Risk
The financial strength of Lloyd’s, as well as its flexibility, have been evident since 9/11, according to a new report on the London market by reinsurance broker Benfield Group.Lloyd’s maintains a strong competitive position with the significant increase in market capital seen over the past three years. And while capacity for 2005 is likely to […]
By Canadian Underwriter | December 2, 2004
2 min read
Economic signs in the U.S. are far from positive, according to a survey of 45 economists by Swiss Re. The biannual “economic risk” survey found economists perceive a 13% chance of a stock market crash defined as a 25% minimum decline in a major stock market index as about 13% for both the U.S. and […]
1 min read
Canadian p&c insurers have earmarked $2 million to invest in strategies to win back public confidence following recent years of consumer backlash against the industry, says the outgoing chair of the Insurance Bureau of Canada (IBC).State Farm Insurance Cos. senior vice president Robert Cooke, in his final address as chair at the IBC’s annual general […]
By Canadian Underwriter | December 1, 2004
Stepping away from big-city insurer Kingsway General and into the agriculturally-based world of mutual insurers might have been a culture shock to some. But for Steve Smith, CEO of the Farm Mutual Reinsurance Plan (FMRP), it was more like coming home. Now, with a combination of street smarts and respect for the mutual tradition, he […]
November 30, 2004
7 min read
Auto insurance regulators and product distributors are increasingly in favor of introducing customization into what has been a traditionally standard offering. Choice, however, implies a clear set of options and a knowledgeable consumer. Will Ontario's experiment provide meaningful and transparent choice in auto insurance coverage?
9 min read
Following fast on the heels of this year's four major Atlantic hurricanes - Charley, Frances, Ivan and Jeanne - "Hurricane Spitzer" has sent the insurance industry reeling once more. At the sixth annual North American Insurance Conference (NAIC), speakers agreed that all of these forces of nature should, in the best case, pull the industry away from the temptations of competition and incite a continuation of insurance pricing discipline.
6 min read
"Cyclicality" in international insurance markets is said by some commentators to be inevitable. Whilst their argument has some obvious truth to it - risk premiums will always fluctuate somewhat according to the fundamentals of supply and demand - several factors today are mitigating the severity of future price swings. One of these is a supply factor: the much-welcomed disappearance of under-priced retrocession coverage. Its global extinction is already having a very important price-sustaining influence, as premium rates continue to ease in many insurance markets.
5 min read
Canadian insurers and brokers are responding to the U.S. controversy over broker commissions with a new “consumer code of rights and responsibilities”. The Insurance Bureau of Canada (IBC) and the Insurance Brokers Association of Ontario (IBAO) released the code, along with guidelines for disclosure of broker commissions, fast on the heels of the investigation by […]
Although the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management. Executive Risk has been up and running for more than a month, writing D&O cover backed fully by Lloyd’s […]
The 49th Annual Toronto Insurance Conference Black Tie Dinner welcomed special guest speaker Ron MacLean, famed CBC sports commentator. McLean entertained the audience at Toronto’s Four Seasons Hotel with stories about his work with Don “Grapes” Cherry on Hockey Night in Canada, as well as his experiences hosting CBC’s Olympic coverage. The evening also saw […]
3 min read
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