Industry
The stakes are quite high for Canada’s auto insurance system — one of the most highly regulated industries in the world — to show signs of a financial recovery, says the Insurance Bureau of Canada (IBC).The industry’s most recent financial results in the auto product have been described as “alarming” by some. Currently the industry […]
By Canadian Underwriter | April 29, 2009
2 min read
The number of questionable — and perhaps fraudulent — claims is on the rise as the economy continues to falter, according to a new report from the National Insurance Crime Bureau. There is a definite increase in claims related to “opportunistic fraud,” as seen in an analysis of questionable claims submitted by more than 1,000 […]
1 min read
Historically low interest rates at global central banks over the past six months are exerting downward pressure on the non-life insurance sector’s investment returns and driving the need to increase technical premiums, BestWire reported.“Twelve months ago, balance sheets were strong, investment returns stable and economic growth robust,” Jiten Voralia, vice president of products at Swiss […]
A vast majority of Alberta’s insurers have policies in place to make sure they comply with laws governing their business with authorized insurance agents and insurance adjusters, a risk-based market conduct survey released by the Government of Alberta has found.The survey also found a large majority of the province’s insurance companies have established screening procedures […]
London market insurers reported an average premium reduction of 8% on renewal business for the commercial sector’s D&O liability over the last three months, according to Willis Group Holdings. The D&O market is expected to continue softening in the second quarter of 2009, with insurers predicting reductions in excess of 6%, the company said in […]
By Canadian Underwriter | April 28, 2009
The Saskatchewan Financial Services Commission (SFSC) is cautioning consumers about an online credit agency purporting to offer loan proceeds upon the receipt of a signed acknowledgement and the remittance of a portion of an insurance policy premium to secure the loan amount.Kenworth Solutions is allegedly operating out of Regina, Saskatchewan, the SFSC says in a […]
Supreme Collision has committed to being a National Sponsor at the Platinum Level of the Women in Insurance Cancer Crusade (WICC). This is the first time a collision repair centre has committed to being a major WICC sponsor, according to Jean Faulkner, WICC Ontario board co-chair. “As an organization we have always supported a variety […]
By Canadian Underwriter | April 27, 2009
PartnerRe Ltd. (NYSE:PRE) has reported a net income of US$141.5 million in 2009 Q1, up from its 2008 Q1 income of US$129 million.Commenting on the 2009 Q1 results, PartnerRe president and CEO Patrick Thiele said, “PartnerRe posted solid results for the first quarter 2009, with a 16.9% operating return on beginning equity and 2.5% growth […]
U.S., Bermuda and large international reinsurance companies lost about 15% of their capacity in 2008 as measured by shareholders’ equity, says a recent A.M. Best special report, Reinsurers Keep Their Balance Despite 15% Drop in Shareholders’ Equity.The report found the U.S. and Bermuda markets absorbed about US$20 billion associated with Hurricane Ike damages. Nevertheless, the […]
SSQ Financial Group reported a net income of Cdn$25.8 million in 2008, providing a return on equity of 11.3% compared to 13.6% in 2007.The volume of business of its general insurance increased to Cdn$128.4 million from Cdn$123.6 million in 2007, marking a 3.9% increase.Annualized written premiums in its general insurance unit increased by 13.7% despite […]
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