Risk

ICBC aims to become more competitive

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

“No return to a soft market” for real estate risks, Willis cautions

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

2 min read

FM Global gets passing grade from Fitch

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

Levene discourages “suicidal” return to competitive pricing

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

2 min read