Risk

B.C. tourism operators launch insurance and risk management program

In response to rising premiums and availability issues, B.C.’s tourism operators have some new tools to improve their risk profile and hopefully receive lower rates, but also to provide coverage in specific sectors.The province’s Council of Tourism Associations has put together a program which not only offers liability insurance, but also safety and risk management […]

By Canadian Underwriter | February 27, 2005

1 min read

Risk

Court case proves need for non-rescindable cover: Saddington

News today that Chubb Insurance Co. was seeking to rescind US$40 million in coverage for directors and officers of Nortel Network Corp. highlights the need for companies to purchase non-rescindable cover, says Scott Saddington, chief underwriting officer for Executive Risk Services.Saddington says it was coincidental that the Chubb news was reported today by the Toronto […]

By Canadian Underwriter | February 24, 2005

1 min read

Risk

What’s new: In brief (February 21, 2005)

A bill to extend the Terrorism Risk Insurance Act (TRIA) two years past its December 31, 2005 sunset has been introduced in the U.S. Senate, crafted by Sens. Robert Bennett and Christopher Dodd. The same two men had introduced a similar bill during the last Congress which never made it to a vote. Also on […]

By Canadian Underwriter | February 21, 2005

2 min read

Risk

U.S. insurers celebrate class action reform passage

U.S. insurers and their commercial clients are celebrating the passage of class action reform legislation by the U.S. Senate. The Senate passed S.5, the "Class Action Fairness Act" by a vote of 72-26 on Thursday, and it is expected similar legislation will also be passed by the House, with President George W. Bush already stating […]

By Canadian Underwriter | February 13, 2005

2 min read

What’s new: In brief (February 10, 2005)

Aon Corp. has set aside US$50 million for possible settlements resulting from investigations into industry practices in New York and other U.S. states. The company says US$43 million of this is allocated to its insurance brokerage and risk arm, while the remainder is to its consulting operations. The announcement came as the company reported earnings […]

1 min read

Interest in small bank formation growing: LePan

Speaking before the Standing Senate Committee on Banking, Trade and Commerce on Thursday, the federal financial services regulator says thus far Bill C-8’s changes have generated interested in the creation of small banks.So far, six “small, closely held domestic banks” have been created since the new legislation was put into force, and about a dozen […]

1 min read

Marsh finds financial/HR threats keeping business owners up at night

In its “2004 Marsh Canada Corporate Risk Review”, the broker finds several key threats are front-of-mind for small and medium-sized businesses, and these threats go well beyond traditional property hazards.In a survey of organizations from a variety of industries where annual sales are between $100,000 and $1 million, the broker finds financial, economic and human […]

1 min read

What’s new: In brief (February 08, 2005)

U.S.-based MarketScout says p&c premiums rose 1% in January, indicating significant softening compared to January, 2004 when premiums rose 11%. According to MarketScout’s “market barometer”, rate increases peaked in March, 2003 with a 28% jump, but increases have fallen back considerably since then. In each of the last three months of 2004, rate increases averaged […]

1 min read

Insurers progressing with ERM, but not focused on economic capital tie-in: Tillinghast

Insurers are making progress in their efforts to implement enterprise risk management (ERM), but their success depends to some extent on their ability to link ERM to economic capital, says a new report by Tillinghast.While insurers say they want to use ERM to build shareholder value, many remain focused on fundamentals, the report notes. Insurers […]

2 min read

Lloyd’s CEO calls for “change in behavior”

The London market needs to bring about a change in behavior if it is to meet the expectations of clients and regulators in a shifting insurance world, Lloyd’s CEO Nick Prettejohhn told the Insurance Institute of London this week.Given the intense spotlight being placed on insurer and broker activities both in the U.S. and U.K., […]

2 min read