Industry
Not unlike the admitted defeat of Britain’s imperialistic ambitions as witnessed by the “winds of change” speech made by that country’s prime minister Harold Macmillan in 1960, the property and casualty insurance industry appears to be facing its own epic change as a result of tumultuous events. However, where social rebellion spelled the end of […]
By Sean van Zyl | May 31, 2005
4 min read
Mutual insurer, Co-operators General Insurance Co. (TSX: CCS.PR.A), lifted net earnings for the first quarter of this year by 6% to $36.5 million compared with the $34.4 million reported for the same period in 2004. The latest quarterly result equates to earnings of $1.75 a share versus the $1.65 a share shown for last year’s […]
May 31, 2005
1 min read
Northbridge Financial Corp. (TSX: NB), the holding company for the Fairfax group’s Canadian insurance operations, lifted net earnings for the first quarter of this year by 76.5% to $56.8 million compared with the $32.2 million reported for the same period in 2004. This equates to earnings for the latest reporting period of $1.12 a share […]
Insurance giant Fairfax Financial Holdings Ltd. (TSX: FFH) saw net income dip for the first quarter of 2005 to US$35.2 million (US$2.03 a share) versus the US$39.0 million (US$2.63 a share) reported for the same period last year. The company’s total revenue dropped marginally for the latest reporting period to US$1.47 billion from the US$1.48 […]
ING Canada Inc. (TSX: IIC.LV) notched up a return on equity of 28.9% for the first quarter of this year with net income soaring by 38% to $158.5 million compared with the $115.1 million disclosed for the same period in 2004. Earnings clocked in at $1.19 a share for the latest reporting period, reflecting modest […]
3 min read
Claims
Quebec-based Optimum General Inc. (TSX: OGI.SV.A) lifted net income for the first quarter of this year by more than four times to $1.1 million compared with $259,000 reported for the same period in 2004. This equates to earnings for the latest reporting period of 9 a share versus the 2 a share made for the […]
Risk
The road forward is a bumpy one for auto insurance companies in light of recent politically-inspired rants regarding regulation reforms, which are set to challenge insurers during a softening cycle that has been further compromised by bouts of bad press brought on by poorly defined financial result releases and questionable contingent commissions, to name but a few of the industries hurdles.
6 min read
After the volatile financial performance of the property and casualty insurance industry over the past five years, coupled with the public attacks of politicians and regulatory agencies last year, insurers are facing "rocky times" as they scramble to regain consumer confidence and maintain underwriting discipline, say speakers at this year's Canadian Insurance Congress, which was recently held in Banff, Alberta. The top concern of the insurance industry is the potential of new draconian regulations being brought into place in light of the controversy sparked by the numerous and ongoing regulatory investigations into intermediary remuneration arrangements and the use of finite reinsurance contracts - the outcome of which could be a significantly different operating landscape.
By Sean van Zyl, Editor | May 31, 2005
11 min read
Little did the drafters of the U.S. Declaration of Independence know how intensely to heart their call to free speech and revolutionary thinking would be taken by risk managers who recently met in Philadelphia for the annual Risk & Insurance Management Society (RIMS) conference. The city - which saw the foundation of liberty - was the site of frank dialogue between risk managers, brokers and insurers concerning the alarming regulatory issues now facing the property and casualty insurance industry.
By Vikki Spencer | May 31, 2005
7 min read
The past three years has seen an unprecedented level of intervention by provincial governments in the setting of auto insurance prices. Over this period, an estimated $1.3 billion in auto insurance premiums has come under direct price controls in the form of mandatory rebates, rollbacks and price freezes. This number will move even higher when further mandatory price dictates come into effect this month in the province's of Alberta and Newfoundland.
By Jane Voll, chief economist at the Insurance Bureau of Canada | May 31, 2005
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