Industry
The first quarter financial results for U.S. insurers appears to confirm what many in the North American property and casualty insurance industry have come to suspect: that the pricing momentum of the “hard market” is rapidly disappearing like a wisp of smoke from a departing steamboat – leaving insurance companies standing forlorn on the dock. […]
By Sean van Zyl, Managing Editor | June 30, 2004
4 min read
Brokers should have more technology options coming their way for web-based interaction with insurers, but those systems need not be exclusive of the CSIO portal, attendees of the Toronto Applied Systems Client Network (TASCNet) conference heard recently. While Applied Systems is building interest in its online WARP system, the CSIO also took part in the […]
June 30, 2004
2 min read
Following a decision by the Alberta Securities Commission (ASC), the founders of Anthony Clark International have been ordered to pay fines totaling $80,000 and been banned from the markets for six years each. Brothers Luciano John and Secondo Pietro Podorieszach face the penalties after a panel of the ASC found them guilty of artificially inflating […]
1 min read
The Insurance Bureau of Canada (IBC) is taking its “Rest up! Save your neck” program to New Brunswick this summer, with university students across the province educating drivers on proper headrest adjustment. Sixteen students will staff exhibits at community events throughout the province, teaching proper headrest adjustment and handing out brochures. The industry hopes the […]
3 min read
In its comment on the Lloyd’s market, Moody’s Investors Service says based on the strong underwriting results currently posted by the market, investors could see returns of 5-10% of capacity for the 2005 underwriting year, on top of 12% returns anticipated this year.Overall, Moody’s says policyholder security at Lloyd’s is at its highest level in […]
By Canadian Underwriter | June 29, 2004
U.S. property and casualty insurers have cause to celebrate, posting net income for the first quarter more than double that reported a year earlier, as rate increases over the past three years make their way to the bottom-line.Overall, net income for the quarter ending March 31, 2004 was US$13.3 billion, up from US$6.5 billion a […]
A study of financial services offshoring practices finds India remains the top stop, with over 80% of offshoring moving there. The study by Deloitte Research finds the offshoring trend is on the rise, up 38% this year over last.The top 100 financial services institutions are expected to offshore US$210 in terms of cost base by […]
By Canadian Underwriter | June 28, 2004
Actuarial reports leaked to Canadian Press suggest the New Brunswick government will announce tomorrow that public auto is off the table.The actuarial studies, which were reported widely Monday in Atlantic Canada’s newspapers, suggest that a public system would actually cost drivers more, about $36 per policy, than the current private system rates. A spokesperson for […]
Improved performance of equity markets has boosted the total admitted assets of the U.S. p&c industry, according to a new report by A.M. Best.2003 saw p&c assets grow by almost 13%, double in increase seen in 2002. Total admitted assets at yearend 2003 stood at US$1.17 trillion. However, low interest rates caused a 0.5% decline […]
Compared to their peers, p&c insurers are not doing enough to reduce expenses, suggests a new report from Conning. While banks have managed at 20% expense reduction over the past 20 years, p&c insurers have seen expenses remain relatively stagnant. At the same time, banks have been able to achieve return on assets of 60%, […]
By Canadian Underwriter | June 27, 2004
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