High court settlements, a tangle of government regulations, and Mother Nature’s wrath – what do brokers think is the number one cause that is driving up costs?
We asked readers ‘What is driving the cost of doing business?’ and although it was close, you pointed the finger of blame at Mother Nature, and weather-related catastrophic events as being the number one cause of increasing insurance costs.
Coming only two votes behind was high court settlements (three), with ‘Other’ and ‘Unrealistic government regulations garnering two and one votes respectively.
What do you see driving up the cost of doing business? Tell us by leaving a comment below.
The year 2014 a year of firsts for the catastrophe bond market, according to Property Claim Services, with a record-setting $7.8 billion in issuance.
That was an increase of 8 per cent over 2013. In the last quarter alone, sponsors raised more than $2 billion, according to the PCS report, up from $1.8 billion in 2013.
The recent court settlement from the Lac-Megantic railway disaster (see
‘Settlement for Lac-Megantic victims reached’) will involve $200 million to be distributed to the victims’ families and other involved parties – with more payouts expected in the coming months.
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