Risk

CIAB Survey Shows Reduced Commercial Risk Pricing For 1-Q

The latest quarterly market index produced by the U.S.-based Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter of this year. The survey results are based on member responses from brokers representing about 80% […]

April 30, 2004

2 min read

Risk

Olympics acquires US$170 million insurance policy

The International Olympic Committee (IOC) has, for the first time, purchased a large-scale insurance policy on its next games, to be held in Athens this summer.The US$170 million policy covers the interests of National Olympic Committees and International Federations, and the IOC says it plans to have similar policies in place for upcoming games in […]

By Canadian Underwriter | April 29, 2004

1 min read

Risk

Hub brokerage amongst those subpoenaed in New York broker probe (April 28, 2004)

Hub International’s Kaye Insurance Associates Inc. is amongst a group of brokerages who are being asked to provide information to New York Attorney General Eliot Spitzer as part of a probe into contingent commissions.Also receiving subpoenas thus far are Marsh, Willis and Aon. The brokers have all released statements noting that they will comply with […]

By Canadian Underwriter | April 28, 2004

2 min read

Risk

FA delivers postmortem on difficult 2003

The Facility Association (FA) the industry’s pool for high-risk drivers is coming off a challenging 2003, where volumes rose and losses topped $490 million.At the FA’s agm in Toronto Wednesday, CEO David Simpson explained that premium volume for 2003 was up 303% to almost $1.1 billion, representing 5.1% marketshare. Last year produced a combined ratio […]

By Canadian Underwriter | April 28, 2004

2 min read

Pafco becomes stand-alone company

Former Pembridge brand Pafco has received a federal charter to operate as a stand-alone company, although it will continue to target the high-risk or non-standard auto market as before. Pafco has also applied for provincial licenses in Ontario, New Brunswick and Nova Scotia, and says a Quebec application will soon follow. “Achieving separate company status […]

2 min read

Corporate scandals still on the minds of risk managers: Lloyd’s survey

An overwhelming majority of risk managers feel that the U.S. market has not seen the last of the major corporate scandals, according to a survey by Lloyd’s.A full 89% of risk managers, responding to a survey conducted at the Risk and Insurance Management Society (RIMS) Conference this week in San Diego, say they expect more […]

1 min read

Commercial rates dropping: RIMS survey

Commercial insurance buyers report falling rates in property and general liability lines, signs of a softening market, according to the first-quarter 2004 edition of the Risk and Insurance Management Society (RIMS)/Advisen Benchmark Survey.Property rates fell by 1.5%, RIMS members say, while general liability dropped 1.4% in the first quarter while slight, these represent the first […]

2 min read

D&O market growing: Willis

The troubled directors’ and officers’ (D&O) market is actually growing in capacity, with “competition and creativity” being witnessed among carriers, says a new report by international brokerage Willis. While the past two to three years have seen skyrocketing rates and extremely limited capacity, ten new carriers have since entered the market and existing players are […]

2 min read

U.S. commercial property rates down 10% in 2003: Aon

Despite growing uncertainty around terrorism risk, the U.S. commercial property segment saw rates drop by about 10% last year, says Aon Corp. Insurers benefited from an absence of catastrophe losses last year, as well as returned strength in investment returns. Buyers also saw an increase in capacity in the property market.The results were part of […]

1 min read

CIAB survey shows reduced commercial risk pricing for 1-Q

The latest quarterly market index produced by the U.S.-based The Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter of this year. The survey results are based on member responses from brokers representing about […]

2 min read