Risk
B.C.’s government auto insurer is looking to become more competitive and behave more like a private insurer, according to the 2004-2006 service plan tabled by the Insurance Corp. of B.C. (ICBC) as part of the provincial budget this week.Since the introduction of measures to open up the “optional” portion of auto coverage to further competition, […]
By Canadian Underwriter | February 19, 2004
2 min read
In a new report on the real estate insurance market, global broker Willis says despite price relief in the property line, other coverages and a continued hard line on terms and conditions are still causing headaches for the industry.Speaking of the U.S. market specifically, Willis notes that even in the property line, where rates for […]
By Canadian Underwriter | February 18, 2004
Fitch Ratings has graded FM Global with a “AA- (very strong)” financial rating with a “stable outlook” primarily based on the U.S.-based insurer’s competitive positioning, market expertise, risk control and the healthy state of its balance-sheet. Fitch notes that FM Global’s positioning in the “highly protected risk” (HPR) market combined with its sound underwriting practices […]
By Canadian Underwriter | February 17, 2004
1 min read
In a speech in London this week, Lloyd’s chair Lord Peter Levene spoke of the dangers of the “lemming culture” of insurance, with the prospect of a return to lax, soft underwriting. He noted two U.S. surveys showing prices flattening, and even dropping off in some lines, during the last quarter of 2003. Levene says, […]
By Canadian Underwriter | February 4, 2004
In his annual “state of the province” address, New Brunswick Premier Bernard Lord took a shot at auto insurers and hinted at further reforms to come for the province’s system.While Lord noted that almost $23 million in rebates have been handed out to new Brunswick drivers since last summer, he says, “Insurance companies are not […]
By Canadian Underwriter | February 3, 2004
Releasing it annual “groundhog forecast for 2004”, the U.S. Insurance Information Institute (III) reports analysts’ views that premium growth will decelerate, but the industry’s combined ratio will continue to drop in 2004.Citing an average 7.4% growth in premiums for 2004, analysts say this will come from price increases but also increased demand for insurance as […]
What does a person's credit history have to do with the odds they are going to have an auto accident or a house fire? Insurers say plenty. Credit scoring, or the use of an individual's credit history in the rating process, has been used in the U.S. but not without causing political turmoil. Canadian insurers, on the other hand, have been staying under the political radar, using credit scoring on a limited basis for fear of inciting further government intrusion into the underwriting process.
January 31, 2004
9 min read
The longstanding business of insurance - whereby risk of loss is transferred for a price per a set contract - has withstood wars, disasters, politics and time. Yet, the business of risk transfer has not remained "timeless" in that market forces have adapted with the changing needs of a developing and ever advancing society. The growing popularity of "cat bonds" as a form of investment as well as that of risk hedging against large unexpected losses therefore should come as no surprise to insurers.
5 min read
While insurer and other industry Internet-based portals have made progress in simplifying personal lines processing, this is not the case with commercial lines. Some companies are building proprietary websites for commercial quotes. While this may please smaller brokers, it represents two steps backward for those brokerages who had invested in automating their commercial lines. Fortunately, tapping into new Internet technology provides a solution to satisfy all brokers.
London, Ontario-based wholesaler Totten Insurance Group has bought August Group Risk Management, an underwriting office serving brokers of Aviva Canada. Totten Group CEO Ross Totten says AGRM will remain at its current location and become a division of Totten, continuing to serve its existing stable of 10 brokers with Aviva’s personal and commercial lines products. […]
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