Industry
Co-Operators General Insurance Company reported a 2008 Q1 net income of Cdn$10.5 million, an increase of Cdn$2.3 million over the same period of last year.Net earned premium for 2008 Q1 was Cdn$484.2 million, an increase from 2007 Q1’s Cdn$462.4 million, according to a company release. The company cites its decision to retain a greater portion […]
By Canadian Underwriter | May 5, 2008
1 min read
About 40% of Canadians renovated their home last year; of those that did, about 67% that did neglected to consult a broker or insurance company, according to a Royal & SunAlliance (RSA) survey. Homeowners are investing in renovations and valuable new home contents, and yet one in five of them: (a) is not aware that […]
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) reported net earnings of US$631.8million in 2008 Q1, based largely on the strength of the sale of credit default swaps.In comparison, the company’s net earnings were US$110.9 million in 2007 Q1.Fairfax reported net gains on investments in 2008 Q1 of US$1.09 billion, compared to only US$98.8 million […]
By Canadian Underwriter | May 2, 2008
2 min read
Some of the 10 most common mistakes made in property damage and business interruption claims could be avoided by undertaking some of the most rudimentary tasks, such as identifying risks and negotiating favourable policy terms.Roberta Martoza, first vice president of enterprise risk management at Washington Mutual, listed her Top 10 most common mistakes at a […]
The average gross appraisal value of a Canadian collision loss in 2008 Q1 was Cdn$3,078, a decrease of Cdn$139 over 2007 Q1, based on data contained in the 2008 Q2 Mitchell Industry Trends Report.Mitchell stats show the average body labour rates in Canada have increased by 4.82% (or up to 8.3%) over the same period […]
By Canadian Underwriter | May 1, 2008
PartnerRe Ltd. (NYSE: PRE) has reported a net income of US$129 million for 2008 Q1, compared to US$169.3 million profit posted in 2007 Q1. The company reported a combined ratio of 92.3% for the first quarter, up from 2007 Q1’s 84.8%.Net premiums written totalled US$1.4 billion for 2008 Q1 an increase over 2007 Q1’s US$1.2 […]
Solvency II implementation will likely trigger European insurers to invest between EUR600 million and EUR900 million (between Cdn$944 million and Cdn$1.5 billion) in new IT projects, Celent says in a new report, ‘Solvency II: Overview and Impact on IT.’With the emergence of Solvency II, risk management functions will have to be incorporated into an integrated […]
Newfoundland and Labrador’s department of finance has retroactively eliminated the provincial 15% retail sales tax (RST) on insurance premiums. Insurers and brokers are no longer required to collect the tax. If a person purchased or renewed a contract of insurance on or after Jan. 1, 2008, that person will receive a refund of the tax […]
April 30, 2008
The scale of the subprime crisis has thus far had the equivalent impact on the insurance industry as a Category 5 hurricane hitting Miami, A. M. Best reports. As of 2008 Q1, D&O and E&O claims and litigation linked to the subprime crisis were up 400% year-on-year, Greg Flood, president of Ironshore Insurance’s professional liability […]
Ontario auto rates are on the rise, according to data posted by the Financial Services Commission of Ontario (FSCO), the provincial insurance regulator. Rate applications approved for 2008 Q1 averaged +1.05% based on the entire market, FSCO noted in an online bulletin. Rate changes approved in 2004,2005,2006 and 2007 were -10.60%, -2.43%, -1.27% and +0.55%, […]
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