Industry
God forbid the insurance industry would ever want to be generous and do things for policyholders that transcend legal obligations. Because if that happens, you can expect the public will want to see that gesture become a statutory requirement. A Quebec class action arising out of the 1998 Ice Storm is proving to claims managers […]
By David Gambrill | February 28, 2007
4 min read
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ING Canada has reported a profit of Cdn$109.4 million for 2006 Q4, down from Cdn$196.9 million reported in 2005 Q4. The drop in net income was driven by lower underwriting income, lower realized investment gains and higher income taxes, the company noted in a press release. Net income for the full year 2006 was Cdn$658.1 […]
February 28, 2007
1 min read
Risk
Marsh & McLennan Companies Inc. (MMC) reported a hefty 2006 Q4 profit of US$226 million, an increase of more than 500% over 2005 Q4. Full-year consolidated net income was US$990 million, compared with US$404 million in 2005. Risk and insurance services revenues in 2006 Q4 increased 4% to US$1.4 billion, or 5% on an underlying […]
Co-operators General Insur-ance Company reported consolidated after-tax net income of Cnd$19 million in 2006 Q4, compared to its Cdn$39 million profit in 2005 Q4. Gross written premium in 2006 Q4 increased 6.7%, to Cnd$519 million, compared to Cdn$486 million in the fourth quarter of 2005. The combined ratio of claims and operating expenses was 99.0% […]
AXA reported a profit of EUR4 billion [approximately Cdn$6.1 billion] throughout 2006, an increase of 20% over 2005. Property and casualty earnings increased 7% to EUR1.5 billion [approximately Cdn$2.3 million], driven by a 4% increase in revenues together with a 0.8 point improvement of the combined ratio, states an AXA news release. “Through organic growth […]
Fairfax Financial Holdings (TSX: FFH) announced profits of US$159 million [approximately Cdn$184 million] for 2006 Q4, and US$227.5 million [approximately Cdn$264 million] for the year. The combined ratios of Fairfax’s insurance and reinsurance operations were 88.4% and 95.5% for the Q4 and 2006 year, respectively, compared to 112.7% and 107.7% for the Q4 and 2005 […]
Claims
Ontario’s first safer-living home, designed to withstand winds of 200 km-h, has been completed in Sudbury. Insured by The Co-operators, the house was built as part of the Designed…for safer living program, a partnership between the Institute for Catastrophic Loss Reduction (ICLR) and the Canadian insurance industry. The Co-operators funded the construction of the home […]
EGI Financial Holdings Inc. (TSX:EFH) announced a 2006 Q4 profit of $5.2 million – an increase of 70% over its 2005 Q4 profit of $3.1 million. The improvement was primarily attributable to the year-over-year improvement in the combined ratio, as well as the increase in investment income in 2006, the company reported. The company’s 2006 […]
Swiss Re’s non-life insurance portfolio grew 14% as a result of renewals of business acquired through the purchase of Insurance Solutions. The increase works out to CHF1.3 billion [about Cdn$1.2 billion]. The January renewal season accounts for 67% of the traditional treaty portfolio of Swiss Re and the former Insurance Solutions. Across the combined portfolio, […]
Ontario’s insurance companies can exclude coverage for liability on the basis of criminal acts, regardless of whether or not the criminal act was intentional, the Ontario Court of Appeal has ruled. Kirk Boggs, a lawyer with Lerners – along with Kirk Stevens of Lerners and Laird Scrimshaw of Thunder Bay – represented The Wawanesa Mutual […]
2 min read
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