Risk
A new survey of builders and real estate lenders finds the majority citing mold as the top environmental concern facing the real estate industry.The survey, conducted by Hartford, Connecticut-based Environmental Assessment Group, finds more than 75% of respondents were aware of at least one real estate transaction where a party backed out as a result […]
By Canadian Underwriter | December 13, 2004
2 min read
The annual “Early Bird Forecast” has analysts predicting the U.S. p&c industry will post a combined ratio of 99.0% in 2005, says the Insurance Information Institute (III).The III conducts the poll each year to determine analysts’ views on the industry, including investment analysts, rating agencies and research firms. The group has forecast the 99% figure, […]
By Canadian Underwriter | December 12, 2004
While the U.S. commercial lines p&c sector is not gaining favor with Standard & Poor’s, the personal lines sector remains strong, the rating agency says.”Although earnings prospects for the first six months of 2005 appearfavorable for the personal lines sector–with earned premium growth,continued declining loss frequency, and lower unfavorable reservedevelopment leading to improved profitability–signs of […]
By Canadian Underwriter | December 9, 2004
1 min read
For the first time in the last five years, directors’ and officers’ premiums dropped in 2004, according to a new study by Tillinghast. The 2004 D&O Liability Survey finds rates declined an average 10%, the first decline since 1999 for the troubled line. However, Canadian respondents widely reported D&O premiums rising, with 90% say they […]
The Roofing Contractors Association of B.C. (RCABC) announced Wednesday that it was establishing its own insurance company, The RCA Indemnity Corp.The new insurer will be wholly owned by RCABC members and has received its license by the F.C. Financial Institutions Commission (FICOM). RCA Indemnity has been writing policies since the beginning of December.The new company […]
By Canadian Underwriter | December 8, 2004
The Association of Designated Assessment Centres (ADAC) has come out against proposed changes which would eliminate DACs in Ontario. In a statement Wednesday, ADAC says, “Premier Dalton McGuinty’s government is quietly trying to take away the independent “referee” who decides how auto accident victims should be compensated for their injuries. The move – which could […]
The Council of Insurance Agents & Brokers (CIAB) has added its endorsement to the draft model regulations around broker compensation proposed by the National Association of Insurance Commissioners (NAIC). The CIAB says, however, it wants to see uniform regulations in place in all states, and a uniform approach to investigation of commission practices rather than […]
By Canadian Underwriter | December 7, 2004
The Financial Services Commission of Ontario (FSCO) has order two Toronto paralegals operating as “Castro and Associates” to cease and desist holding themselves out as paralegals. The interim order requires Carlos Castro, Manuel Castro and any of their representatives to stop acting as paralegals on statutory accident benefits (SABS) auto insurance claims. They must also […]
By Canadian Underwriter | December 5, 2004
New Jersey-based Chubb Corp. is the latest to receive a subpoena from the U.S. Securities Exchange Commission related to a probe of finite risk reinsurance products.The SEC probe mirrors one being undertaken by New York Attorney General Eliot Spitzer into finite re, and other companies having received SEC subpoenas include Swiss Re and ACE Ltd.Rating […]
Insurers still have a way to go to catch up with their banking and investment industries in effectively managing capital, according to a new survey by KPMG.The “Risk and Capital Management” survey of insurers worldwide finds their responses reflect the views of industry analysts that insurers are improving their ability to manage capital, but still […]
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