Industry
Promutuel – casualty insurer for a group of 34 Quebec mutuals – says it achieved net income of $35 million for 2003, on the back of 12% premium growth. Premiums last year rose to $412 million, and members’ equity hit $291 million, up fro $256 million in 2002.Investment income was up 33%, while claims dropped […]
By Canadian Underwriter | April 19, 2004
1 min read
The Co-operators Group announced at is recent AGM that it has paid $4.7 million total in dividends of shares and cash to its member owners 28 Canadian co-operatives and other organizations as well as $10.7 million in dividends to participating life policyholders.The company produced strong results last year, with its life operations producing net income […]
By Canadian Underwriter | April 18, 2004
The release of U.S. 2003 yearend results which show strong improvement in net income, underwriting results and surplus growth are evidence that hard market conditions are manifesting in insurer balance sheets. But softening forces are already being seen in the market, says John Kollar, vice president for consulting and research at the Insurance Services Office […]
By Canadian Underwriter | April 15, 2004
2 min read
The Financial Services Commission of Ontario (FSCO) today confirmed insurers have filed the required 10% lower auto insurance rates mandated by the provincial Liberal government.During the first quarter of 2004, the average rate drop was 10.15%, weighted by insurer marektshare. This compares with average increases of 7.32%, 8.48% and 8.22% in the first three quarters […]
Travel insurance is not on the minds of Canadians when they travel within their own company, says a new study by RBC Insurance and Ipsos-Reid.In fact, 65% of those surveyed which includes Canadians who have traveled out of their home province some time in the last three years do not purchase travel insurance for these […]
By Canadian Underwriter | April 14, 2004
Financial services giant Fairfax Financial Holdings (TSX, NYSE: FFH) says it will file a preliminary short form based shelf prospectus in Canada, and a shelf registration statement in the U.S.The filings will allow the company to offer debt, equity and securities in the two countries over a 25-month period for total value of US$750 million. […]
By Canadian Underwriter | April 13, 2004
The Bermuda insurance market grew by 17 new members in the first quarter of 2004, according to data from the Bermuda Monetary Authority’s Insurance Division. This is on par with first quarter 2003, although well off the “boom year” pace set in 2002.Of the 17 new licensees, 10 were captives, and in total the island […]
Reacting to the release of New Brunswick’s Select Committee Report on Public Automobile Insurance, the province’s brokers say they want to keep competition for their consumers.The Insurance Brokers Association of New Brunswick (IBANB) is critical of the committee’s report, saying it is “short on detail with too much guesswork and not enough actuarial data to […]
U.S. insurers will post net income of US$30.8 billion for 2003, says A.M. Best, and customers can expect to feel rate relief in the coming year.Last year, net income rose more than 235% to top US$30 billion, following the US$9.2 billion in income reported in 2002. Overall, the industry posted return on equity of 9.5%. […]
By Canadian Underwriter | April 12, 2004
A variety of tort reform measures are receiving public support in the U.S., says a new study by the Insurance Research Council (IRC).Specifically, Americans favor limited attorney compensation, sanctions for frivolous suits, and consolidation of multi-state class actions in federal courts.Overwhelmingly the public recognizes that lawsuit awards are growing in both number and size. While […]
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