Risk

High Strung

Being one of the first annual property and casualty insurance events held in the beginning of the year, the 2005 Joint Industry Forum (JIF) - which recently took place in New York City - revealed the considerable uncertainty felt by leaders within the industry toward the startling charges made against U.S. insurer and broker representatives in the commission controversy sparked by New York's attorney general, Eliot Spitzer. While the ongoing Spitzer investigation took center-stage at this year's JIF event, insurance CEOs also highlighted a myriad of ominous indicators which, in confluence, could signal a disparaging turning point in the industry's financial affairs. At the very least, increased public scrutiny and rising cost factors point to a new period of taut strain for management of the insurance industry, the JIF's analyst and insurer CEO speakers forewarn.

January 31, 2005

8 min read

Risk

Demystifying Technology

The "evils" of technology seem to haunt us wherever we turn. Portals are popping up all around us, broker management system vendors are changing their applications constantly and adding new software tools regularly, Microsoft seems to have all of us on a two-year leash of software licensing and renewal, and of course there is always a new virus poised to attack our business-critical systems every week.

January 31, 2005

6 min read

Risk

Political Wannabe..?

Public champion or opportunist? Big, bad industry or an “easy target”? The public furor created by New York’s attorney general Eliot Spitzer as a result of his investigation into certain types of remuneration paid by insurers to brokers and alleged “bid rigging” in the placement of business, could not have come at a worse time […]

January 31, 2005

4 min read

Risk

Allianz Global Risks Receives Provincial Licenses

Allianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall. AGR Canada had been part of Allianz Insurance Co. of Canada, prior to ING Canada’s acquisition of Allianz Insurance and Trafalgar Insurance Co. of Canada late last year. AGR Canada was not part of the transaction and […]

January 31, 2005

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 […]

January 31, 2005

1 min read

FSCO updates guidance on territorial rating

Ontario’s insurance regulator has posted a bulletin outlining rules for territorial rating for auto insurance.The Financial Services Commission of Ontario (FSCO) bulletin supercedes rules put in place in 2000, with the regulator noting, “there were concerns that there was a trend by insurers to increasingly segment territories by postal code and that territories being proposed […]

1 min read

Canadian market set for interesting year in 2005: Cook

2005 is shaping up to be an interesting year for Canada’s property & casualty insurance industry, says Omega Insurance Holdings CEO Philip Cook. Cook looked into his crystal ball to outline “33 trends” the industry may see this year, speaking to a breakfast meeting hosted by the CIP Society. In commercial lines pricing, Cook expects […]

2 min read

Colorado probe of title insurers could have significant impact on sector: Fitch

News that the Colorado Insurance Department may sanction nine unnamed title insurers for allegedly paying kickbacks to homebuilders could have far-reaching implications for the entire title insurance industry, says Fitch Ratings.The rating agencies says it believes that along with Colorado, Washington and California are also investigating title insurers’ reinsurance arrangements with settlement producers, i.e., people, […]

2 min read

Lloyd’s loses one leg of arbitration over Central Fund insurance

Lloyd’s of London has come up on the losing end of one decision in continuing arbitration over an insurance contract to support its new Central Fund. Lloyd’s is seeking payment from six insurers for claims under the five-year insurance contract in arbitration commenced in April, 2003.In the case of one insurer, Swiss Re’s SR Business […]

2 min read

What’s new: In brief (January 19, 2005)

The Insurance Institute for Highway Safety (IIHS) says if police in all U.S. states were allowed to stop drivers not wearing a seatbelt, 700 lives per year would probably be saved. Currently only 21 states and the District of Columbia have so-called “primary stop” laws, while in other states police can only issue a seatbelt […]

1 min read