Risk
The organization representing commercial insurance buyers has not come out against broker contingent commissions, but is issuing strong words on the need for full disclosure of such arrangements. In its policy statement on compensation agreements, the Risk and Insurance Management Society (RIMS) says, “because of the complex nature of insurance transactions, a special trust relationship […]
By Canadian Underwriter | August 24, 2004
2 min read
XN Holdings has launched XN Risk Insurance Services (Canada) Inc., a web-based managing general underwriter. The Toronto-based company will offer management liability insurance for mid-tier, privately-held companies in Canada this includes companies with 250 or fewer employees and less than $50 million in assets. Among its products will be directors’ and officers’ liability, employment practices […]
By Canadian Underwriter | August 22, 2004
1 min read
Over the five-years ending 2003, captives posted net written prmeiums growth of 45%, according to a new report by A.M. Best. In its annual captives review, the rating agency finds over the same five-year period, admitted assets are up 29%, testament to the importance captives are playing in the international risk transfer market.However, captives appear […]
By Canadian Underwriter | August 8, 2004
In the latest survey of financial services companies’ views on risk management, PriceWaterhouseCoopers and the Economist Intelligence Unit find a heightened profile for the risk management function and specific concerns about unquantifiable risks, namely reputational risk. In fact, reputational risk is now viewed as the greatest threat to the market value of organizations.A previous study […]
By Canadian Underwriter | August 4, 2004
While the pricing, terms and availability of commercial liability coverage in the Canadian marketplace are easing as insurers have found the "right price" after two years of an intense hard market, taverns and other commercial entertainment hosts engaged in the selling of alcohol continue to suffer from tough insurance conditions. And, with recent legal decisions suggesting that the courts may be willing to broaden the scope of liability relating to alcohol abuse to include employers and even "social hosts", insurers are less than keen to increase their exposure to the vagaries of the tort system.
July 31, 2004
9 min read
Samuel Johnson once commented that if a man could say nothing against a character but what he can prove, history would not be written.
8 min read
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
4 min read
Both Canadian-owned and foreign-owned branch property and casualty insurers can attest to the challenging local underwriting conditions of recent years – evidenced by the extreme volatility in the industry’s financial performance. While the industry as a whole appears to have crawled onto safer financial ground over the course of 2003 and this year, the surviving […]
The current hard market for commercial liability and property insurance coverages has made the use of alternative risk management structures attractive again. The liability crisis of the mid-1980s resulted in the formation of a number of offshore captive insurance companies. The current market conditions are likely to result in a new interest in forming captive insurance companies as well as other types of alternative risk management.
6 min read
The soft market is well on its way, according to the second quarter 2004 Risk and Insurance Management Society (RIMS)/Advisen benchmark survey. The risk manager survey shows half of all commercial accounts saw rate decreases on renewal. The survey suggests commercial premiums fell by an average 18% during the second quarter, with previously difficult lines […]
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