Industry
A new study suggests that the auto insurance market will be no kinder to insurers south of the border than it has been to Canadian companies. in “Caution Flag for Personal Automobile Insurance”, research firm Conning says that the poor returns of the past almost decade will not change in the coming years. Calling past […]
By Canadian Underwriter | January 10, 2003
1 min read
Speakers at the recent Society for Insurance Research forum pointed to lack of underwriting excellence and reserve issues as among a host of problems dragging down the insurance and reinsurance industries.”I haven’t seen an insurer CEO smile in the past six months, and I talk to a lot of them,” says Myron Picoult advisor to […]
By Canadian Underwriter | January 3, 2003
2 min read
Canadian financial services conglomerate Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of $1.50 each on multiple voting and subordinate voting shares for 2002.The dividend comes per Fairfax’s decision in 2000 that it would pay a modest annual dividend.
By Canadian Underwriter | January 2, 2003
While 2002 was a relatively easy year for insurers in terms of cat losses, significant flooding in Europe points to potential concerns in the future, suggests a Swiss Re sigma report.In total, more than 300 man-made and natural catastrophes last year resulted in about US$40 billion in economic loss, about US$12 billion of which insurers […]
Water-related losses on homeowner property covers seem to be seeping increasingly into the red-ink. While insurers have been battling the onslaught of losses arising from auto business, water poses a new threat to personal property covers, one which insurers can ill afford to ignore. If you have been following the homeowner insurance news in the […]
By Susan Vella, senior vice president of personal insurance at Chub | December 31, 2002
5 min read
Both insurers and their collision repair partners are facing difficult times, with costs rising and marketshare scarce. Consolidation in either industry has not brought about the kind of cost efficiency dreamed of. Perhaps it is time to see “the big picture” and better understand the role these two industries play in a much larger global […]
By Sam Malatesta, vice president of marketing & insurance relations | December 31, 2002
Pending auto insurance product reform in Ontario presents new opportunities for insurers and their third-party vendors to collaborate in bringing the market back to a healthy state. However, change requires leadership, resolution and an enterprise-wide focus to be effective. We have reached a point in the evolution of the corporate world where astute governance, sound […]
By Jacquelyn Stephens, executive director, Preferred Medical Profes | December 31, 2002
4 min read
U.S. property and casualty insurers achieved a 4.4% return on equity for the first nine months of 2002 compared with the negative 1.2% return reported for the same period the year before. Insurers brought home a taxed profit of US$9.3 billion for the latest nine month reporting period against the net loss of US$2.6 billion […]
December 31, 2002
3 min read
The Financial Services Commission of Ontario (FSCO) has charged Michael Ricci, a paralegal, for making false and misleading statements. Ricci will appear in court on January 23, 2003. Ricci faces seven charges of making a false or misleading statement or representation to an insurer in order to obtain payment for goods or services provided to […]
Broker network consolidator Vector Intermediaries Inc. (TSX: VTE) has sold its Ontario operations under Vector Insurance Network (Ontario) to the Huestis Group for $4.6 million. The deal was expected to close by the beginning of this year. Vector says the funds raised from the disposal will be used to reduce its long-term debt position. The […]
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