Industry
Swiss Re reported a net loss of CHF 304 million (about Cdn$301 million) for 2008 Q3. The company reported a profit of CHF1.469 billion (about Cdn$1.183 billion) in the same period of last year. Earnings for the first nine months of the year were CHF 884 million (about Cdn$876 million), compared to a profit of […]
By Canadian Underwriter | November 4, 2008
1 min read
An Ontario Superior Court judge has issued a strong rebuke to the insurance industry for failing to resolve coverage disputes between insurers quickly, thereby causing a public fund to pay statutory benefits to victims during the time it takes to resolve the dispute.Ontario Superior Court Justice Romain W.M. Pitt made his remarks in Lombard Canada […]
2 min read
CNA Financial Corporation (NYSE: CNA) has reported a net loss of US$331 million for 2008 Q3, a drop from last year’s Q3 profit of US$174 million.The company’s consolidated combined operating ratio was 114.1% for the quarter, up from 2007 Q3’s 110.5%. Broken down by segments, its standard lines reported a combined ratio of 129.3% (compared […]
Crawford & Company reported a net income of US$6.9 million in 2008 Q3, up from US$3.5 million for the same quarter last year. Net income in the first nine months of 2008 was US$23.9 million, up 87% from US$12.8 million for the 2007 nine months. “Our third quarter 2008 operating results reflected sustained growth in […]
One out of 25 (or 4.2%) of Grade 9 to Grade 11 students in the United States report driving at least one hour a week without supervision, according to research undertaken by The Children’s Hospital of Philadelphia and State Farm Insurance Companies.”A minority (6%) of today’s teenaged drivers continue to drive unlicensed,” the survey concludes. […]
By Canadian Underwriter | November 3, 2008
The Canadian property and casualty industry reported a profit of Cdn$1.4 billion in the first half of 2008, a 30% drop year-over-year, Swiss Re reports in its Canadian P&C Quarterly.During the first half of 2008, the industry’s return on equity (ROE) fell more than 4 points to 9.1%. Swiss Re said cyclical softening and increased […]
Co-Operators General Insurance Company reported a net income of Cdn$29.3 million for 2008 Q3, compared to Cdn$30.3 million for the same period of 2007.The company saw its combined ratio increase to 103.5% in the quarter, from 99.9% in 2007 Q3. Its year-to-date combined ratio is 105.1%, up from 99.9% for the same period of last […]
OSFI needs to be much clearer than it has been thus far in the description of its purpose, how changes to Part XIII of the Insurance Companies Act will achieve that purpose and how the changes will affect the industry.
By David Gambrill, Editor | October 31, 2008
3 min read
SOME PROVINCES WOULD HAVE TO CHANGE LAW TO ENACT OSFI’S PART XIII AMENDMENTS: CCIR Legislative changes may be required in some provinces to harmonize provincial insurance regulations with amendments to Part XIII of the federal Insurance Companies Act (ICA), the Canadian Council of Insurance Regulators (CCIR) noted in an online update of its activities. The […]
October 31, 2008
ONTARIO AUTO INSURANCE RATES ON THE RISE A significant portion of the Ontario private auto insurance market went to the regulator to ask for rate increases in 2008 Q3. “In the third quarter of 2008, for the 77.97% of the market that had rate changes approved, the average rate change was +1.12%, when weighted by […]
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