Industry
The Travelers Companies Inc. (Travelers) reported a profit of US$801 million for 2008 Q4, marking a decrease from 2007 Q4 profit of US$1.063 billion.The company reported a combined ratio of 85.9% and a return on equity of 12.8% for the quarter. Net written premiums totalled US$5.385 billion for 2008 Q4, compared to US$5.366 billion over […]
By Canadian Underwriter | January 27, 2009
2 min read
Claims
The Canadian government is poised to create a new Cdn$4-billion Infrastructure Stimulus Fund as part of its 2009 federal budget, Transport Minister John Baird has indicated to the Canadian Press.The money is part of Cdn$7-billion in infrastructure spending to be announced as part of the Jan. 27 federal budget, the news agency reported Baird as […]
1 min read
ING Canada has reported a 2008 Q4 net loss of Cdn$64.1 million, compared to a gain of Cdn$95.8 million over the same period last year. The decline in net income reflects the impairment of Cdn$185.8 million of common equities as a result of the deep and prolonged drop in value of Canadian common equities, ING […]
By Canadian Underwriter | January 26, 2009
Canadian 2008 Q3 casualty statistics show a slight decrease in Personal Injury Protection (PIP) claims — i.e. no-fault claims for medical expenses and payments for wage losses — and yet the severity of such claims was the highest recorded in a year, according to statistics published in the 2009 Q1 Mitchell Industry Trends Report. Similarly, […]
Roger R. James Insurance Brokers Ltd. and KRG Insurance Brokers Inc. have merged to become one of Canada’s largest independent brokers.The financial terms of the merger were not disclosed. Established in 1976, RRJ Insurance Group is a multi-line office with a current client base in excess of 6,000.KRG was founded in 1980 to provide all […]
The financial crisis that began in 2008 resulted from a system-wide failure to embrace appropriate enterprise risk management (ERM) behaviours, said Joseph Restoule, Risk and Insurance Management Society (RIMS) president.Restoule introduced a RIMS report, The 2008 Financial Crisis; a Wake-up Call for Enterprise Risk Management, during a conference call on Jan. 26, 2009. The report […]
The Group of North American Insurance Enterprises (GNAIE), an organization of major life and property/casualty insurers and reinsurers, has endorsed the Group of Thirty’s recommendations on fair value accounting.The Group of Thirty, established in 1978, is a private, non-profit, international body composed of senior representatives of the private and public sectors and academia.In a report […]
By Canadian Underwriter | January 23, 2009
A running debate about whether warmer sea surface temperatures (SST) in the Atlantic Ocean correlate with greater hurricane frequency and intensity will most likely continue into 2009, Aon-Benfield’s Annual Global Climate and Catastrophe Report: 2008 says.As it stands, “as climatologists and meteorologists continue to debate the natural cycle/global climate change theories and research, the current […]
The significance of insurance-linked securities will likely increase over time, despite the global credit crisis, suggests The Geneva Association in its most recent Insurance Economics report.Now that AIG has become a systemic risk in its role as a major financial services provider, and not as an insurer, the sustainability of the convergence of capital and […]
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