Industry
XL Capital Ltd has reported a net loss of US$1.06 billion for 2007 Q4. It reported a net income of US$471.1 million for 2006 Q4. Net income excluding net realized gains and losses 2007 Q4 was US$117.1 million, as compared with US$510.4 million for the prior year quarter, the company noted in a release. “I […]
By Canadian Underwriter | February 6, 2008
1 min read
Aviva plc has reported total sales growth of 25% in 2007 to 38.6 billion (approximately Cdn$56.7 billion). Damage losses arising from the floods in the United Kingdom during June and July were originally estimated to be 340 million (approximately Cdn$500 million), bringing the total expected adverse weather costs in 2007 to 400 million (Cdn$587 million). […]
Claims
North American and Bermuda reinsurers have authorized substantially more capital for the insurance market in 2008 than in 2007, meaning the current soft market could continue well into 2010, Guy Carpenter & Company LLC predicts.Kevin Stokes, the global leader of GuyCarp’s specialty property initiative, presented industry statistics for the U.S. property and casualty market on […]
2 min read
PartnerRe Ltd. has reported a net income of US$180.6 million for 2007 Q4, down from US$242.7 million in 2006 Q4.Over the entire year of 2007, the company reported a profit of US $717.8 million, which is down slightly from the 2006 net profit of US$749.3 million.Net premiums written for 2007 Q4 were US$714.4 million, compared […]
By Canadian Underwriter | February 5, 2008
Hannover Re is predicting its 2007 gross premium in property and casualty reinsurance to be on par with the previous year, at 3.54 billion (approximately Cdn$5.22 billion).Of the total premium volume written in the 2007 underwriting year in non-life reinsurance (excluding structured covers), amounting to 3.6 billion (approx. Cdn$5.32 billion), more than 73% was up […]
The Institute for Catastrophic Loss Reduction (ICLR) is hosting the 4th International Symposium on Flood Defence (ISFD4) on May 6-8 in Toronto at the Westin Harbour Castle.The theme is the management of flood risk, reliability and vulnerability. As recent flood disasters like Hurricane Katrina and the 2004 Boxing Day tsunami in Asia made abundantly clear, […]
Customers can now use SGI’s Saskatchewan Damage Claims History Search to check a vehicle’s damage claims history going back to Jan. 1, 1998. The free online search will also provide a vehicle’s most recent Saskatchewan registration expiry date. Plus it will reveal if a vehicle has been given a status such as rebuilt, stolen, non-repairable […]
Fitch Ratings says the U.S. property and casualty insurance industry will need to produce a combined ratio of about 95.5% in 2008 in order to meet the goal of an 11% return on surplus.Fitch made this observation in a report outlining the rating agency’s five-factor model for determining return on surplus. The five factors in […]
By Canadian Underwriter | February 4, 2008
The Insurance Corporation of British Columbia (ICBC) is now offering a New Vehicle Replacement Plus program, which allows a vehicle to be written off if the damage exceeds 50% of its market value.Program members suffering a write-off would receive a new version of their vehicle or the cash equivalent. “Many new car owners don’t want […]
Crawford & Company reported a 2007 Q4 net income of US$3.3 million, compared to a net loss of US$1.3 million for the same period in 2006. Net income for 2007 totalled US$16.1 million, compared to US$15 million for 2006. U.S. property and casualty revenues before reimbursements were US$40.4 million in 2007 Q4, down from US$44 […]
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