Risk

What’s new: In brief (September 29, 2004)

Members of The CIP Society from numerous Institutes and chapters across Canada (Saskatchewan, Manitoba, Hamilton/Niagara, Ottawa, London and Toronto) will participate in the CIBC “Run for the Cure”, this Sunday, October 3. The society’s goal is to raise $20,000 for breast cancer research. The CIP asks anyone interested in participating to contact their local Institute/chapter […]

By Canadian Underwriter | September 29, 2004

1 min read

Risk

Alberta broker speaks out against auto reform

Calgary-based Canada Brokerlink Inc. has set up a website to speak out about the new Alberta auto insurance system. The site, www.albertaautoinsurance.ca, is a response to what Canada Brokerlink president Jon Ouellete says is an “extremely political and not very accurate” $1.2 million advertising campaign by the provincial government, which purports to explain the new […]

By Canadian Underwriter | September 27, 2004

2 min read

Risk

Trial lawyer chosen as consumer advocate in Newfoundland

The Newfoundland government has selected a trial lawyer to act as consumer advocate in its hearings on insurance issues before the Public Utilities Board (PUB).Tom Johnson, a partner in O’Dea Earle Law Offices, will speak on behalf of consumers at the hearings, which commence October 4. First the PUB will hold a “benchmark hearing” an […]

By Canadian Underwriter | September 27, 2004

2 min read

Risk

Consumers do not understand credit scores: study

A new study by a U.S. consumer group finds respondents did not understand credit scores.The survey of more than 1,000 Americans was undertaken by Opinion Research Corp. on behalf of the Consumer Federation of America (CFA) and Providian Financial. A full 47% of respondents were unaware that insurers use credit scores when underwriting homeowners’ policies, […]

By Canadian Underwriter | September 23, 2004

1 min read

Buying of stand-alone “side A” D&O cover on the rise: Willis

Executives are increasingly looking to protect their personal assets through the purchase of stand-alone “side A” directors’ and officers’ (D&O) cover, according to a new study by international broker Willis.The coverage, designed to protect directors and officers when the company cannot indemnify them, is increasingly being purchased by those in Fortune 1000 companies surveyed.The average […]

1 min read

E&S premiums up 28% in 2003: A.M. Best

The U.S. excess & surplus (E&S) lines industry saw direct premiums rise 28% in 2003, compared to just 12% growth in the overall property & casualty industry, according to a new report by A.M. Best.E&S writers saw premiums jump 62% in 2002, and then followed this up with substantial growth last year, capitalizing on hard […]

1 min read

What’s new: In brief (September 19, 2004)

A survey of risk managers by the U.K.’s Association of Insurance & Risk Managers (AIRMIC) finds 21% have registered as insurance intermediaries under the new European Union Insurance Mediation Directive. The directive, which will be enforced by the U.K. Financial Services Authority, comes in to force at the beginning of 2005. However, many of the […]

1 min read

Bermuda, London and U.S. markets showing interest in Canada: Seminar

Commercial insurance buyers stand to benefit from increased interest from various countries in the Canadian market, speakers noted at the Ontario Risk & Insurance Management Society (ORIMS) “State of the Market” panel discussion Thursday.Even in the difficult executive risk line, foreign markets are taking notice of Canada, says Adam Briklyn, vice president with Marsh Canada […]

2 min read

Securitizations complement rather than compete with reinsurance: S&P

Insurance securitizations, once perceived as a competitive threat to reinsurers, have become a complementary product to traditional reinsurance coverage, notes a new report by Standard & Poor’s.”Insurance securitizations have long been viewed as an alternative for of risk transfer to reinsurance, with insurers ceding their risks to the capital markets in order to improve financial […]

2 min read

Moody’s revises global reinsurance outlook to stable

Rating agency Moody’s says it has revised the outlook on the global reinsurance market to stable from negative on the back of favorable underwriting and more stable investment results.While rating agencies have been liberally handing out ratings downgrades over the past two years, Moody’s says the ratings environment should moderate and decisions will be geared […]

2 min read