Industry
The November Consumer Price Index published by Statistics Canada finds auto insurance prices have gone down to a significant degree in total, premiums have dropped by 1.6% since last November alone, to have a “dampening” effect on the CPI. Unfortunately, the decrease in auto premiums was not significant enough to offset increases in gasoline, homeowners’ […]
By Canadian Underwriter | December 20, 2004
2 min read
The Canadian Federation of Independent Business (CFIB) says its members remain concerned over the issue of insurance pricing. In its quarterly survey of 100,000 small business owners, the CFIB finds 72% saying insurance prices have had a negative impact on their business in the past 12 months only energy prices had a more damaging impact. […]
By Canadian Underwriter | December 16, 2004
1 min read
Lloyd’s of London says its capacity should be GBP 13.7 billion (Cdn$33 billion) in 2005, a 9% drop over the nearly GBP 15 billion pounds (Cdn$36 billion) of capacity this year.Lloyd’s chairman Lord Peter Levene says the drop in capacity is actually a positive sign indicating the resolve of the market to maintain underwriting discipline. […]
A new study reveals “organic” revenues were dropping for the world’s largest brokers even before the impact of the U.S. compensation probe was felt.The study, by Pennsylvania-based WFG Capital Advisors LP, finds that the eight largest brokerages saw organic revenue drop by 2.7% in the second quarter ending September 30, 2004 almost six weeks before […]
By Canadian Underwriter | December 15, 2004
Standard & Poor’s has upgraded the long-term counterparty credit and financial strength ratings on Guelph, Ontario-based Co-operators General Insurance Co. to “BBB” from “BBB-“. The rating agency also pushed the long-term national preferred stock rating on the company to “P-3” from “P-3 low”, and its long-term global preferred stock rating to “BB” from “BB-“. All […]
B.C. Finance Minister Gary Collins is stepping down to take a job in the private sector. Collins, who has held the role since 2001 when the Liberals took office with a landslide election win, says he wants to devote more time to his family. He will be joining Vancouver-based airline HMY Airways. Health Services Minister […]
In its statistical review of U.S. multi-peril Commercial lines carriers, A.M. Best shows little hope that market softening will not set in full force in 2005.The study notes that premium growth was a solid 7.5% in 2003 for the top writers, although down from the pace set in 2002. However, indications in 2004 are that […]
By Canadian Underwriter | December 14, 2004
Despite strong sector results in 2003, 2004 is showing the lingering pain of adverse development on prior year claims for U.S. reinsurers, according to a new statistical study by A.M. Best. 2002 was a record year for reserve charges amongst U.S. reinsurers a total of US$7.9 billion in adverse reserve development was recorded, adding 31 […]
Chubb Insurance Co. of Canada has appointed Paul Morrissette as manager of its personal insurance, Canadian zone. He has 15 years of insurance industry experience, all with Chubb, most recently as vice president of Chubb Personal Insurance in New Jersey. Morrissette replaces Susan Vella, who has moved to Chubb’s U.S. operations. Facility Association CEO David […]
By Canadian Underwriter | December 13, 2004
The Insurance Bureau of Canada (IBC) is using its annual “top ten” insurance crimes list as a chance to educate rather than amuse this year. In particular, the IBC is focusing on the crime of auto theft and its potentially deadly results as a way of lobbying for stricter penalties for auto theft crimes.The IBC […]
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