Risk
With the introduction in the Ontario legislature of a bill to allow restaurant patrons to “bring your own wine” (BYOW), restaurant owners are expressing concern the legislation will have negative insurance implications. Specifically, the Ontario Restaurant, Hotel and Motel Association (ORHMA) wants to delay the bill until formal discussions are held to resolve issues including […]
By Canadian Underwriter | June 10, 2004
1 min read
Risk managers and brokers have been shocked by the rapid return of soft market conditions, a panel of speakers told the World Insurance Forum in Bermuda yesterday.”We’re not seeing any sort of rate stability in the marketplace today,” admits Peter Garvey, president & CEO of North American operations for Marsh Inc. Specifically, the softening of […]
By Canadian Underwriter | June 8, 2004
2 min read
A study of top commercial insurance writers in the U.K. illustrates the wide variance in exposure to reinsurance credit quality and other financial strength indicators. The study “Insurer Financial Strength Examined” looks at key indicators commercial clients need to assess as they grow increasingly concerned about insurer strength, says author Deborah Pretty, principal of Oxford […]
By Canadian Underwriter | June 7, 2004
Global reinsurers are making bold statements about their desire to stick to strict underwriting principles, but the industry’s resolve will be tested in 2005, says Standard & Poor’s in its most recent “global reinsurance report card”.The rating agency notes that while reinsurers say they will limit exposure in lines where pricing has peaked property/catastrophe, aviation […]
By Canadian Underwriter | June 1, 2004
Many firms toss around the term "value added services". But, what does this really mean for the progressive broker?
May 31, 2004
5 min read
Insurance companies have taken a piecemeal approach to automating their underwriting and distribution processes - with predictable results. The "first generation" of Internet capabilities has had more misses than hits, offering limited inquiry and transactional functions to brokers and agents. The goal of "straight-through processing" remains elusive. But some insurers are headed in the right direction.
While the focus of Canadian insurers in the technology application arena has been primarily on "front-end" interface with brokers, new developments in terms of electronic underwriting tools and risk modeling are slowly beginning to surface as companies have been forced to review their existing legacy-based mainframe systems in order to achieve real-time processing. This has created the opportunity to build "risk filters" into the mainframe architecture with the ability to integrate data from third-party information providers. But, the move by Canadian insurers toward automated underwriting has been slow and cautious relative to advancements made in the U.S. marketplace, possibly due to emerging controversy surrounding the use of policyholders' individual information - such as credit standing - in setting the price of coverage.
10 min read
The insurance industry's focus on crime prevention has shifted to organized criminal networks. Intricate, often sophisticated rings have moved rapidly into lucrative areas like staged collisions and auto theft. Insurers say the daunting spread of organized crime requires a concerted industry-wide response and partnerships with police, judicial and government agencies. But, can insurers keep up with the criminals?
Investment analysts and insurer CEOs speaking at this year's National Insurance Leadership Symposium, which was recently held in San Francisco, share a cautious sense of optimism regarding the current financial state of the North American property and casualty insurance industry. However, many of the speakers were concerned that the "cost of the past", combined with insurers' habitual mistake of abandoning underwriting discipline, could undermine the industry's objectives of achieving long-term sustainable profitability and stable market pricing.
8 min read
The property and casualty insurance industry's mantra of late has become, "how can we stop the cycle"? At this year's RIMS Conference in San Diego, commercial clients urged insurers to find a way to avoid the startling price increases of the past two and a half years, and temper the behemoth known as the "insurance cycle". Insurers say this can be done, but caution that everyone - carriers, buyers and legislators - must be part of the solution.
7 min read
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