Industry
Damage caused due to hail during last weeks storm in Dauphin, Manitoba are being estimated by Manitoba Public Insurance to be between Cdn$6 million and Cdn$8 million for vehicles alone, according to The Winnipeg Sun. Large hail and 56mm of rain fell last Thursday in the area roughly 300 kilometers northwest of Winnipeg causing serious […]
By Canadian Underwriter | August 14, 2007
1 min read
The global reinsurance market is stable, and A.M. Best predicts continued growth in the insurance-linked securities market, moderating cyclicality and amplitude in global reinsurance pricing.In A.M. Bests Global Reinsurance 2006 Market Review researchers note that 2006 set a record for catastrophe bond issuance at $4.7 billion [approximately Cdn$4.95 billion], 135% above 2005s cat bond issuance. […]
By Canadian Underwriter | August 13, 2007
Auto
In an on-going commitment to ensuring that residents in New Brunswick have fair and affordable insurance premiums, the government has introduced a new 11-territory insurance rating system. Eleven new territories will replace the current, outdated four territories, T.J. Burke, justice and consumer affairs minister, said in a release. The previous territories were based on arbitrary […]
Fairfax Financial Holdings Limited (TSX: FFH) announced a 2007 Q2 profit of Cdn$168.1 million, down from 2006 Q2 earnings of Cdn$229.2 million. Northbridge Financial Corporation (TSX: NB) and Odyssey Re Holdings Corp, Fairfaxs respective primary insurance and reinsurance operations, announced 2007 Q2 net earnings of Cdn$116.7 million and Cdn$153.38 million, respectively, information from the companies […]
By Canadian Underwriter | August 10, 2007
Claims
A recent Minneapolis bridge collapse and New York steam pipe explosion, both of which collectively caused the deaths of at least six people and more than US$250 million in damages, has brought infrastructure liability to the fore, according to a report by KPMG.In its online publication, KPMG Insurance Insider, KPMG raises a number of insurance […]
2 min read
Home
Continued soft pricing, expense inflation and a drop in investment income marred the 2007 Q1 results reported by the Canadian insurance industry, according to a recent report by MSA Research Inc. and Baron Insurance Services Inc.Despite a 4.2% increase in direct premiums written ($7.7 billion at three months 2007 versus $7.4 billion for the same […]
By Canadian Underwriter | August 9, 2007
The Insurance Corporation of British Columbia (ICBC) has reported a net income of Cdn$256 million for the first half of 2007, an increase from Cdn$110 million from the same period in 2006.Insurance premiums earned in the first six months of 2007 increased to $1.7 billion from Cdn$1.57 billion for the first half of 2006, an […]
Risk
Competition was viewed as the number one risk ranked by a survey of 150 U.S. executives in Protivitis 2007 U.S. Risk Barometer.Customer satisfaction, the regulatory environment, information systems and IT security, and changing markets make up the first five of the top 10 risks as determined by the study, says a Protiviti release. Carmen Rossiter, […]
By Canadian Underwriter | August 8, 2007
ING Canada Inc. (TSX: IIC) reported a 2007 Q2 net income of Cdn$194.3 million, down 5.7% from the Cdn$206 million it reported in 2006 Q2.The company said its growth in direct premiums written remained strong during the quarter despite overall rate reductions, amounting to Cdn$1.205 million (a 3.7% increase over the same period last year, […]
Swiss Re reported a 68% increase in its property and casualty business over 2006 Q2, with a total earnings of CHF 1.2 billion [approximately Cdn$1.05 billion] throughout 2007 Q2.Overall, compared to 2006 Q2, premiums earned increased 17% to CHF 8 billion [approximately Cdn$7.05 billion], says a Swiss Re statement, attributing the increase in part to […]
By Canadian Underwriter | August 7, 2007
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