Industry
Responding to the release of a multi-national study of vehicle headrest designs, the Insurance Bureau of Canada (IBC) says consumers must also play a role in their own safety.The study, which included tests by the U.S. Insurance Institute for Highway Safety (IIHS) and the Insurance Corp. of B.C. (ICBC), amongst others, found many manufacturers’ head […]
By Canadian Underwriter | November 30, 2004
1 min read
U.S. reinsurers watch their net income fall in the first nine months of 2004 on the back of higher losses and decline in premiums, according to data released by the Reinsurance Association of America (RAA).For the first nine months of 2004, reporting reinsurers saw their net income drop to US$2.4 billion from US$3.3 billion for […]
2 min read
A survey of Canadian life and non-life insurers shows a high level of confidence about their ability to beat expectations in the next year, says consulting firm KPMG.KPMG surveyed industry attendees at its 13th Annual Insurance Issues Conference in Toronto in mid-October. The results show that 68% of Canadian insurers predict they will outperform compared […]
By Canadian Underwriter | November 29, 2004
Despite improvement in the results posted by European insurers and reinsurers since 2002, next year promises to be a challenging one for the market, says rating agency Standard & Poor’s.In its report on the European market, S&P says European insurers have dealt with some of the key issues facing them prior to 2002, including: excessive […]
Canadian insurers produced an after-tax profit of $1.8 billion for the third quarter of this year, more than double the $890 million that companies reported for the same period in 2003, according to industry financial data collected by the Office of the Superintendent of Financial Institutions (OSFI). Much of the net gain made by the […]
By Canadian Underwriter | November 28, 2004
A hearing by the New York Insurance Department into possible violations by brokerage Marsh has been postponed. The hearing, originally set for November 26 has now been moved into next year, rescheduled for January 18. The reason for the delay given by the NYID is the ongoing investigation by New York Attorney General Eliot Spitzer […]
The market for single-name credit derivatives has grown in leaps and bounds in recent years, but at the same time has shown volatile performance with respect to liquidity, notes a new report by Fitch Ratings. By the end of 2003, the total credit derivatives (CDx) market had reached almost US$3 trillion in gross notional positions, […]
By Canadian Underwriter | November 24, 2004
Thanks to stronger performance in equity markets, the segregated fund market in Canada is stabilizing, notes a new report by rating agency A.M. Best.According to Best data, at yearend 2003, the top 20 seg fund insurers accounted for basically the entire market, totaling $92 billion in assets. In fact, the top 10 companies manage more […]
The legal settlement deal which American International Group (AIG) recently announced that it had struck in principle with the Securities Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) will cost the company’s shareholders about US$126 million, according to a company statement. The settlement, which AIG stresses does not admit or deny any wrongdoing […]
By Canadian Underwriter | November 23, 2004
Nova Scotia’s opposition party, the NDP, has once again taken charge at insurers by adding their voice to the furor surrounding the payment of broker contingency commissions. Citing research carried out by federal regulator, the Office of the Superintendent of Financial Institutions (OSFI), which suggests that the insurance industry paid brokers across the country about […]
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