Industry
Despite moves by several companies to bolster reserves over the past three years, the p&c industry remains under-reserved to the tune of US$67 billion, according to rating agency A.M. Best. In a special report, the rater says reserve adequacy remains a key issue in ratings, with adverse reserve development the number-one cause of insurer insolvency. […]
By Canadian Underwriter | October 4, 2004
2 min read
With insurers' profitability believed to now be at a sustainable level to deliver adequate shareholder returns, a sense of stability has crept into the Canadian property and casualty insurance marketplace. Coverage availability has increased tremendously across the provinces over the course of this year, with new product innovations within the regulated auto line set to kick into effect in early 2005 - all of which should alleviate the cost pressures and overall company/broker relationship stress that has marked the past two years of the hard market. But, will consumers simply forget the turmoil of the insurance marketplace and willingly embrace the industry with open arms? Whether justified or not, the public image of the insurance industry has plummeted to an all-time low - an issue which brokers and insurers alike agree has to be addressed urgently.
By Sean van Zyl, Editor | September 30, 2004
11 min read
After two years of extremely difficult market conditions, independent brokers in Ontario are hopeful of a period of stability. However, the immediate future will not be a period of “easy sailing” as brokers tackle the delicate task of rebuilding consumer confidence in the insurance industry, and specifically regaining the trust of communities which has always […]
5 min read
The nation's top broker representatives met in Regina recently for the Insurance Brokers Association of Canada (IBAC) AGM, to set a course for the future for the independent broker profession. Coming off of almost three years of market turmoil, IBAC's goals moving forward include repairing the industry's public image, furthering its political objectives and helping brokers make the leap into "cyberspace" via the insurer-broker Internet portal.
By Vikki Spencer | September 30, 2004
4 min read
U.S. reinsurers saw net income for the first six months of this year drop slightly to US$2.56 billion compared with the US$2.59 billion reported for the same period the year prior, according to financial data compiled by the Reinsurance Association of America (RAA). While the association’s results point to a decline in profitability of the […]
September 30, 2004
Despite moves by several companies to bolster reserves over the past three years, the property and casualty insurance industry remains under-reserved to the tune of US$67 billion, according to rating agency A.M. Best. In a special report, the rater says reserve adequacy remains a key issue in ratings, with adverse reserve development the number-one cause […]
Rate softening has begun to creep into the professional liability market, despite continued claims costs pressures, speakers at the recently held “Errors & Omissions” seminar hosted by the Toronto Insurance Conference (TIC) say. The seminar focused on E&O coverage, but expanded into the broader area of professional liability (PL), particularly coverages available for brokers, where […]
Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has added its third U.S. brokerage to its network, and its first on the east coast. Anthony Clark’s U.S.-based Addison York Insurance Brokers Ltd. has purchased the fixed assets and customer accounts of Al Vinciguerra Ltd., located in Norfolk, Virginia. The acquisition is valued at around $9.03 […]
1 min read
Canadian Broker Network recently added two new members: Smith Petrie & Scott Insurance Brokers of Ottawa, and Moore-McLean Corporate Insurance Ltd. of Toronto. The network now includes nine independent commercial brokers and is actively seeking members in Altantic Canada and B.C. The Innovation Group (TiG) has named Tony Novielli as vice president of business development […]
As everyone in the industry is well aware, there has been no shortage of government and public attention on auto insurance during the past year in Atlantic Canada. Now that this attention has brought about product reform in every province, some governments, unfortunately, are beginning to set their sights on other lines of insurance.
By Don Forgeron | September 30, 2004
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