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Approximately one third of members of the insurance industry expect that insurers will not be able to keep up their current monetary status thorough the underwriting discipline. The Canadian Underwriter Web Poll for June asked “Moving ahead throughout 2005, do you expect that insurers will be able to maintain the same level of underwriting profit […]
By Canadian Underwriter | July 5, 2005
1 min read
Commercial
Vehicle registration for Saskatchewan farmers operating heavy trucks is set to increase by September 1, 2005. These government insurance fees are being re-balanced to address the damage heavy vehicles cause to highways and they will fluctuate to reflect the damage specific vehicles may cause. The government is also offering a $32 farm trailer registration that […]
By Canadian Underwriter | July 4, 2005
Risk
The Federal Reserve will continue to raise interest rates, pushing the federal funds rate to 4.5% by the middle of 2006 in lieu of the anticipated modest rise in inflation and firm economic growth, according to Swiss Reinsurance’s chief economist Kurt Karl.Swiss Re also released information reporting that if insurers wish to remain profitable they […]
Industry
Marsh & McLennan Cos. Inc. clients were recently advised by Massachusetts Attorney General Thomas F. Reilly to wait until they accept restitution from the Marsh & McLennan in accordance with its $850 million settlement with New York Attorney General Eliot Spitzer.Reilly, in association with a group of attorneys general, is investigating allegations against Marsh and […]
The Property and Casualty Insurance Compensation Corporation (PACICC) recently implemented measured to begin refunding dividends totaling $19.8 million to its member companies. PACICC recovered these funds through insurance company liquidations. The dividends PACIC is refunding stem from six of the ten liquidation funds it manages representing the insolvencies of Advocate General, Ontario General, Beothic General, […]
2 min read
Last year marked the second year in a row where Canadian reinsurers experienced solid combined ratios and double-digit ROEs, a reality that should put them in a positive frame of mind. However, there are some lingering doubts, especially about casualty business and how long the "culture of underwriting discipline" will last at the primary level. Where the market is headed for renewals in January depends on whom you talk to and which specific line of business they work in.
By Craig Harris | June 30, 2005
9 min read
Powering up the provincial persona of adjusters nationwide is a path well traveled by past, present and future Canadian Independent Adjusters Association (CIAA) presidents, who have led the organization in a goal to become the go-to group controlling Canada's claims adjustments. Craig Walker winds up his presidency with plans to promote the provincial profile of the CIAA and harmonize the role of adjusters across the country, creating cornerstones for the association's ultimate ideal of becoming a self-regulated provincially partnered group of adjusters.
June 30, 2005
8 min read
While the deadline for new financial services legislation is more than a year away, insurers, brokers and bankers have taken their traditional positions on the issue of banks' ability to fully sell and market insurance products. The association representing Canada's major chartered banks is aggressively advocating a stance regarding increased insurance powers that will not see this topic retiring gently into the night without a long and arduous fight.
The insurance industry's environment has changed rapidly over the last few years. The perception of the insurance industry became fragile. The disregard for improved modelling to increase exposure transparency, the stagnancy of technology and the lack of innovation in exposure assessment tools have contributed to the downgrading of the industry as a whole. Today, the consequences of this changing environment are being felt in a manifold way, especially through the requirement for a higher RoE.
By Jurgen Graber, Hannover Re | June 30, 2005
3 min read
The cycle debate is a well-weathered road that deserves a revved up peddle down memory lane. In the November 2004 issue of CU, contributions to the cover story "Reinsurance Strategies 2005: Stability?" discussed conclusions surrounding the infamous "industry price cycle" as challenged by worldwide developments of the day. Today the issues are different and the reinsurance market has different repercussions to face in regards to the ever-changing price cycle - a cycle that may currently be showing it's "good side."
By Pierre Michel, chief agent for Canada at Partner Re SA | June 30, 2005
5 min read
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