Feb 222017
 
Broking success: Ashley Peters, Staveley Head

Motoring along: Staveley Head’s MD on how niches and specialisms have helped fuel growth and why the broker decided to build its own software ▶ Staveley Head started in 1991, what is the origin of the business?  My father, a now retired barrister, bought the business – not known as Staveley Head then – from a client of his. It was very small and turning around £15,000 gross written premiums (GWP) a year. As I was about to go to university in 1991, my dad said to me that the business “is there for you”.  After finishing my [business studies] […]

Feb 222017
 
State budget proposals target comp programs

State budget proposals that target employee safety programs and agencies, including workers compensation systems, are raising questions about the balance between federal and state oversight of comp and safety enforcement under the new presidential administration. Wisconsin Gov. Scott Walker introduced Assembly Bill 64, a two-year budget bill, to the State Legislature earlier this month with a provision that would eliminate the state’s Labor and Industry Review Commission. Reviewing administrative decisions of the Division of Hearings and Appeals related to workers comp is among the agency’s responsibilities. West Virginia Governor Jim Justice’s budget proposal, announced earlier this month, diverts $38 million […]

Feb 222017
 

In today’s society, having a home based business is as easy as ever. From child care facilities, to made-to-order baked good enterprises to online shops, it certainly seems that practically everything fits into the home business box! But while business at home may be booming, for many entrepreneurs, something is definitely lacking. Erroneously believing that the standard homeowners insurance will cover them for any liability that could occur, these businessmen may actually be sitting in a booby-trapped illusion – just waiting for the accompanying risk exposure to explode into possible financial devastation. For the most part, typical Homeowners coverage (or […]

Feb 212017
 
YIPT hosts Careers in Insurance event at Ryerson University

YIPT hosts Careers in Insurance event at Ryerson University The event, which was inspired by the Insurance Careers Month initiative, aimed to raise the profile of the insurance industry. Staff on February 21, 2017 On Monday February 13, 2017, the not-for-profit group, Young Insurance Professionals of Toronto (YIPT), hosted an insurance careers open house and networking event for the students of Ryerson University. The event, which was inspired by the Insurance Careers Month initiative, had the main purpose of raising the profile of the insurance industry and informing students of the benefits of a career in insurance. The event was […]

Feb 212017
 

As we mentioned in the previous article, universal life (UL) was introduced in 1981-82, in response to a historically high interest environment and a consumer awareness of the value of self-directed investments because traditional insurance could not compete with short-term interest rates. Here are some characteristics as follow 1. Account Value The account value of a universal life plan is the sum of the gross values of all the investment accounts within the policy, including income, after deductions for the current month expenses. 2. Cash Surrender Value The cash surrender value of a universal life plan is the current account […]

Feb 212017
 
State insurance regulators decry EU-centric rules

A key proponent of the covered agreement reached between the United States and the European Union in response to the bloc’s Solvency II directive said state regulators were given “unprecedented” opportunities to help shape the deal, but those regulators continue to insist that a lack of transparency helped lead to an agreement that favored the bloc.  The covered agreement deal negotiated by the U.S. Department of the Treasury and the Office of the U.S. Trade Representative, announced on Jan. 13, aims to address the fact that the European Commission has not deemed the United States an equivalent jurisdiction, per the […]

Feb 202017
 
Parachute and Economical Insurance partner for Brain Waves

Parachute and Economical Insurance partner for Brain Waves Parachute renews two-year partnership with Economical Insurance. Staff on February 17, 2017 Young Canadians are most vulnerable to preventable injuries, which account for more deaths than all other causes combined. Every year, nearly 23,000 Canadian youth sustain head injuries. Brain Waves, an interactive brain and spinal cord educational program, is hoping to change that. Parachute is pleased to announce its renewed two-year partnership with Economical Insurance, the first National Gold Sponsor of Brain Waves. The program, developed for young Canadian students, teaches children about concussion awareness, and provides vital brain and spinal […]

Feb 202017
 
Dam collapse highlights wider concerns over infrastructure risk

The recent emergency efforts to repair the crumbling spillway of California’s Oroville Dam dramatically underscores a critical need for risk managers to focus on infrastructure exposure, industry analysts say. While commercial organizations have limited influence on infrastructure policy, they need to consider the state of local facilities and projects when they analyze their business interruption exposures and assess their real estate needs, they say. And as public/private partnerships are used more frequently to repair and construct infrastructure projects, the insurance industry needs to develop more sophisticated risk financing tools. The Oroville Dam, located in Northern California’s Sierra Nevada foothills, caused […]

Feb 192017
 
Trusted MGA key: APRIL Canada survey

Trusted MGA key: APRIL Canada survey Survey reveals brokers shop for a non-standard risk at least two times a month and 50% at least once a week. Staff on February 17, 2017 APRIL Canada, the largest independent MGA in Canada, has revealed insights it obtained about the MGA market through an online survey carried out last month. The survey revealed how brokers go about choosing their MGA partners and the potential size of the non-standard risk market. The results revealed that 75% of brokers shop for a non-standard risk at least two times a month and 50% at least once […]

Feb 192017
 

The real nature of insurance is often confused. The word “insurance” is sometimes applied to a fund that is accumulated to meet uncertain losses. For example, a specialty shop dealing in seasonal goods must add to its price early in the season to build up a fund to cover the possibility of loss at the end of the season when the price must be reduced to clear the market. Similarly, life insurance quotes take into consideration the price the policy would cost after collecting premiums from other policyholders. This method of meeting a risk is not insurance. It takes more […]