Industry
The Property & Casualty Insurance Compensation Corp. (PACICC) has joined together with other financial services insolvency groups to launch a new website for consumers. The site, www.financeprotection.ca, includes information on PACICC, as well as compensation plans for savings, investments and life/health insurance. The New York Assembly’s Standing Committee on Insurance has scheduled hearings for December […]
By Canadian Underwriter | December 1, 2004
1 min read
In its annual review of insurance and reinsurance markets, Swiss Re predicts that the industry will continue to post profits in 2005, but the pace of growth will drop off as the market softens.In fact, profitability should continue into 2006, says Thomas Hess, Swiss Re chief economist. However, challenges remain, he adds, including capital markets […]
How many times have you heard the phrase..."The customer is always right?" But, how many times is this phrase really understood?
By Alan Jervis | November 30, 2004
4 min read
With the “finishing line” for 2004 well in sight, insurers are upbeat that the year will prove to be a “banner event” in terms of industry profitability. But, in looking ahead, there appears to be uncertainty in company ranks to whether the industry will be able to maintain strong earnings growth through 2005. More importantly, […]
By Sean van Zyl | November 30, 2004
Earnings for broker consolidator Western Financial Group (TSX: WES) for the third quarter ending September 30, 2004 were up 53.4% to $795,000 ($0.03 per share) from $518,000 ($0.02 per share) a year earlier. Year-to-date net income is up a whopping 86.1% to $2.80 million ($0.11 per share) from $1.51 million ($0.07 per share) a year […]
November 30, 2004
While the past year had seen the situation improve on many fronts for brokers, the events of the past two months in the U.S. are now taking their toll on Ontario’s brokers, noted Rod Finlayson, outgoing president of the Registered Insurance Brokers of Ontario (RIBO). At the annual general meeting of the self-regulatory body for […]
The quartet of U.S. hurricanes this fall, as well as bad weather here in Canada, have produced a net loss in the third quarter for financial giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH). The hurricanes, coupled with the Peterborough, Ontario floods and hailstorms in Western Canada, landed a US$127.7 million blow to third quarter […]
3 min read
The general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), including Dominion of Canada General, continued to produce strong results contributing to overall net income of $83.3 million ($20.73 per share) in the third quarter ending September 30, 2004, up from $42.3 million ($10.52 per share) during the same period a year prior. The […]
Almost a year into the insurance industry’s experience with new privacy legislation, many key issues remain unresolved, say panelists at the Insurance Bureau of Canada’s (IBC) Regulatory Affairs Symposium in November. For example, in the case of vehicle data systems, or “black boxes”, panelists could not come to agreement on whether such data could be […]
2 min read
Canadian federally regulated insurers produced a return on equity (ROE) of 13% for the third quarter of this year, primarily on the back of a healthy underwriting gain. The industry’s taxed profit for the latest reporting period clocked in at $1.83 billion, more than double the $890 million reported by insurers for the third quarter […]
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