Industry
The implementation of section 404 of the Sarbanes-Oxley corporate governance requirements in the U.S. will likely lead to more frequent revelation of internal control problems on the part of corporations, says a new study by Fitch.The rating agency says it expects “material weaknesses” will be reported during the next year to two by many companies […]
By Canadian Underwriter | January 20, 2005
2 min read
Despite a record level of catastrophe losses in 2004, reinsurers appear to be giving in somewhat to soft market pressures, according to a review of 2004/2005 renewals by broker Benfield.The report says that the most recent renewals saw increasing competition which pressured underwriters to reduce prices. “While 2004/5 renewals were orderly, there were signs that […]
By Canadian Underwriter | January 19, 2005
1 min read
According to rate approvals from the Financial Services Commission of Ontario, the average auto insurance rate dropped 10.6% over the course of 2004. But insurers say consumers in Ontario will see even more savings in 2005.FSCO calculates the average rate change, weighted by each insurer’s marketshare, taking in rate applications for all four quarters of […]
By Canadian Underwriter | January 18, 2005
In its “International Liability Market Review”, broker Willis says predictions that the liability market would see flat to declining pricing in the second half of 2004 were borne out. But the 10-15% declines in liability pricing paled in comparison to property reductions on the order of 30% for some accounts.There remains substantial variation in the […]
Ontario-based Loyalist Insurance Group says it is working to meet requirements of the Toronto Stock Exchange as the company is to be reinstated on the TXS Venture Exchange later this week.The company had been delisted in November for failing to meet TSX requirements. Just days after that announcement, the company filed third-quarter 2004 financial results, […]
By Canadian Underwriter | January 17, 2005
The U.S. Insurance Research Council (IRC) says auto injury fraud is adding about US$5 billion to claims costs per year, based on 2002 data. The study also found indications of fraud in 10% of all paid bodily injury claims, and 5% of all paid personal injury claims. The study looked at both fraud and build-up, […]
By Canadian Underwriter | January 13, 2005
Writers of commercial auto insurance have effected a massive turnaround since 1999, posting strong results last year, but this upward trend is unlikely to last past 2004, says a new study by Conning Research.In 1999, commercial auto writers posted a combined ratio of 117.8%, but by 2003 were able to turn this around to 95%, […]
Fairfax Financial Holdings is buying a French reinsurance operation which was placed in run-off last November.Fairfax’s Compagnie Transcontinentale de Reassurance Holding (CTRH) has purchased Markel Corp.’s Corifrance (Compagnie de Reassurance d’Ile-de-France) and its French holding company, Terra Nova SAS.Fairfax is paying EUR44 million (Cdn$70 million), with CTRH receiving a reserve indemnity capped at the purchase […]
By Canadian Underwriter | January 12, 2005
While reinsurance rates decline moderately in January, 2005 renewals, reinsurers appear to be handling the onset of the soft market in “orderly” fashion, says Standard & Poor’s.In S&P’s annual “report card” on the global reinsurance market, credit analyst Stephen Searby says January 1 rate decreases were on the order of 5%-15% for loss-free accounts. “For […]
Trucking insurer Markel Insurance Co. of Canada has devised a new product to hedge against volatile fuel prices.”FUELogic” allows long-haul truckers to lock in the “maximum” price they choose to pay for fuel from a number of options, to be reimbursed by the insurer if fuel prices rise in excess of that maximum.”The recent high […]
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