Industry
The U.S. property and casualty industry’s net income fell 49.3% in 2008 Q1, from US$16.2 billion in 2007 Q1 to US$8.2 billion this year. Reflecting the declines in net income, the P&C industry’s annualized rate of return on average policyholders’ surplus dropped to 6.4 % in 2008 Q1 (it was 13.2 % in the same […]
By Canadian Underwriter | June 26, 2008
1 min read
Lack of premium growth nationwide and diminished results in the Ontario auto segment have constrained results for Canadian property and casualty insurers in the past year, according to a recent report published by Standard & Poor’s Ratings Services. Although 2007 results were generally good, a number of factors will play a part in dragging down […]
EGI Financial Holdings Inc. has announced it is conducting a rights offering that is expected to result in gross proceeds of approximately Cdn$20.1 million. The company says the proceeds will be used for general corporate purposes, which could include financing internal organic growth and paying in whole or in part for acquisitions. EGI will be […]
By Canadian Underwriter | June 25, 2008
Canada’s insurance market has Cdn$11 billion in excess capacity, enough to underwrite another replica of Canada, which could fuel a soft market well into 2012.Joel Baker, president of MSA Research, made the above observation and prediction as a panelist at the Standard & Poor’s June 24 panel discussion, “Canadian P&C Insurance SectorWhat The Future May […]
2 min read
Children’s evidence is not inherently any more or less reliable than an adult’s evidence when it comes to apportioning contributory negligence in a motor vehicle accident, Ontario’s Court of Appeal has upheld in Jones v. Niklaus. The court thus applied the Supreme Court of Canada’s 1992 decision in R. v. W.(R.).”The repeal of [legislative] provisions […]
Canada’s federal solvency regulator is concerned the country’s auto insurance product will become “politicized” if minor injury caps are upheld to be unconstitutional and auto premium prices escalate much more beyond where they are now.Bruce Thompson, the director of the monitoring and analytics support division at the Office of the Superintendent of Financial Institutions (OSFI), […]
By Canadian Underwriter | June 24, 2008
A man who claimed to be in the process of establishing a pawnshop when he was injured in a 1999 auto accident is not entitled to receive income replacement benefits or non-earner benefits, an Ontario arbitrator has found.Joseph Richard Ovila Godard applied for statutory accident benefits from his insurer, York Fire & Casualty Insurance Company, […]
World insurance premium income grew 3.3% in real terms in 2007, reaching US$4.06 trillion, with global non-life premium growth slowing to 0.7% in real terms, totalling US$1.668 trillion, according to a Swiss Re sigma study.The results from six major primary insurance markets suggest that the combined ratio deteriorated slightly to 97%, on the back of […]
Aon eSolutions has released a new environmental module as part of RiskConsole, its browser-based risk management information system (RMIS).Developed in conjunction with Aon Environmental Services Group, the module provides organizations with the ability to effectively manage the multi-faceted environmental due diligence process, which generates volumes of sampling data, assessment reports, regulatory correspondence and other legal […]
Standard & Poor’s has given the North American insurance market a stable outlook in a recent report, meaning its positive and negative ratings for insurers in 2008 are expected to balance out evenly.The ratings agency noted the 2008 Q1 results in the personal lines sector “signalled a challenging environment.” S&P’s said the environment was based […]
By Canadian Underwriter | June 23, 2008
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