pushing for asbestos reform last week, the details of the plan he supports are leaving them less than impressed. In several speeches last week, Bush touted the need for tort reform on a variety of fronts, including medical malpractice and asbestos claims. He came […]

2 min read