Industry
QBE Insurance Group increased its underwriting profit by 19% in 2010, posting a $1.2-billion underwriting profit in 2010, compared to a $981-million underwriting profit the year previous.At the same time, the company’s net profit after tax slipped from $1.532 billion in 2009 to $1.278 billion. This “reflected the lower investment yields on policyholders’ and shareholders’ […]
By Canadian Underwriter | February 28, 2011
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The Economical Insurance Group reported a 167% increase in net income in 2010, growing to $64.4 million from 2009’s net income of $24.1 million. The insurer reduced its combined ratio for the year to 103.3% from 107.9% in 2009. It also achieved a 7.5-point improvement in its claims ratio, to 69.7% in 2010.Overall, the insurer’s […]
Directors of insolvent or bankrupt corporations may be held liable for a multitude of sums whose payment to the government is required by law, including non-remitted sales tax and unpaid deductions on employee wages, cautions Ogilvy Renault and Axa Insurance in a joint report. In ‘Identifying and Managing the Risks of Corporate Directorship,’ Axa and […]
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The property and casualty insurance segment of Desjardins Group reported a total income of $1.6 billion in 2010, an increase of $97 million from 2009.The combined ratio for the segment stood at 94.7% at year-end 2010, marking a 0.3% increase from 2009’s COR.An increase in the number of policies written in 2010 resulted in a […]
By Canadian Underwriter | February 25, 2011
RSA Canada’s 2010 financial results were the best in 20 years, the company announced in a press release.”RSA had an exceptional year in 2010,” RSA Canada CEO Rowan Saunders said in a press release. “We’ve delivered a consistently strong performance for the last several years, but 2010 has been the best we’ve had in at […]
By Canadian Underwriter | February 24, 2011
A.M. Best has upgraded Peace Hills General Insurance Company’s financial strength rating from B (fair) to B+ (good). In addition, its issuer credit rating has been upgraded to ‘bbb-‘ from ‘bb.’ The outlook for both ratings is positive.The rating actions reflect Peace Hills’ improved risk-adjusted capitalization and continued favourable operating performance, A.M. Best says, adding […]
The U.S. National Insurance Crime Bureau (NICB) reported a 24% spike in ‘questionable claims’ being referred to it by its member insurance companies between 2008 and 2010.NICB member insurance companies refer questionable claims to NICB for closer review and investigation based on one or more indicators of possible fraud. In 2008, a total of 74,146 […]
The Canadian property and casualty insurance industry has seen a reversal of fortune in its quarterly underwriting income, which plummeted from a profit of $592 million in 2009 Q4 to an underwriting loss of $308 million in 2010 Q4, according to quarterly data from Statistics Canada.Statistics Canada reported the data in its 2010 Q4 Quarterly […]
Insured losses from the Feb. 22 earthquake in Christchurch, New Zealand will likely range from $3.5 billion and $8 billion, AIR Worldwide reported.Experts warn similar factors that contributed to the massive damage in Christchurch also exist in British Columbia cities and along the U.S. West Coast. “Christchurch is New Zealand’s second-largest city, and while design […]
By Canadian Underwriter | February 23, 2011
Aon Benfield is lobbying for a simplified internal model approval process for natural catastrophe risk under Solvency II.Under the current Solvency II formula, insurers have the option to use either a standardized scenario approach or develop a partial internal model for natural hazard risks. The latter, suggests Aon Benfield, would allow re/insurers to benefit from […]
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