Industry
2003 yearend results for European insurers show total premium income up 0.9% and investment income rising 6.9%, according to results from the Comite Europeen des Assurances (CEA).In its “European Insurance in Figures”, the CEA notes total number of companies in the European market dropped by 0.8% in 2003, to 5,162, while the number of employees […]
By Canadian Underwriter | June 27, 2004
2 min read
SIAA Canada has signed its newest master broker, Brokers Helping Brokers Alliance, and its founders, Rhodes & Williams Ltd. of Ottawa also join the SIAA network. BHB Alliance will cover eastern Ontario, and will help small to mid-size brokers obtain market access and support, says BHB president Cory Young. “Anything that we can do to […]
By Canadian Underwriter | June 24, 2004
Financial results for the non-life insurance industry improved significantly in 2003, according to a new sigma report from Swiss Re. In “World Insurance in 2003”, Swiss Re notes that the road to recovery should continue in 2004, assuming average claims levels.Premium income growth in the non-life market slowed in 2003 to 6%, although this represents […]
1 min read
A synopsis of recent rating actions by A.M. Best shows Canadian p&c insurers bucking the trend to produce more upgrades than downgrades. Nine insurers saw their ratings rise, while four were downgraded. The rater also added four new ratings to its stable, with all of the ratings based on public data.Among the companies meeting with […]
Insurers are putting the reduction of fraud and claims costs as their top priority for 2004, according to a survey by the U.S. Insurance Services Office (ISO).A full 78% of insurers ranked claims as their key focus for this year, with 42% saying they want to reduce claims costs. Improving claims handling efficiency was a […]
By Canadian Underwriter | June 23, 2004
Reinsurance broker Guy Carpenter & Co. says the Lloyd’s market should see continued improvement in 2004 on the back of market reforms and underwriting discipline.In its second annual review of Lloyd’s, the impressive results of 2003 are recounted, including BP 1.9 billion in profits last year. At the same time, reserves were strengthened by BP […]
On the back of a rare underwriting gain in the first quarter of 2004, U.S. insurers are celebrating net income for the period of US$13.5 billion, according to data from A.M. Best.This compares with net income of US$6.8 billion posted in the first quarter of 2003, when the industry had an underwriting loss of US$1.5 […]
Rising interest rates dampening investment results should prolong the hard insurance market through the end of 2005, Swiss Re experts said at the reinsurer’s “Mid-Year Economic and Insurance Industry Teleconference”. “We expect the next year to be good for corporate profits, good for job growth, but a challenging year for investors,” says Swiss Re chief […]
By Canadian Underwriter | June 22, 2004
Early results for 2004 show European reinsurers sticking to their guns on price, with premium income dropping but profits rising. In a new report from Benfield Group, the first-quarter results of Converium, SCOR, Munich Re and Hannover Re (the only European reinsurers who report quarterly), show an average 17% drop in premium income, indicating the […]
By Canadian Underwriter | June 21, 2004
AXA Re Group and its subsidiaries have seen their “A-” (excellent) financial strength rating affirmed by A.M. Best, with a stable outlook. The rating agency cites AXA Re’s improved operating performance as a result of tighter underwriting, as well as continued restructuring to reduce expenses. The transfer of AXA Re’s U.S. operations to AXA S.A. […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
