Claims
Insured losses arising from hurricane events in Florida will unlikely have a significantly higher impact on insurers as a result of the state’s new "annual deductible" regulation change which kicks into effect from the beginning of May this year, according to Risk Management Solutions (RMS). A market analysis conducted by the catastrophic risk assessment company […]
By Canadian Underwriter | May 2, 2005
2 min read
On the heels of the worst ever year on record for insured catastrophe losses in 2004, U.S. insurers are facing another steep price tag in the first quarter of 2005, says the Insurance Services Office (ISO) Property Claims Services (PCS) unit.As a result of eight catastrophes, insurers will pay an estimated US$2.1 billion in homeowners’ […]
By Canadian Underwriter | May 1, 2005
1 min read
Industry
International adjusters Lindsey Morden (TSX: LM), which operates in Canada as Cunningham Lindsey, saw its earnings rebound for the first quarter ending March 31, 2005 to post net income of $5.2 million versus a loss of $21.1 million in the first quarter of 2004. This translates to net earnings of $0.37 for the quarter versus […]
Insurance giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) saw its net income dip slightly in the first quarter ending March 31, 2005 as a result of deteriorating underwriting conditions in the reinsurance segment.First-quarter 2005 net income was US$35.2 million, or US$2.03 per share, versus US$39.0 million, or US$2.63 per share, in first-quarter 2004. Total […]
The industry was overwhelmingly in favor of the Insurance Bureau of Canada’s decision to release consolidated financial data for its members as early as possible. The Canadian Underwriter Web Poll for April asked “Was it a good decision to release industry financial data as early as possible?” A full 76.95% of 282 respondents say “yes”. […]
The CIP Society shared its vision for the future of the insurance industry, hosting its first annual Symposium – “Emerging Issues in Insurance” April 26 at the Toronto Board of Trade. The line up for this full day symposium included: two dynamic keynote speakers, 17 seminar presenters – each expert in their chosen fields and […]
April 30, 2005
4 min read
Kingsway Financial Services CEO Bill Star welcomed many special guests, including legendary Mississauga Mayor Hazel McCallion (pictured) to a preview performance of “Guys and Dolls” at the Meadowvale Theatre. Star and wife Lizann treated industry friends to a cocktail reception followed by the play, performed by City Centre Musical Productions. Kingsway is a longtime sponsor […]
Risk
The 2004 financial returns of Canadian insurers were boosted to an unprecedented level of profitability by mainly a strong underwriting recovery in the notorious auto line. And, the first quarter 2005 financial results of companies suggest that auto business continues to offer a healthy operating margin. However, as premiums have "peaked" - partly due to enforced rate reductions by the provincial governments but also the result of heightened market competition - the question on many insurance CEOs minds is not "if" the claims experience of the $29 billion annual auto line will deteriorate, but rather "when".
By Sean van Zyl, Editor | April 30, 2005
11 min read
Well-publicized investigations of "finite risk reinsurance" in the U.S. have cast a pall over many of these "non-traditional" products. Specifically, the Securities Exchange Commission (SEC) and New York's attorney general Eliot Spitzer have put a 2000/2001 arrangement between General Re and American International Group squarely in the spotlight of regulatory scrutiny. As regulators continue to closely monitor the nature of more complex financial reinsurance transactions, the twin themes of legitimate risk transfer and transparency emerge as paramount.
By Craig Harris | April 30, 2005
9 min read
In CU’s article “The Politics of Leasing” from the March 2005 issue, Glenn McGillivray dealt with the challenges faced by automobile leasing companies and their insurers in light of recent precedent setting settlements. While the CFLA and others step up lobbying efforts in the hopes of obtaining an amendment to the Highway Traffic Act, car […]
By William Blakeney of Blakeney Henneberry Murphy | April 30, 2005
8 min read
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