Industry
U.S. reinsurers’ net income for 2004 came in at US$3.14 billion, reflecting a moderate increase on the US$3.08 billion reported by companies the year prior, according to financial data released by the Reinsurance Association of America (RAA). Last year’s modest boost to the bottom-line was fueled by capital gains which more than doubled to US$1.8 […]
March 31, 2005
2 min read
New reforms tabled in the Alberta legislature would see public insurers allowed to sell auto insurance in the province. Bill-34, the “Insurance Amendment Act, 2005” was introduced by Peace River MLA Frank Oberle. “We are following through on a commitment made last summer to allow British Columbia’s ICBC [Insurance Corp. of B.C.], Saskatchewan’s SGI Insurance […]
1 min read
Despite the unprecedented hurricane losses of 2004, the Bermuda market managed strong returns last year, according to the latest “Bermuda Quarterly” issued by broker Benfield Group.Analyzing results of the top Bermuda underwriters, Benfield says the group eked out a respectable 13.3% return on equity for 2004, although this was a decline on the 19.1% recorded […]
By Canadian Underwriter | March 31, 2005
Despite strong financial results and an overall growth in surplus for U.S. property & casualty insurers in 2004, the rate of growth has dropped off the pace set in 2003, notes a new report by Standard & Poor’s. The rater says surplus grew about 15% in 2004 by early estimates, compared to 20% growth in […]
In March, Canadian Underwriter asked online readers: “Do you expect to see contingent commissions disappear altogether from the insurance industry?” 268 total responses were tallied with more than 74% saying they do not expect to see contingent commissions to disappear. Just over 21% say contingent commissions will become a thing of the past, while 4.5% […]
Risk
The Ontario government’s “Consumer Protection Act”, which comes into force on July 30, will require the use of aftermarket parts in auto repairs to be identified in writing to the consumer. In a bulletin to members, Hamilton District Autobody Repair Association (HARA) says shops will now be required to provide a written estimate prior to […]
The Insurance Bureau of Canada (IBC) is asking insurers to help it craft a response to a consultation paper on financial institutions produced by the federal government.As part of its recent federal budget, the government started the process of addressing a legislative framework for financial services, with the five-year sunset on Canada’s financial services legislation […]
By Canadian Underwriter | March 30, 2005
AIG admitted Wednesday that finite reinsurance transactions dating back to 2000-2001 with Berkshire Hathaway’s Gen Re was improperly documented, and at the same time said it would be even later in filing its 10-K annual financial reports.AIG says it will not meet the March 31, 2005 extended due date for the 10-K filing as its […]
TD Meloche Monnex announced Wednesday it would reimburse some Ontario auto insurance clients for a rating error dating back to 1999.About 155,000 policyholders will receive an average reimbursement for the five-year period of $68, which includes both premium, sales tax and compound annual interest. Some customers were under-billed as a result of the error, but […]
The Office of the Superintendent of Financial Institutions (OSFI) has outlined its “Plan and Priorities for 2005-2008” this week. Within the report, OSFI notes the improved performance of the primary p&c and reinsurance sectors, but adds “the p&c sector is inherently volatile, and the length of the current recovery is uncertain”. The industry’s profitability has […]
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