Industry
Caught up in the developing global credit crisis, the European Union is moving towards the regulation and registration of its credit rating agencies.In a June 16, 2008 speech to the Inaugural Global Financial Services Centre Conference in Dublin, Charlie McCreevy, the European commissioner for internal market and services, called the current oversight structure for ratings […]
By Canadian Underwriter | June 16, 2008
2 min read
Manitoba Public Insurance (MPI) is seeking a 1% overall reduction in Autopac rates for 2009-10, based in part on declining auto theft rates. In its application filed with the Public Utilities Board, MPI said the rate decrease is possible because of dramatically fewer auto thefts, and in spite of lower investment returns and higher expenses […]
1 min read
Jules B. Kroll, founder of risk consulting company Kroll Inc., will retire from Marsh & McLennan Companies, Inc. in July. “After more than 35 years as a steward of Kroll, I have decided to move on and pursue other personal and professional interests,” he said in a release. “I am extremely proud of the team […]
By Canadian Underwriter | June 13, 2008
An overall combined ratio of 100.4% for this coming year and a net income of only US$41 billion is projected for the U.S property and casualty industry in 2008, according to Fitch Ratings’ updated forecast. The projected net income for 2008 would represent a significantly worse result than the industry’s net income posted in 2007 […]
Manitoba Public Insurance (MPI) reported profits totalling Cdn$34.9 million in all three lines of business for the 2007-08 fiscal year. Total revenues were Cdn$869.7 million in 2007-08, up from Cdn$837.7 million the previous year.Net investment income grew to Cdn$125.5 million in 2007-08, up from Cdn$120.4 million the year before, MPI reported in a release. “Total […]
Insurers continue to emerge from the credit crisis in a strong position and are among the least affected of all financial institutions, a senior ratings agency official told the Casualty Actuarial Society (CAS).Jeffrey Berg, senior vice president and group credit officer with Moody’s Investors Services, told the CAS “very strong current financial profiles will enable […]
Claims
New forms of public-private partnerships can help governments worldwide cope financially with the increasing damage costs of natural catastrophes, according to a new report by Swiss Re. “While governments, development banks or NGOs are constantly getting better at managing disasters more actively, they are finding it more and more difficult to address the financial implications […]
By Canadian Underwriter | June 12, 2008
An actuarial report estimates bodily injury claims costs are expected to increase 29% implying an estimated 10.8% increase in the basic auto insurance premium following a decision in which the Alberta Court of Queen’s Bench eliminated the province’s Cdn$4,000 cap on payments for damages related to minor auto injuries.The estimate is contained in a report […]
Year 2008 will represent a challenge for global multi-line insurers (GMIs) due to increased competition, downward pricing and regulatory changes, according to a Standard & Poor’s (S&P’s) report.”Management teams face the challenge of juggling top-line growth and profitability considerations at a time when competition is intense, the financial markets are particularly volatile, and the macroeconomic […]
It is good practice for any financially-regulated entities (FREs) that process or maintain data outside Canada such as insurers or reinsurers to inform OSFI of their arrangements, thereby preventing any potential future surprises, according to Emilie Kydd, an associate with Lang Michener LLP. Bill C-37 has eliminated the requirement for FREs to obtain superintendent approval […]
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