Risk

The Portal: Reloaded

After numerous launch delays, the Centre for Study of Insurance Operations (CSIO) believes that its long-awaited Internet portal is ready to go live. However, while proponents of the portal talk of a new industry-wide commitment to comparative rating, single sign-on and new business transactions, others say the execution of the project remains riddled with bugs, design flaws and delays. Is the portal real, or is it merely an elaborate illusion?

January 31, 2004

11 min read

Risk

Old Skeletons…

While the financial fortunes of North American property and casualty insurers are looking decidedly better for 2004 compared with the last two lean years, there remain many unresolved issues that could undermine the industry’s long-term financial stability. Among these “old skeletons” still knocking around are market fragmentation, reserve adequacy and the lack of new investment […]

January 31, 2004

4 min read

Risk

Commercial Property Rates Dropping: RIMS Survey

Commercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd. Risk managers report not only are property rates dropping, but, exclusive of inflationary increases, other lines are flattening or experiencing […]

January 31, 2004

2 min read

Risk

Political risks a US$800 billion drain on world economy: Aon

With the release of its annual "Political and Economic Risk Map", global broker Aon Corp. estimates political risks cost the world economy US$800 billion last year, the equivalent of a 0.25% tax on global GDP growth.The losses come from reduced corporate spending, investment and growth the result from uncertainty over the world’s political and economic […]

By Canadian Underwriter | January 29, 2004

1 min read

CIAB survey shows commercial p&c rate softening

A survey of U.S. agents and brokers shows that one-third of accounts saw either flat or lower premiums in the fourth quarter of 2003. The Council of Insurance Agents and Brokers (CIAB) survey is the latest indication that premium increases are waning heading into 2004.Another indication of market softening, on accounts which saw rate hikes, […]

2 min read

Almost 40% of private companies anticipate d&o-based suit in 2004

Nearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by Impulse Research Corp., found that 37% of executives expect lawsuits aimed at their company from […]

2 min read

CEOs extol virtues of ERM, but implementation is slow to catch on

Global CEOs understand the need for enterprise-wide risk management (ERM), but say there are many barriers to full implementation, according to the 7th annual Global CEO Survey by PricewaterhouseCoopers.The survey found CEOs confident of future growth in revenue (80% of the 1,400 surveyed expect growth in the short to medium term), but concerned over a […]

1 min read

Reinsurance price stability predicted for 2004: Benfield Group

U.K.-based reinsurance broker Benfield Group is predicting reinsurers will maintain price discipline through 2004, with some leveling off of rates but slim chance of a dramatic softening.Speaking of the 2003-2004 renewal season, the broker notes that reinsurers did continue the trend of underwriting discipline, with some flattening of property catastrophe rates and less steep increases […]

1 min read

Commercial property rates dropping; signs of flattening in liability

Commercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd.Risk managers report not only are property rates dropping, but, exclusive of inflationary increases, other lines are flattening or experiencing significantly […]

1 min read

Totten Group buys August Group Risk Management

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. Current […]

1 min read