Risk

Captive growth not as strong as anticipated: A.M Best

2002 was considered a “banner year” for captives, but in actuality the numbers remained fairly flat, suggests a new report by A.M. Best. In “Sizing up the Captive Market”, the rating agency says the although a record 462 new captives were licensed in 2002, there were 4,526 in total at the end of the year, […]

By Canadian Underwriter | April 21, 2003

2 min read

Risk

Final Belton Report calls for change

In its final edition, the Belton Report calls for change both within the insurance industry and from legislators to deal with the slippery slope of insurer returns. Author Ted Belton says the call of “real retirement” beckons, and in this farewell issue he says in the face of dwindling investment returns, the industry must “pay […]

By Canadian Underwriter | April 21, 2003

2 min read

Risk

Auto insurance reform among FSCO priorities

With the release of the Financial Services Commission of Ontario’s (FSCO) “statement of priorities” for consultation, insurers can take heart that among the list is to “increase enforcement addressing abuse in the automobile insurance system”.With the passage of Bill-198 and its impending implementation through regulation, auto insurance issues are high on the province’s agenda, and […]

By Canadian Underwriter | April 17, 2003

2 min read

Risk

U.S. Senate Committee passes class action reform; House ponders new asbestos bill

Tort reform is the topic of the day in the U.S. where the Senate Judiciary Committee has approved a class action reform bill to move some lawsuits into the federal courts.By request of the plaintiffs or defendants, class action suits that cut across multiple state borders can be sent to the federal courts if they […]

By Canadian Underwriter | April 14, 2003

2 min read

Companies feel unprepared to deal with disruption

Top financial executives and risk managers do not see their companies as fully prepared to face a disruption to top earnings drivers, suggests the annual “Protecting Value Study” by FM Global, the Financial Executives Research Foundation (FERF) and The National Association of Corporate Treasurers (NACT).The study of U.S. and Canadian executives shows that 100% say […]

1 min read

Loss control spending up despite pressure to economize

Despite corporate pressure to reduce expenses, risk managers are paying more for loss control, says a study by Chubb & Sons. In “Managing the Cost of Risk”, Chubb finds that last year, 50% of respondents report an increase in spending on loss control services, and only 5% reporting a decrease in such expenditures. Overall, loss […]

1 min read

Risk managers anticipate increased use of ART options

If risk managers’ predictions are accurate, use of alternative risk transfer techniques, specifically captives and self-insurance, should grow significantly in the year ahead.While the traditional response to hard market pricing, taking larger deductibles, remains the most utilized tool, risk managers say they will be using more self-insurance and captives in the future, according to the […]

2 min read

D&O and fiduciary covers top risk manager concerns

Directors’ & officers’ (D&O) and fiduciary insurance coverage continue to be a sore spot for risk managers, according to the new Risk and Insurance Management Society (RIMS) Benchmark Survey. For the first time, the survey is delivering virtually real-time results with first-quarter 2003 data already available. Those results show that D&O and fiduciary covers remain […]

1 min read

Lloyd’s posts profit for 2002

Bouncing back from successive years of loss, Lloyd’s of London insurance market posted an overall profit of 834 million pounds for 2002. As well, during the year, net resources of Lloyd’s Society and its members increased 85% over 2001, to 7.51 billion pounds from 4.05 billion pounds.”It was the market’s resilience and disciplined approach, at […]

2 min read

Study taps what consumers want in online insurance

Instant price quotes are the number one priority of consumers in online insurance buying, says a new study by Toronto-based UBER analyzer. In a survey of consumer attitudes about online insurance buying, 28% said they would be willing to purchase home or auto insurance on the web, but that consumers are looking for very specific […]

1 min read