Industry
Inflation will likely outpace the unwinding of casualty claims over the next decade, creating a material risk of a long-term shift that puts sustained pressure on casualty results, said Brian Gray, Swiss Re’s chief underwriting officer.Gray offered a global insurance market outlook at the 2009 Swiss Re Breakfast in Toronto.“For years insurers have benefited from […]
By Canadian Underwriter | April 2, 2009
2 min read
Claims
Pricing in the global property catastrophe reinsurance market generally continues to firm, according to Aon Benfield’s Apr. 1, 2009 update to its Reinsurance Market Outlook report.”In the regions where reinsurers have higher accumulations — such as Japan, Europe and the U.S. — naturally, rates have increased more significantly than outside of peak zones and accumulations,” […]
By Canadian Underwriter | April 1, 2009
1 min read
Volunteer firefighters and first emergency responders in Saskatchewan are now allowed to use flashing lights and sirens on private vehicles and drive contrary to the rules of the road when it is safe to do so.Saskatchewan has changed its legislation to allow volunteer firefighters and EMS responders a means to react with urgency in an […]
The reinsurance market stands as the only capital market operating smoothly, with buyers still able to access large quantities of contingent capital, according to a Willis Re report. Reinsurers reported poor investment results for 2008. At the same time, a majority of reinsurers were able to produce some underwriting profit, resulting in overall positive results, […]
Aviva Canada Inc. has reported an after-tax net income of Cdn$233 million in 2008, marking a drop from the Cdn$364 million reported in 2007.Claims for the insurer cost Cdn$2.07 billion in 2008, an increase from the Cdn$1.97 billion for the prior year.Underwriting income dropped from a profit of Cdn$29.5 million in 2007 to a loss […]
Based on huge loss ratios in 2008, the insurance industry expected to see fundamental reform in Ontario's auto lines. They didn't get it, so now consumers can expect to see their auto insurance premiums increase.
By David Gambrill, Editor | March 31, 2009
3 min read
ABOUT HALF OF CANADIAN P&C INSURERS POST UNDERWRITING LOSS IN 2008 More than half (55%) of the 141 insurance companies reporting 2008 year-end data to MSA Research posted an underwriting income loss for the year. Sixty-eight of the 141 companies reported a combined ratio of 100% or more. MSA Research has posted a summary of […]
March 31, 2009
Risk
OSFI TO TIGHTEN FOCUS ON CAPITAL RESERVE ADEQUACY The Office of the Superintendent of Financial Institutions (OSFI) is aiming to improve its capital adequacy measurement techniques for federally regulated institutions, including property and casualty insurers, as a key focus for the 2009-12 planning period. OSFI already started its work on the Minimum Capital Test (MCT) […]
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YEAR 2008 AMONG WORST FOR GLOBAL CAT LOSSES Year 2008 was one of the worst for catastrophe losses, according to Swiss Re, with global insurers paying out US$52.5 billion in property claims. The total impact on the economy caused by natural and man-made catastrophes around the world added up to US$269 billion, according to a […]
Thanks to a recent Senate appointment, Canadian insurance brokers now have access to Senator Stephen Greene, a former executive director of the Insurance Brokers Association of Nova Scotia, who has dedicated his political life to achieving an elected Senate.
By Vanessa Mariga, Associate Editor | March 31, 2009
5 min read
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