Industry
The Conference Board of Canada is suggesting a weakening of corporate profitability in Canada over the next six months. The conference board bases its observation on the fact that its Leading Indicator of Industry Profitability declined in July for the first time in almost a year. The July result is based on average data obtained […]
By Canadian Underwriter | August 16, 2011
1 min read
Canada’s property and casualty insurance industry saw a 13.7% decrease in profits, a slower premium growth, an elevated combined ratio and a decreased investment yield in 2011 Q1, according to Swiss Re.In its Canadian Property & Casualty Quarterly for June 2011, Swiss Re reported the Canadian P&C industry’s after-tax profits declined by $115 million in […]
By Canadian Underwriter | August 15, 2011
The Office of the Superintendent of Financial Institutions (OSFI) has posted notices to Canadian P&C insurance companies and other financial institutions following up on the economic sanctions Canada has imposed on the Democratic People’s Republic of Korea (DPRK) and Syria.OSFI is requesting that financial institutions consult the Canada Gazette when the regulations enforcing the ban […]
A lack of substantive change in average renewal premiums in 2011 Q2 for three or four lines may indicate the soft commercial lines insurance market has finally bottomed out, according to the Risk and Insurance Management Society (RIMS) Benchmark Survey.The survey, administered by Advisen Ltd., tracks changes in policy renewals as reported by risk managers.General […]
Continuing economic weakness in certain European countries and the debt crisis in the United States has elevated the risk profile of U.S. insurers, reported A.M. Best Co.In a release, A.M. Best said that while it does not employ a “sovereign ceiling,” sovereign debt downgrades are a factor taken into consideration when assessing the financial strength […]
The Shipowners’ Club, one of few P&I Clubs to offer specialist yacht insurance, is taking a new, clear-language approach to yacht liability.The club is offering an all-risk policy that seeks to de-mystify aspects of the traditional wording contained in typical P&I insurance rules and make the conditions understandable to non-specialist yachtsmen and brokers.Conventional yacht insurance […]
By Canadian Underwriter | August 12, 2011
2 min read
EGI Financial Holdings Inc (TSX: EFH) has reported a profit of $1.4 million for 2011 Q2, its fifth consecutive profitable quarter.The quarterly profit of $1.4 million in 2011 Q2 compared to a $2-million profit during 2010 Q2.The company’s net earned premiums of $41 million in 2011 Q2 represented a 2% increase over 2010 Q2. The […]
Saskatchewan has seen a dramatic increase in hail insurance claims activity, according to the most recent bi-weekly report posted by the Canadian Crop Hail Association. “As of mid-week, the claim total had swelled to nearly 5,500, more than double the total reported two weeks ago,” the association reports. “While there were storms on a number […]
By Canadian Underwriter | August 11, 2011
Citing the Association of British Insurers, catastrophe modeler RMS estimates insured losses related to four days of riots that originated in London, United Kingdom will top out at “well over £100 million” (approximately Cdn$160.1 million).RMS quoted participants saying the violence followed a police incident on Aug. 4, when a young man was shot dead while […]
By Canadian Underwriter | August 10, 2011
The short lag time between escalating gas prices and the increased value of fuel-efficient cars points to the importance of a true market survey method for evaluating a total loss, Mitchell International says in its Q3 2011 Industry Trends Report.In his article, ‘Timing is Everything: Total Loss Values and Gas Prices,’ author Greg Horn looked […]
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