Risk

Homeowners and Natural Hazards

How well do Canadian homeowners understand insurance coverage for natural hazards? Would they like their insurance companies to send them information about hazard safety? Do homeowners approve of insurance companies funding loss prevention research? These are questions the Institute for Catastrophic Loss Reduction (ICLR) sought to answer through the first survey of its kind in […]

December 31, 2004

6 min read

Risk

Managing Service Provider Relations

The insurance industry is experiencing an era where litigation has become commonplace and accountabilities have increased for the management of information and the use of standardized processes. As most insurance companies depend on professional service providers to supply a range of services needed for their policyholders, it is important that insurers build effective service provider (vendor) management programs.

December 31, 2004

6 min read

Risk

The Sales Solution

Sales and revenue are the lifeblood of a brokerage. So it is amazing to discover how few brokerages have a focused and systematic process for increasing sales.

December 31, 2004

5 min read

Risk

Fiduciary Liability – A Survey of Recent Events

This article presents a brief survey of recent cases affecting fiduciary liability insurance and ends with a few thoughts on enhancing our collective knowledge on fiduciary insurance.

December 31, 2004

6 min read

New company formed as brokerages merge

The merger of Toronto’s Jones DesLauriers & Firman (JDF) and Insurance Management Inc. (IMI) will create one of Canada’s largest privately-held insurance brokerages.The two brokerages announced this week that they will join forces to create a new incorporated company writing about $150 million in annual premiums, specializing in transportation, construction/builders risk, manufacturing, property management and […]

1 min read

Divergent outlooks for U.S. personal v. commercial lines in 2005: S&P

The future looks very different for U.S. personal lines insurance versus its commercial lines counterpart, according to the yearend review and outlook by Standard & Poor’s.The rating agency says that while the outlook for personal lines is stable, with earnings prospects favorable for the first half of 2005, earnings have likely already peaked in commercial […]

1 min read

Pafco to begin writing in Nova Scotia

Pafco Insurance Co., writer of non-standard auto insurance, has received interim approval to start writing policies in Nova Scotia.The move is part of Pembridge’s plan to spin-off Pafco as a separate brand to write high-risk policies and depopulate the Facility Association (FA), the industry’s pool for high-risk drives who cannot obtain coverage from private insurers.”The […]

1 min read

S&P asks “how will brokers replace contingent commission revenue?”

In light of the investigations spurred by New York Attorney General Eliot Spitzer into broker compensation practices, and the resulting decision by most large brokers to discontinue receiving contingent commissions, the “million dollar question” is how this revenue will be replaced, says rating agency Standard & Poor’s in a new report.S&P notes that the global […]

2 min read

Terrorism insurance take-up rates hold steady: Marsh

In its “Marketwatch” review of property terrorism insurance amongst commercial buyers, broker Marsh finds rates holding steady in the third quarter of 2004.The survey of 754 companies finds take-up rates holding in the mid-40% range the rate was 44% in the third quarter, down from 46% in the second quarter of 2004, but up significantly […]

2 min read

S&P ups reinsurance outlook to stable

U.S. reinsurers have seen their previously negative outlook lifted to stable by rating agency Standard & Poor’s.S&P says the upgrade is justified despite declining premiums in the primary market, as earlier rate increases earn through in 2005.”Despite moderate premium rate declines in both property and casualty lines in recent months, profitability margins in most lines […]

1 min read