Claims
Year 2007 promises to be profitable for the insurance industry, experts at Swiss Re’s recent economic forum predict. “Balance sheets of most non-life insurers are very strong going into 2007 and we expect this to improve in 2007,” said Thomas Hess, chief economist at Swiss Re’s forum.A key to sustaining the profits “will be for […]
By Canadian Underwriter | December 5, 2006
1 min read
Risk
[EDITOR’S NOTE: Please note that the following news brief about Binks Insurance Brokers of Ottawa contains information that has been clarified after a previous posting. The editor regrets any confusion the initial posting may have caused.] Binks Insurance Brokers of Ottawa and Globalex of Montreal have announced a joint venture agreement to provide specialty insurance […]
2 min read
Fresh on the heels of a government-directed, 13.5% auto insurance rate decrease in New Brunswick, opposition MLAs in Nova Scotia are calling on the government in Nova Scotia to lower the province’s auto insurance rates, according to The Daily News in Halifax.The newly-elected New Brunswick government of Premier Shawn Graham negotiated the rate decrease with […]
Standard & Poor’s Ratings Services is maintaining its stable outlook on the U.S. commercial lines sector, saying the effects of softening pricing won’t be felt on insurers’ balance sheets until about 2008.A “stable” outlook means S&P’s expects the number of upgrades and downgrades over the next six to 12 months to be fairly balanced, with […]
Wawanesa Insurance plans to abide by an agreement between insurers and the government of New Brunswick to reduce auto rates in the province by an average of 13.5%.But the province’s largest auto insurance writer said it was “concerned” about the deal’s long-term implications, given that auto rates were already falling in the province.”Wawanesa Insurance will […]
By Canadian Underwriter | December 4, 2006
The government of New Brunswick has come to an agreement with the province’s insurance industry that will see premiums drop an average of 13.5% by Mar. 1, 2007.As promised in Premier Shawn Graham’s Charter for Change, the plan involves eliminating gender and geographic areas as rating criteria.”We will implement a process that will allow for […]
Industry
Kingsway Financial Services has selected the Progress EasyAsk natural language query and reporting technology for use within its portal application.Using a customizable “dashboard interface populated with embedded queries, business users at Kingsway can instantly access up-to-date information and answers to a number of key business questions,” says a Progress Software release.Kingsway chief information officer Claude […]
By Canadian Underwriter | December 1, 2006
Western Financial Group has announced it intends to acquire Geer Spice Insurance Agencies Ltd., Northland Insurance Services Ltd., J.W. Baker Insurance Agencies Inc. and Pomeroy Insurance Services Ltd.The transactions are expected to close in January 2007. All of the planned acquisitions are located in northern B.C.”These communities are vibrant centres for growth and activity in […]
The current boom in steel demand has triggered steep rises in insurance rates and deductibles in this sector, according to a recent report by Benfield.”The dynamics underpinning this move could also prompt similar action on the mining sector,” the report adds.Benfield’s FAC report notes that as the steel sector strives to maximize output, it is […]
Canada's insurance industry benefited from a relatively mild storm season in 2006. Nevertheless, primary insurers are keeping their hands steady on the wheel of underwriting discipline. Otherwise, they say, 2007-08 might be the dawn of new rate increases.
November 30, 2006
15 min read
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